Remember the WH's debt deal "Fact Sheet" from July 31, promising "Pentagon savings"?

[brentspeak]

http://www.nytimes.com/2011/11/05/us/politics/lawmakers-aim-to-stop-pentagon-cuts-if-deficit-panel-fails.html?_r=2&hpw

Lawmakers Aim to Stop Defense Cuts if Debt Panel Fails

By JENNIFER STEINHAUER and ROBERT PEAR
Published: November 4, 2011

WASHINGTON — As pessimism mounted this week over the ability of a bipartisan Congressional committee to agree on a deficit-reduction plan, lawmakers began taking steps to head off the large cuts in Pentagon spending that would automatically result from the panel’s failure.

Members of both parties and both chambers said they increasingly feared that the 12-member committee would be unable to bridge deep partisan divisions and find $1.2 trillion in deficit reduction as required under the law that raised the debt ceiling and created the committee in the summer.

As talks sputtered, one panel member publicly lamented that the process was not working, and the group was chastised by a bipartisan group of budget experts at a public hearing for failing to show progress. Several members of Congress, especially Republicans on the House and Senate Armed Services Committees, are readying legislation that would undo the automatic across-the-board cuts totaling nearly $500 billion for military programs, or exchange them for cuts in other areas of the federal budget.

Senator Lindsey Graham, Republican of South Carolina, has drafted a bill that would replace the military reductions that would occur under a process known in Congress as sequestration with 5 percent cuts to other, unspecified parts of the federal budget, and a 10 percent decrease in pay for members of Congress. In the House, similar measures are being assembled.

Remember this?

http://www.whitehouse.gov/fact-sheet-victory-bipartisan-compromise-economy-american-people

Fact Sheet: Bipartisan Debt Deal: A Win for the Economy and Budget Discipline

Bipartisan Debt Deal: A Win for the Economy and Budget Discipline

Removes the cloud of uncertainty over our economy at this critical time, by ensuring that no one will be able to use the threat of the nation’s first default now, or in only a few months, for political gain;

Locks in a down payment on significant deficit reduction, with savings from both domestic and Pentagon spending, and is designed to protect crucial investments like aid for college students;

Establishes a bipartisan process to seek a balanced approach to larger deficit reduction through entitlement and tax reform;

Deploys an enforcement mechanism that gives all sides an incentive to reach bipartisan compromise on historic deficit reduction, while protecting Social Security, Medicare beneficiaries and low-income programs;

Stays true to the President’s commitment to shared sacrifice by preventing the middle class, seniors and those who are most vulnerable from shouldering the burden of deficit reduction. The President did not agree to any entitlement reforms outside of the context of a bipartisan committee process where tax reform will be on the table and the President will insist on shared sacrifice from the most well-off and those with the most indefensible tax breaks.

Mechanics of the Debt Deal

Immediately enacted 10-year discretionary spending caps generating nearly $1 trillion in deficit reduction; balanced between defense and non-defense spending.

President authorized to increase the debt limit by at least $2.1 trillion, eliminating the need for further increases until 2013.

Bipartisan committee process tasked with identifying an additional $1.5 trillion in deficit reduction, including from entitlement and tax reform. Committee is required to report legislation by November 23, 2011, which receives fast-track protections. Congress is required to vote on Committee recommendations by December 23, 2011.

Enforcement mechanism established to force all parties – Republican and Democrat – to agree to balanced deficit reduction. If Committee fails, enforcement mechanism will trigger spending reductions beginning in 2013 – split 50/50 between domestic and defense spending. Enforcement protects Social Security, Medicare beneficiaries, and low-income programs from any cuts.

http://articles.cnn.com/2011-08-02/politics/debt.talks_1_debt-ceiling-credit-rating-spending-cuts?_s=PM:POLITICS

Obama signs debt ceiling bill, ends crisis

August 02, 2011

President Barack Obama on Tuesday signed into law a last-minute compromise plan to raise the nation's $14.3 trillion debt ceiling, narrowly averting what could have been an unprecedented default with calamitous economic consequences.

snip

Then the Senate passed the plan, which imposes sweeping new spending cuts over the next decade, on a 74-26 vote on Tuesday afternoon. Shortly afterward, Obama praised the deal as "an important first step for ensuring that as a nation we live within our means."

[ProSense]

1. Yes

"Remember the WH's debt deal 'Fact Sheet' from July 31, promising 'Pentagon savings'?

...I remember it well.

[brentspeak]

2. Oh, then you remember Obama signing it, too?

http://www.cbsnews.com/8301-503544_162-20086971-503544.html

[ProSense]

4. Yes,

"Oh, then you remember Obama signing it, too?"

but I'm not sure what the problem is: Are you upset that the President signed a law mandating big defense cuts?

[DJ13]

3. Its no surprise that the bastards in DC would try to prevent defense cuts

The entire defict committee idea is one big sham.

[Autumn]

5. It's all a fucking shell game

K&R

[MilesColtrane]

6. Please, don't be coy.

What IS the point you're trying to make?

[Name removed]

8. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Enrique]

7. Obama can veto any change to the deal

thats the only leverage the dems have over the republicans, why would the dems allow it to be repealed? The senate dems can filibuster, and Obama can veto.