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The substance of the budget negotiations
Piecing together information on a moving target from several sources, here’s my best interpretation of where the substance of budget negotiations stood as of late Thursday / Friday.
Understanding the McConnell debt limit proposal
In exchange for a significant increase in Presidential authority, the President would take most of the political heat for the debt limit increase, and he would be required to propose difficult spending cuts of an equal or greater amount.
The President’s offer is left of Bowles-Simpson
Unlike the Bowles-Simpson package, the deal Republicans are being offered by the President is such a bad one that it’s not really a tough call.
The President’s trillion dollar sacred cow
The President repeats that both parties must abandon their sacred cows in budget negotiations. Yet the President has been unwilling to negotiate cuts in the massive new increase in health entitlement spending enacted last year.