Welcome And A Good ------ ------ There Are Enjoying Hardcore News! ------ Thank You For Visiting The Hardcore News Web Site! ------ The Most Comprehensive Global News On The Internet! ------ Your , Area's Most Updated News In The , AND THE WORLD! ------ PLEASE NOTE: Hardcore News Is Best If Used With Firefox Or Google Chrome Gecko Type Browser: ------ Hardcore News Web Site Is Best Using A Screen Setting Of 1024 X 768 Or Higher... ------ Your Current IP Address Is From Internet Provider ... This is All We Know About You, Ever Wonder What Kind Of Information Other Web Sites Could Get From Your Computer?... PLEASE BE CAREFUL Who You Share Information With Online! ------ By submitting personal information to any U.S. website, you are consenting that your information is being maintained and or being used here in the United States, is subjected to applicable U.S. laws. Thus... U.S. law may be different than the laws of your home country. ------ Hardcore News IS SAFE! We Never Track Your Moves Or Sell Your Information. ------ The Only Bull-Sh-t On This Site Is The Propaganda! ------ Stay Informed With The Hardcore News ------ All News is AUTO-UPDATED - AUTO-GENERATED Via Keyword Search Terms And Use Of RSS Based News Feeds And Tabbed Headlines On One Page ------ News From Over 40 Reliable News Sources, Even The News Your Not Supposed To Know! ------ PROVIDING UP TO THE MINUTE NEWS With LIVE Video Feeds FROM AROUND THE WORLD! ------ OUR NEWS IS ALWAYS FRESH DIRECTLY FROM THE SOURCE! ------ Again Thank You For Visiting The Hardcore News ------ If You Like This Project And Would Like To See & Help It Grow, Please Consider Donating What Ever You Can By Secure PayPal CLICK HERE ------ Please make a gift to Hardcore News today. Your continued support will ensure that Hardcore News is here reporting THE TRUTH, for a long time to come. It's fast, easy and secure. And Thank You, ------ Only YOU Can Make This Project Worth While! ------ Again Thank You For Visiting The Hardcore News ------
Hardcore Main Stream
Top Stories

Mid East Watch


Tech News


Sports News

Monday, July 11, 2011

Biden Freaks in Deficit Meeting: 'C'mon Man! Let's Get Real!'

'C’mon, Man!' Exclaims VP in Deficit Meeting. 'Let’s Get Real!'
July 11, 2011 6:15 PM 
- Jake Tapper

Officials familiar with the negotiations say today’s meeting began with President Obama asking House Majority Leader Eric Cantor, R-Va., to lay out what was agreed upon in the deficit reduction talks led by Vice President Biden.

Cantor outlined around $2 trillion in deficit reduction over the next decade: $1–1.1 trillion in discretionary spending; $200 billion in mandatory discretionary spending (such as civilian military retirement and farm subsidies); $200 billion in Medicare and Medicaid; and roughly $200-300 billion in saved interest on the debt.

After Cantor’s presentation, the President said the two sides might be able to reach consensus on roughly $1.7 trillion, though there were still some issues to resolve.

House Speaker John Boehner, R-Ohio, has said the amount they agree to in deficit reduction needs to be equal to – if not more than – the amount they agree to raise the debt ceiling. 

How much is that? There seemed to be consensus in the room that the amount by which they need to raise the debt ceiling is $2.4 trillion.

That would get the government to February or March 2013. Why that date? No one thinks a lame duck Congress should take this on from November-January 2012/2013 and that would allow the new Congress and maybe a new President to get his or her sea legs before addressing this again.

So tomorrow’s homework assignment, the president said, is for the congressional leaders to figure out how to get from $1.7 trillion to $2.4 trillion.

Republicans are still insisting on no new taxes. Democrats say they need some revenues – a “balanced approach” – to get Democratic votes.  As House Minority Leader Steny Hoyer, D-Maryland, said today, “Republicans must be prepared to make concessions of their own and not put the entire burden on seniors, the middle class and the most vulnerable among us."

Congressional leaders will need Democratic votes not only in the Senate but the House as well. “You’ve got the (Michele) Bachmann Caucus that has made it clear they won’t vote for anything,” one Democratic official said.

Boehner said at one point that “it’s clear to all of us how big this spending problem is. Congress keeps voting for programs we can’t pay for. But look, entitlement cuts aren’t easy for us to vote for either. Our guys aren’t cheerleading about cutting entitlements.”

“Your guys already voted for them,” the president said, referring to the budget offered by House Budget Committee Chairman Paul Ryan, R-Wisc.

“Excuse us for trying to lead,” Boehner said.

The president today continued to make the case for a big deal, arguing that if they’re going to draw heat for the deal, they should at least do more than make a down payment on the deficit – they should get the country on sounder financial footing and begin to seriously bend the deficit cost curve.

During another exchange, Republicans were going through proposed tax increases as bad for jobs.

"C’mon, man!” Vice President Biden exclaimed, “let’s get real!"

The Vice President argued that their opposition isn't economic, it's ideological, that no real economist thinks they're "job killers."

In terms of the big deal President Obama and Speaker Boehner discussed in the past – for around $4 trillion in deficit reduction --, Democrats say the Republicans walked away from major spending cuts, entitlement reform, and tax reform, all because part of the trigger mechanism if the tax reform was not achieved by the end of 2012 was the risk that the Bush tax cuts on the wealthiest Americans would have expired. Democrats insisted that one commitment for tax reform needed to be that the new code needed to be “at least as progressive” as the current tax code.

“Ronald Reagan would have accepted this plan,” one of the Democratic officials said.

The meeting broke after about an hour and a half.

“We’ll meet tomorrow at the White House at 3:45,” the president said.

“A.M. or P.M.?” Senate Majority Leader Harry Reid, D-Nev., joked.

“It may come to that,” the president said.

Hardcore News Is Brought To You By...

Facebook Social & Comments

Hardcore Links