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Latest In The Debt Ceiling Crisis: Reid To Offer $2.5 Trillion In Deficit Reductions And No Tax Increases

 
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07/24/2011 05:35 PM
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Latest In The Debt Ceiling Crisis: Reid To Offer $2.5 Trillion In Deficit Reductions And No Tax Increases
Just out from CNN's Lisa Desjardins

BREAKING - NEW Dem. debt plan: Reid to offer at "least $2.5 Trillion" in deficit redux w/ no revenue increases, Dem. source tells CNN.
NEW REID PLAN: "At least $2.5 T in deficit redux" w/ no revenue increases. BUT, unclear what baseline he's using and what he'd cut.
REID PLAN: Dem aide tells our @tedbarrettcnn they think it meets GOP call for dollar-for-dollar spending cuts with debt increase.
And we are confident that the spending "cuts" will take place over 10 years, back-end loaded, which means no spending cuts any time soon. Said otherwise, no spending cuts, no tax hikes. And yes, $2.5 trillion debt ceiling increase. Just as we predicted two weeks ago.
[link to www.zerohedge.com]

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