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Flap’s Links and Comments for April 9th on 05:45

April 9, 2011 /

These are my links for April 9th from 05:45 to 05:49:

  • KEY FACTS: Bipartisan Agreement on Spending Cuts to Support American Job Creation – ” Here are some key facts on the bipartisan agreement:

    THE LARGEST SPENDING CUT IN AMERICAN HISTORY.  The agreement will immediately cut $38.5 billion in federal spending – the largest spending cut in American history in terms of dollars – just months after President Obama asked Congress for a spending “freeze” that would mean zero cuts. 
    HUNDREDS OF BILLIONS IN SPENDING CUTS OVER THE NEXT DECADE.  The agreement will cut hundreds of billions of dollars from the federal budget over the next decade – “real money,” as the Wall Street Journal editorial board recently noted.
    OFFICIALLY ENDS THE “STIMULUS” SPENDING BINGE.  The agreement begins to reverse the “stimulus” spending binge that began in 2009 – signaling the official end of a period of unprecedented government intervention that former Federal Reserve Board Chairman Alan Greenspan and other economists say hurt job creation in America by crowding out private investment. 
    SETS STAGE FOR TRILLIONS MORE IN SPENDING CUTS.  Clears the way for congressional action on House Budget Committee Chairman Paul Ryan’s budget – The Path to Prosperity – which cuts trillions in spending and offers a long-term blueprint for American job creation.

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    go to the link and read it all

  • Boehner Wins Big – The Numbers – President Obama’s 2011 budget called for a spending increase of $40 billion. Tonight, he touted a bipartisan agreement on “the largest annual spending cut in our history” — some $38.5 billion [emphasis added].  All told, he got $78.5 billion less than he originally requested.

    Senate Majority Leader Harry Reid (D., Nev.) didn’t want to cut anything at first. But bowing to political reality, eventually ponied up about $4.7 billion in cuts. He ended up with $33.8 billion less spending than he wanted. And he called it an “historic” accomplishment. (Not surprisingly, the left is appalled).

    House Speaker John Boehner (R., Ohio), on the other hand, initially proposed $32 billion in spending cuts. House Republicans, led by an undaunted freshman class, bumped that number up to $61 billion ($100 billion off the president’s budget), before settling on $38.5 billion. That’s $6.5 billion more than Boehner asked for to begin with, and $5.5 billion more than the $33 billion that Vice President Joe Biden and Senate Democrats claimed had been agreed to less than two weeks ago. It remains to be seen how much of that will be cuts to discretionary spending, but all told it would appear that we’'ll see a substantial reduction in baseline spending that will yield hundreds of billions in savings over the next decade.

    But unlike Obama and Reid, the speaker didn’t quite feel the need to pat himself on the back over it. “We fought to keep government spending down,” he told reporters in a brief speech after the deal was announced. And they’ll keep fighting, because the biggest battles — over the debt limit and the 2012 budget — are still to come.

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    Boehner will probably need some Dem votes though.