Well,… at least the republicans on the supercommittee are making an effort———–
Nov 18, 2011
OK, the supercommittee needs to go home for the weekend. According to my colleague Paul Van de Water:
Republicans on the supercommittee have made a new offer that would reduce deficits by $640 billion over the next decade, according to news reports (here and here). The Republican offer consists of roughly $542 billion in spending cuts and $3 billion in revenues, meaning the ratio of spending cuts to revenue increases in the plan is 181 to 1…When one includes the $900 billion in discretionary spending cuts already enacted in the Budget Control Act, the plan’s total deficit reduction rises to about $1.445 trillion, and its ratio of spending cuts to revenue increases rises to 481 to 1.
The D’s have rejected the offer as…um…unbalanced.