After a unifying Republican conference meeting this morning, today the House will vote on a second bill that meets the President’s request to increase the debt limit and implements real and immediate spending cuts. The House has already sent legislation to the Senate that represents our vision to manage down the debt and today we will send our compromise. When we pass our bill, the House will have done its work, and now Senator Reid must do what the American people are asking of Washington – choose a path forward on the debt crisis and achieve real spending cuts.
Today In History: In 1978, National Lampoon’s Animal House starring John Belushi opens in U.S. theaters. Produced with an estimated budget of $3 million, Animal House became a huge, multi-million-dollar box-office hit, spawned a slew of cinematic imitations and became part of pop-culture history with such memorable lines as “Fat, drunk and stupid is no way to go through life, son.”
Birthdays: Elizabeth Berkley, Bill Bradley, Jim Davis, Rick Wright and Jacqueline Kennedy Onassis
Here is what’s in today’s Ledger ...
State Of Play: House Set To Vote On Boehner Bill
Serious Cuts Up Front: Boehner Bill Cuts $22 Billion In FY 2012 and $42 Billion In FY 2013. In its first year, 2012, the revised bill cuts $22 billion as measured against the latest CBO baseline (while the original bill cut just $1 billion), and in the second year it cuts $42 billion (while the original cut $16 billion). These are still very small numbers in the scheme of federal spending, but the greater front-loading actually matters a lot. One reason is that the 2012 and 2013 budgets are the only ones that will actually be under the control of this congress. But even more important is the greater reduction of the baseline itself since, as we’ve witnessed in the past 24 hours, the CBO baseline is the measure of all future cuts—it sets the bar. National Review
Spending Cuts In Boehner Bill Exceed The Increase In The Debt Limit. ... the bill now meets his original target of exceeding the size of the $900 billion debt limit increase by cutting the deficit by $917 billion, something Senate Majority Leader Harry Reid’s bill does not yet do. Roll Call
- Over 100 Business Groups Line Up Behind Boehner’s Two Step Approach ... View The List HERE
Hennessey’s Take: The Boehner Bill Enacts Real Spending Cuts, Sets The Table For Further Spending Cuts In The Future
- It cuts spending by $917 billion and it doesn’t raise taxes. That is an improvement over current law.
- It tees up this battle again in 4-6 months, providing another opportunity and keeping the pressure on to cut spending.
- It creates a process that keeps our underlying fiscal policy problems front-and-center for the foreseeable future rather than punting them into 2013.
The Boehner Approach Offers Real Spending Cuts, Senator Reid’s Plan Merely Offers Gimmicks. In other words, assuming no Grand Bargain, under Boehner’s plan the $1 trillion-plus in Reid’s plan that is made up of bookkeeping cuts would be replaced, next year, by $1 trillion-plus in real cuts. The Plum Line
The Obama Economy: Still No Plan For Economic Growth From President Obama
The Unemployment Situation Is Getting Worse In The Obama Economy. So, in terms of the rate of employment deterioration, Obama’s presidency has been more than twice as bad as George W. Bush’s. Obama’s jobs regression totals are not (yet) as high as Bush’s, but he has not had nearly as much time in office. It gets worse. During Obama’s economic recovery (which started in July, 2009), the U.S. lost ground with respect to full employment by an average of 133,000 jobs per month. In other words, in terms of the rate of deterioration of the jobs picture, Obama’s recovery has been 41% worse than Bush’s overall presidency. ... The nation has never before had an economic expansion where total employment after two years of recovery was lower than it was at the end of the recession. In June 2011, America had 2.9 million fewer people working than when Obama was inaugurated. Forbes
- Regulation Watch: President Obama Sides With NLRB, Attempts To Restrict Private Sector Business Decisions. In a formal statement of Administration policy, the White House opposed a bill sponsored by South Carolina Rep. Tim Scott that would reduce the power of the NLRB and prohibit it "from ordering any employer to relocate, shut down, or transfer employment under any circumstance." Translation: Mr. Obama intends to guard the NLRB for his union allies, but if no one notices, all the better. In opposing the bill, the White House says "The [National Labor Relations Act] does not restrict the location of company operations, provided companies comply with the law." But companies don't live in this land of hypotheticals. The NLRB lawsuit is an explicit attempt to block Boeing from opening its new South Carolina factory, and either the Administration believes the NLRB is appropriately enforcing the law, or it believes the NLRB has exceeded its mandate and needs to be reined in. Now we know it's on the side of the NLRB, which is run by Mr. Obama's appointees. ... The NLRB's campaign against Boeing has captured political attention—and created business anxiety—because it is a government attempt to restrict the free movement of capital. It attempts to punish workers merely because their states passed right-to-work laws. The Wall Street Journal
ObamaCare Update: Despite Promises From Democrats, Government Health Care Costs Set To Soar
Curbing Costs? Government Healthcare Tab To Hit $4.6 Trillion. The nation's health care tab is on track to hit $4.6 trillion in 2020, accounting for about $1 of every $5 in the economy, government number crunchers estimate in a report out Thursday. How much is that? Including government and private money, health care spending in 2020 will average $13,710 for every man, woman and child, says Medicare's Office of the Actuary. By comparison, U.S. health care spending this year is projected to top $2.7 trillion, or about $8,650 per capita, roughly $1 of $6 in the economy ... Government, already the dominant player because of Medicare and Medicaid, will become even more important. By 2020, federal, state and local government health care spending will account for just under half the total tab, up from 45 percent currently. As the health care law's coverage expansion takes effect, "health care financing is anticipated to further shift toward governments," the report said. The Associated Press
Off The Beaten Path
Attention Redskins Fans: Haynesworth Traded To New England – The Washington Post
CNN Anchor Don Lemon Doesn’t Care For CNN – The Daily Show
ICYMI: This Happened – The 86th Annual Pony Swim