The Debt Ceiling Bill has now passed through the House. The Senate will be voting on the bill tomorrow. I don't have much of the details on the debt deal at this point in time but from what I have heard so far I have mixed feelings on the debt deal, debt bill. Here are some of the details:
-$2.8 trillion in deficit reduction with $1 trillion locked in through discretionary spending caps over 10 years and the remainder determined by a so-called "Super Committee.
-The Super Committee must report precise deficit-reduction proposals by Thanksgiving.
-The Super Committee would have to propose $1.8 trillion in spending cuts to achieve that amount of deficit reduction over 10 years.
-If the Super Committee fails, Congress must send a balanced-budget amendment to the states for ratification. If that doesn't happen, across-the-board spending cuts would go into effect and could touch Medicare and defense spending.
-No net new tax revenue would be part of the special committee's deliberations.
Let's just say that I'm skeptical of this whole Super Committee and what their recommendations are going to be. Thank God for the Tea Party. If it wasn't for the Tea Party there probably would not have been any meaningful spending cuts, if cuts at all, in this debt ceiling deal. The Tea Party held the establishments' feet to the fire. This is just one step at the beginning of the Tea Party representatives and senators journey to bring back principled, limited government to Washington.