• So, those Republicans finally got a framework! If anyone feels like you might be on the most boring roller coaster ever, you are, as there have been so many high and low points with this debt ceiling dramarama today that you probably feel so dizzy that people might mistake you for being drunk. Anyway, in the latest developments, Republicans have apparently reached a framework with the White House to make this debt ceiling deal happen. Based on this, which side do you think won the day? Here’s a roundup:

• ceiling The debt ceiling would rise to $2.8 trillion (though this number is conflicting; AP reports $2.4 trillion). This would be enough to get us past the 2012 elections.
• cuts Republicans would reportedly agree to roughly $1 trillion in cuts now, and then another $1.8 trillion later. Ignore our earlier version of the post; this is significant.
• condition Republicans will get one thing out of the mess which in the end won’t mean anything — a vote on a balanced budget amendement. This will not pass. source

Posted by Ernie Smith • Permalink