Progress has been made on the fighting between Republicans and Democrats over the debt-ceiling. Inside sources are saying that the deal would include a debt-ceiling increase of at least 2.1 trillion. Spending cuts of around 1.2 trillion over a ten year span. It forms a special Congressional committee to recommend further policy recommendations that can include anything. It will complete it's final report by late November. If the report is not acted on by December 23rd, there would be automatic trigger cuts that occur in both Medicare and Defense (to give both sides incentive to follow). And finally, a vote will be allowed to be taken on a balanced budget amendment in both houses of Congress.
It is wonderful that Congress has reached a deal to avoid default at close to the last minute. However, it is strange that a special Congressional committee is going to be granted a lot of power to use down the road. What if this committee is made up of Republicans who refuse to raise taxes? And who is going to appoint members? It's troubling to me that the Tea Party has forced Congress to become more dysfunctional than it usually is. Hopefully this provision is taken out in the final vote.
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