Monday, August 1, 2011

Updated Debt Bill

As I write the House of Representatives are debating the updated Budget Control Act. Here is a link to it:http://rules.house.gov/Media/file/PDF_112_1/Floor_Text/DEBT_016_xml.pdf

I have only been able to get through 10 pages thus far and am curious why baseline budgeting is being used still. In the first 10 pages we see potential raises in spending by capping the amount budget items can go up year over year and its being hailed as a cut in spending.

One item I am hearing that is set up by this Act is to set up a "super Congress" to develop policy going forward. This should scare Americans. We elect people to represent us, we don't elect people to appoint people to represent us. I tried to look for talking points from both sides but nothing I could find.

Is there enough time for this to be properly vetted prior to passage? In a rare event I have turned on MSNBC and Rev. Sharpton was talking with a Tea Party backed Representative from Kansas about why he is voting against the amendment. It was interesting to see that even Rev. Al doesn't understand the impact a Moody's downgrade has on America or what Moody's is looking at to determine the rating. Looking forward to more debate on this.