The CBO says Harry Reid's debt reduction plan would save $2.2T over 10 years, but the 'devil is...

The CBO says Harry Reid's debt reduction plan would save $2.2T over 10 years, but the 'devil is in the details.' The bulk of those savings, around $1T, will come from one source: reductions in the defense budget and de-funding the wars in Iraq and Afghanistan.
Comments (15)
  • njrobby
    , contributor
    Comments (85) | Send Message
    so the bulk of the savings is from something that will happen anyway... nice dodge, Harry
    27 Jul 2011, 10:50 AM Reply Like
  • 7footMoose
    , contributor
    Comments (2229) | Send Message
    We cannot make real cuts in spending but we can resort to gimmicks such as projecting the savings from ending an ongoing war which has no end in sight. The guy on the corner with the three walnut shells hiding a pea has nothing on these shills.
    27 Jul 2011, 10:52 AM Reply Like
  • Tricky
    , contributor
    Comments (2587) | Send Message
    Question of clarification re: "Reid plan > Boehner plan for savings". Does this imply that the Boehner plan does NOT plan an end to the wars?
    27 Jul 2011, 10:54 AM Reply Like
  • davidingeorgia
    , contributor
    Comments (2661) | Send Message
    No, they just weren't counted in his because it's not money that was going to be spent anyway...well, not on those'll be spent on something, I'm sure, knowing DC. Ryan's plan didn't count that as "savings" either since it is money everyone is assuming won't be spent.


    The idea with adding it into the baseline for Reid's plan is to make it look like more is being cut than is actually being cut...surprise, surprise.
    27 Jul 2011, 11:04 AM Reply Like
  • Larry Smith
    , contributor
    Comments (3191) | Send Message
    So we are counting money as saved even though we all know it wasn't going to be spent anyway? Same logic my wife has when she tells me saved money by buying something we don't need because it was on sale.
    27 Jul 2011, 11:01 AM Reply Like
  • spald_fr
    , contributor
    Comments (2814) | Send Message
    Harry Reid is not interested in any type of plan that comes close to balancing the budget. Boehner says he is (although I suspect the very strident TEA party caucus dictates his response).
    27 Jul 2011, 11:28 AM Reply Like
  • bbro
    , contributor
    Comments (11240) | Send Message
    Here is a cut....shut down Patterson Air Force base (the largest
    single site employer in Ohio) located in....Boehner's district....
    27 Jul 2011, 11:31 AM Reply Like
  • spald_fr
    , contributor
    Comments (2814) | Send Message
    ((((((( crickets )))))))
    27 Jul 2011, 11:49 AM Reply Like
  • mike8599
    , contributor
    Comments (589) | Send Message
    You would simply move the work somewhere else, and it is typical short term thinking.
    27 Jul 2011, 11:51 AM Reply Like
  • Bozerdog
    , contributor
    Comments (463) | Send Message
    Before the wars we had a balanced budget, seems like a good idea.
    27 Jul 2011, 11:32 AM Reply Like
  • kmi
    , contributor
    Comments (4744) | Send Message
    Debt reduction... none of these plans reduce the debt....
    27 Jul 2011, 11:41 AM Reply Like
  • Mad_Max_A_Million
    , contributor
    Comments (1175) | Send Message
    Ok, odds are, here is what is most likely going to happen: There will be no deal because the House is not buying a pig in a poke. There will be a panic extension. The Prez will fold and we will go thru this all over again later this summer.


    The great progressive society has run out of runway and is screaming into the woods at the end of the field. Moral hazard from entitlements has increased deficit spending from 1.6 BILLION PER DAY by Bush with 2 wars to 4 BILLION by Obama with 3 wars. Time to throw in the towel.
    27 Jul 2011, 11:42 AM Reply Like
  • Tony Petroski
    , contributor
    Comments (6356) | Send Message
    (I'm no fan of endless wars in Godforsaken places)


    Obama was to have us out of Iraq in 2009, Afghanistan was the good war (to prove during debates that Obama wasn't a pacifist) and now we are still in Iraq, Afghanistan and playing around in Libya.


    By all means withdraw with all due speed.


    But on the other hand, this is big government at its worst: providing funding to study the mating habits of monkeys and then gutting the military, in short doing what it shouldn't and not doing what it should.


    I guess that's all part of leading from behind during the Malaise II years.
    27 Jul 2011, 12:13 PM Reply Like
  • Rse
    , contributor
    Comments (2) | Send Message
    Boehner and Reid's plans are bogus in that they find the "savings" in projections of future spending which is based on a 7% increase EACH YEAR over existing spending levels. (And, Reid is counting the ending of the war as savings...funny though, my son leaves for Afghanistan this week. God Bless Our Soldiers)
    Rand Paul delivered a plan yesterday that actually makes sense. Freeze spending at current levels and commit to a 1% decrease each year. Congress must decide how, when, where to cut, but, if they can't agree by a certain date, then it will be a mandatory 1% across the board. The budget will be balanced in six (6) years.
    Maybe these freshman politicians actually have the country in their best interest and not their pockets...the establishment needs to go!
    27 Jul 2011, 01:15 PM Reply Like
  • Gaping hole in the ocean
    , contributor
    Comments (210) | Send Message
    Seems to me it is in the Dems best interest to default, then the administration can pick and choose what programs they want to pay for and which ones they want to suspend. I think the Repubs think the Dems will blink but the most recent handling of the budget crisis is fresh in everyones minds. History has shown it's a non event anyways. I for one am thinking the probability is high for a technical default and it could come as a big surprise to the market as everything I have read thinks it won't happen. I think for sure they are going past the August deadline as tax receipts are up and they have more time to waste and they are only moving further apart. This is nothing more than a battle of ideologies and for control, there are no real solutions to be found among this crop of self interests. That's my 2 cents.
    27 Jul 2011, 02:54 PM Reply Like
DJIA (DIA) S&P 500 (SPY)
ETF Screener: Search and filter by asset class, strategy, theme, performance, yield, and much more
ETF Performance: View ETF performance across key asset classes and investing themes
ETF Investing Guide: Learn how to build and manage a well-diversified, low cost ETF portfolio
ETF Selector: An explanation of how to select and use ETFs