On background if you would please*, just left the meeting on the Boehner deal. Some highlights:
Outlay reduction for FY 12 – $25 billion cut in discretionary spending.
Debt limit increase right away – $1 trillion
Does not touch Obamacare funding, Medicare or Social Security
Includes the McConnell automatic increase without a vote – they tried to sell us on “your boss isn’t actually voting for a debt limit increase”
Joint Select Cmte Created – 12 Members, if Commission recs pass on entitlement reform, then Pres gets another debt limit increase
Budget Authority in FY 12 is $ 7 billion less than FY 11 in discretionary spending.
