Well as you read this article from The Hill, you’ll see this deal is a joke…..”$1.2 Trillion in spending cuts now and creates a select bicameral committee to find another $1.6 trillion in savings later in the 112th Congress.” Where’s the guarantee that the “select bicameral committee” will find those cuts? What is a “bicameral committee” ? Bicameral,  is the practice of having two legislative or parliamentary chambers. Thus, a bicameral parliament or bicameral legislature is a legislature which consists of two chambers or houses.

Senate Majority Leader Harry Reid (D-Nev.) has signed off on a tentative bipartisan deal forged between President Obama and GOP leaders to raise the debt limit.

But the emerging deal may be imperiled by last-minute reluctance from House Speaker John Boehner (R-Ohio), who worries the proposal cuts too much from future Pentagon budgets.

Congressional sources familiar with the outlines of the deal say it would cut the deficit by about $2.8 trillion and raise the debt limit by a similar amount. The deal includes $1.2 trillion in spending cuts up front and creates a select bicameral committee to find another $1.6 trillion in savings later in the 112th Congress.

The tentative deal hangs on so-called triggers intended to give lawmakers strong incentive to implement the second round of deficit reduction.

A person familiar with the deal said Obama and Senate Republican Leader Mitch McConnell (Ky.) agreed that if the select committee deadlocked or Congress failed to pass its recommendations, it would automatically trigger $1.2 trillion in across-the-board spending cuts.

The president and McConnell agreed to divide the automatic spending cuts evenly between defense and nondefense programs, according to the source. Obama also persuaded GOP leaders to set up firewalls to ensure a significant amount of the spending cuts would take place in fiscal years 2012 and 2013.

A second congressional source confirmed this account.

However, the tentative deal may be in jeopardy because Boehner as of Sunday evening was trying to walk back the proposed defense cuts, according to sources.

One congressional source said Boehner wants to shrink the defense spending cuts slated for 2012 and 2013.

An aide familiar with the deal said if the special bicameral committee fails to produce a viable deficit-reduction package, the automatic spending cuts triggered as a penalty would include cuts to Medicare. But the aide said Medicare beneficiaries would not feel a direct impact. Instead, healthcare providers and insurance companies would see lower payments.

But first he must convene a meeting of the Senate Democratic caucus to explain the deal and convince his colleagues to support it. While many Democrats are angry it does not raise taxes, they are afraid that opposing it could lead to a national default next week.


An aide said Democratic leaders are waiting on Boehner to endorse the proposal before unveiling it to the Senate Democratic caucus.

If Boehner finally agrees to the deal, Reid is expected to use a message from the House as the legislative vehicle to pass the deal through the upper chamber.

But doing so would still require the Senate to spend Monday, Tuesday and part of Wednesday processing it unless every senator agrees to truncate the timeline. If a conservative senator drags out the proceedings, Congress will not make the Aug. 2 deadline set by Treasury Secretary Timothy Geithner.

Senate conservatives say they don’t have plans to delay consideration of a possible bipartisan debt-ceiling agreement.

Leaders from both parties though will face a fight to convince lawmakers to vote for the compromise proposal.  Rep. Raul Grijalva (D-Ariz.), the co-chairman of the Congressional Progressive Caucus, rejected the plan, calling it a “cure as bad as the disease.”

Senate Democratic caucus members from the left and center of the political spectrum have also voiced their displeasure with the emerging deal.

Read more @ The Hill