Senate majority leader Harry Reid introduced a proposal today that he says would give Republicans everything they want in a debt ceiling deal: It would reduce the deficit by $2.7 trillion over 10 years, without raising taxes. But the plan was light on details of what gets cut--and when.
How much does the plan cut up front in 2012? Reid isn't sure. "You know, I am not much of a numbers wonk," Reid told THE WEEKLY STANDARD during a press conference this afternoon. "Get that from my staff, okay?"
Under the House Republicans' 2012 budget (incorporated into the "cut, cap, & balance" bill), total federal outlays next year would be $3.529 trillion. That means the GOP budget would cut the deficit by $179 billion compared to President Obama's budget and by $111 billion compared to the CBO baseline. Here's a chart (provided by a House Republican aide) that breaks down the Republican budget cuts:
Reid claims that his budget would cut discretionary spending by $1.2 trillion and mandatory spending by $1 trillion over 10 years. But to successfully beat the charge that his plan is all smoke and mirrors, Reid will need to show that his plan makes some significant cuts up front.
Reid's staff has not yet said how much the Democrats' plan cuts in 2012.