Debt Ceiling Proposal Would Cut Spending by Almost $1 Trillion Over 10 Years

The votes still have to come but Sunday night President Obama announced an agreement between Republican and Democratic Congressional leaders. Just what the rank and file membership think will be revealed Monday morning.

The proposal would over a period of years cut spending by more than it raises the debt ceiling. It would not increase any taxes, despite calls from Democrats like Senator Mark Begich that millionaires, billionaires and big corporations should pay more.

President Obama says the plan will save nearly a trillion dollars in spending over the next decade. The agreement would also create a bi-partisan Congressional committee that would have to come up with one and a half trillion dollars in additional savings.

Alaska Representative Don Young skipped a conference call among House Republicans Sunday night when House Speaker John Boehner laid out the plan. Young hasn’t attended many of the crucial meetings among the Republican caucus in recent weeks. But his office says he will support the plan.

The offices of the Alaska Senators say they’re reading over the proposal and will weigh in Monday. Senator Lisa Murkowski’s spokesman says at first blush, she likes that it makes cuts and that it puts a follow-up process in place for the fall. Begich gave a written statement to APRN saying he’s pleased to see Senators from both parties “finally working together” and that he’s hopeful the bipartisan process can put politics aside.

Begich and Murkowski both railed on the floor Saturday, urging colleagues to find a way to raise the debt ceiling. They say failing to do so could be financially catastrophic.

Download Audio