Without a bill, the debt reduction agreement's legally required triggers get pulled, mandating $500 billion in additional defense reductions over the next ten years.
"Despite good-faith efforts to find common ground, the White House will not pursue a bigger debt reduction agreement without tax hikes," Boehner said in a statement.
When Sperling and others arrived at Daley's office, Nabors handed out a statement Boehner had just released: "Despite good-faith efforts to find common ground, the White House will not pursue a bigger debt reduction agreement without tax hikes.
On February 24 , 2006 the World Bank's board of executive directors met to discuss Wolfowitz's demand for changes to Congo-Brazzaville's debt-reduction agreement.
To be fair, Congress did pass the Budget Control Act, which, absent any other debt-reduction agreement, will go into effect early next year and automatically slash the defense budget and domestic spending while eliminating the Bush-era tax cuts and that temporary payroll tax cut.
THE failure of the bipartisan debt reduction committee to reach agreement means there are likely to be drastic cuts in federal spending that will result in many more Americans looking to the charitable sector to meet their needs.
In a statement Wednesday, the company said, "the principal amount of notes tendered was substantially less than the amount required by GM to satisfy the debt reduction requirement under its loan agreements with the U.S. Department of the Treasury".
While that doesn't bind them to any actual spending levels, it sets up a framework where a broader agreement on debt reduction can potentially reside.
On the subject of who gets what — I also liked the fact that the president started right out demanding that Congress avoid the sequester – those slashing budget cuts that'll come March 1 if they can't come to a new agreement on debt reduction.
Debt reduction was a centerpiece of the agreement.
