Rough notes from FNC producer Trish Turner about the Senator Harry Reid proposal:

——–

•$1.2t – discretionary cuts – defense and non-defense. *Notes Boehner agreed to $1.2t before broke off talks w/ WH.

•$100b mandatory savings. Negotiated by Biden grp. Won’t impact Medicare, Medicaid, or SS benefits.

*Breaking this down-

*$40b in waste, fraud, abuse

*$30b in Fannie/Freddie reforms

*$15b in spectrum sales and Universal Service Fund Reforms

*$10-15b in agriculture reforms

*Higher education prog reform whose savings go to sustain the Pell Grant Program. (No dollar on this)

•$1t in savings from winding down the wars in Afgh and Iraq.

•$400b in interest savings.

•Establishes 12-member joint Congressional Cmte to find future savings. To find additional savings.

Cmte’s recommendations will be guaranteed up/down vote in Senate, without amendment, by the end of 2011.

####

Trish Turner

Fox News Channel

Senior Capitol Hill Producer

• < previous post
• next post >