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.
Fox News Channel
Senior Capitol Hill Producer