Reid's Plan Unveiled

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Reid's Plan Unveiled
Senate Majority Leader Harry Reid (D-NV) proposed a plan for $2.7 trillion in spending cuts over 10 years in return for raising the nation's debt ceiling through the end of 2012, Reuters reports.

The Wall Street Journal notes the plan would have no increase in tax revenue but would cut both domestic and military spending, but they wouldn't target entitlement programs such as Medicare.

The White House issued a statement backing Reid's approach: "We hope the House Republicans will agree to this plan so that America can avoid defaulting on our obligations for the first time in our history. The ball is in their court."

http://politicalwire.com/archives/2011/ ... eiled.html