I was just given the following bullet points from one of the individuals who got briefed at the staff level on John Boehner's proposal:
On background if you would please*, just left the meeting on the Boehner deal. Some highlights:
- Outlay reduction for FY 12 - $25 billion cut in discretionary spending.
- Debt limit increase right away - $1 trillion
- Does not touch Obamacare funding, Medicare or Social Security
- Includes the McConnell automatic increase without a vote - they tried to sell us on "your boss isn't actually voting for a debt limit increase"
- Joint Select Cmte Created - 12 Members, if Commission recs pass on entitlement reform, then Pres gets another debt limit increase
- Budget Authority in FY 12 is $ 7 billion less than FY 11 in discretionary spending.
* I did get permission before running with this.