Debt Ceiling Vote Deadline Nears; House Labor, HHS A&B Bill Markup Postponed

Debt Ceiling Vote Deadline Nears; House Labor, HHS A&B Bill Markup Postponed

 With the early August U.S. debt ceiling vote deadline quickly approaching, the debate has intensified with several proposals released this week.  Monday, Sen. Tom Coburn offered a $9T deficit reduction plan who with Sen. Joe Lieberman had also offered a Medicare restructuring plan  in June.  Tuesday headlines read that Sen. Coburn had rejoined the Gang of Six and supported a new version of a bipartisan $3.7T deficit reduction proposal that seemed to get early support from the Whitehouse.  By Thursday afternoon, a so-called McConnell-Reid Plan B was reportedly losing steam as negotiators eyed a larger package.  All the while, a House appropriations and budget subcommittee was expected to consider a FY2012 Labor, HHS appropriations bill next Tuesday, but has now postponed that markup until a later date to be announced.  The subcommittee is expected to cut $18B out of the Labor, HHS appropriations bill alone.   For perspective, the entire package of cuts for FY2011 totaled around $30B-$40B.