Regardless of the GOP’s response, it contains no new revenue which is supposedly a non-starter according to the Dem caucus.

Via Gretawire:

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 Afghanistan and Iraq.

  • $400b in interest savings.

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