Reid Postpones Senate Vote; National Journal Reports Outlines of Compromise

Washington news sources are reporting as good news a decision by Senate Majority Leader Harry Reid to postpone a vote on his version of a debt limit/deficit reduction bill.

The vote had been scheduled for 1:00 am EDT Sunday (minutes from now), but will take place at 1:00 pm instead to give negotiators more time.

National Journal is reporting that a new compromise has been reached, one that President Obama rejected last weekend, but is now back on the table. According to its account (subscription required), it involves a very short-term extension of the debt limit (days, not weeks) to give Congress additional time, and then an extension that would last through 2012. It would still include creation of a special congressional committee to come up with recommendations on how to cut the deficit. That was in both the Boehner and Reid bills and is now being called a “super committee.” It would have to report by Thanksgiving on cutting $1.8 trillion over ten years on top of $1 trillion that would be cut by capping discretionary spending. No “new net tax” revenues would be part of the committee’s deliberations.

Capping discretionary spending for the next 10 years would be, of course, a serious impediment to NASA, NOAA and DOD space programs, all of which are part of the discretionary budget.