The RP’s Budget Crisis Update- August 2 Part 2

The long national nightmare, as Gerald Ford might say, is over. After the Budget Control Bill sailed to approval in the Senate, garnering 74 “Ayes” and 26 “Noes,” President Obama signed the compromise he brokered with Senate Minority Leader Mitch McConnell of Kentucky. The bill had previously passed in the House of Representatives by a margin of more than 100: 269 “Ayes” to 161 “Noes.” [Politico]

Now that the Bill has been signed into law, the question has been raised as to who will sit on the 12-member “Super Congress” to determine the eventual cuts that will be made to bring the deficit reduction to $2.1 trillion. Provisions have been made for each majority and minority leader to appoint three individuals. Names being tossed around by the punditry include Republicans John Kyl, Mike Crapo, and Paul Ryan, and Democrats Dick Durbin, Max Baucus, and Kent Conrad. [Washington Post]

Somewhat ironically, the budget reduction committee will come with an as-of-yet-undetermined, potentially very high, costs that are just beginning to be worked out. The costs will have to be determined shortly, as the new law requires it be convened within 45 days of the passage- today. [Roll Call]

The 2012 Republican candidates are using the passage of a debt deal as a soap box of sorts from which to discuss their views on the debt and deficit. Only former Utah governor Jon Huntsman has come out fully in support of the bill (though he referred to it as less-than-ideal), while Michele Bachmann, Ron Paul, Tim Pawlenty, and most recently Mitt Romney have come out in opposition to the deal, saying it does not go far enough. Meanwhile, Texas Governor Rick Perry, who has not entered the race but is widely speculated to be a late entrant, has kept completely silent on the matter. [Daily Caller]

Fitch has said that, even if the United States retains its AAA rating, the agency may well downgrade the country’s outlook to negative when it finishes ratings reviews at the end of August. [Reuters]