On just about every budget issue, Democrats and Republicans are hundreds of billions of dollars apart. This is particularly true on revenue raisers, where Republicans have reportedly offered up $40 billion in new revenues, compared to over $1.3 trillion coming from the Democrats.
The next week or so is crunch time for the debt commission. As Congressional Budget Office director Doug Elmendorf noted at the supercommittee’s first meeting, his office would need “a few weeks” to score any proposal’s impact on deficit reduction. “We need time to do our jobs right, so we’re not just pulling out numbers,” he said.
We’re now 20 days out from the supercommittee’s Nov. 23 deadline. If Elmendorf’s timeline still stands, that means the debt commission will need to start getting proposals scored soon. And, if the offers we know about now are any indication, they’re still a long way from anything resembling an agreement.