Harry Reid Waves The White Flag

Offer $2.7 trillion in spending cuts. No tax increases.

Senate Majority Leader Harry Reid said he is working on a plan to raise the debt limit by $2.7 trillion, coupled with an equal reduction in projected future spending. In a concession to Republicans, he said that plan would not include tax increases, but that the new debt level would last through the 2012 elections.

That date has become a critical marker for Democrats — so much so that President Obama’s advisers said he would veto any bill that doesn’t last that long.

The debt issue is so bad for Democrats that they don't want to talk about it again until after the elections.