(Image Source: Press TV)

BY JIM FLINK

Time to strap on your big kid pants.
The debt talks are heating up -- and if the early word is on target -- much of the focus is going to be on cutting spending -- and not -- on raising taxes.
One trillion dollars in cuts for starters -- spread out over a decade.
The New York Times is reporting -- the cuts could be deep to Medicaid and Medicare.

“Obama administration officials are offering to cut tens of billions of dollars from Medicareand Medicaidin negotiations to reduce the federal budgetdeficit, but the depth of the cuts depends on whether Republicans are willing to accept any increases in tax revenues.”

And that’s just the beginning. CNN talks about where those cuts will start.

“.... the cuts are likely to be focused on non-security discretionary spending, a small section of the budget that includes funding for food inspectors, the FBI and education grants, among many other programs and services people associate with government.”

So lots of cuts, and not much in the way of tax hikes.
Just what the GOP ordered -- right?
The Washington Post’s Ezra Klein says, absolutely.

“Consider how far they've come: The Obama administration has agreed to a debt-ceiling deal that's 83% spending cuts and 17% tax increases -- mere inches away from the magic 83:15 ratiothat the Republicans on the Joint Economic Committee asked for back in March.”

But the GOP may NOT be willing to play along -- seeing an opportunity to seize political ground in this fight.  
Fox News reports, on the new so called -- cut, cap and balance measure some Republicans have signed onto.

“The cut, of cut, cap and balance, would impose immediate spending cuts to reduce the deficit by half next year.  The cap would impose enforceable caps to bring spending in line with average revenues at 18% of GDP, and the balance would require house and senate passage of a balanced budget amendment to the Constitution.”

The New York Times notes, the GOP has opened a new front in the deficit wars:  Demanding first -- a vote on a balanced budget amendment.

The Australian plays a harsher hand on the idea of brinksmanship on debt.  It says -- Republicans are acting like Vandals.

“The controlling faction of the Republican Party appears more than eager to push the US and the world over a fiscal and economic cliff. It has all but held a gun to the head of President Barack Obama, telling him that unless he takes the raising of taxes off the table they will let the global economy collapse.”

More than one blogger has suggested a vote of the people to decide what should happen.  Forbes’ Leonard Burman notes, this would require all Congressional leaders to come clean on their plans.

“This would require a level of disclosure and detail that would be unprecedented in a presidential campaign.  Moreover, once drafted as a bill, the nonpartisan Congressional Budget Office would crunch the numbers and make sure that they add up.  The Joint Committee on Taxation and the CBO would also be instructed to write plain language descriptions of the tax and spending components of each plan.”

The deadline for a vote on the debt ceiling comes August 2.