''Boehner's Debt Ceiling Plan Found Insufficient By Wall Street: Bank Of America Report''

thats $400 billion taken out of the economy every year for the next 10 years.......it will make the great depression look like a tea party, no pun intended.......... from huffpo.......

"In a brief phone interview, Priya Misra, BofA Merrill Lynch's Head of U.S. Rates Strategy Research and one of the authors of the report, clarified that there were two issues that were souring the bank's view of the Boehner plan. Most immediate was the fact that it did not resolve the debt ceiling issue through the 2012 elections. More broadly was the fact that it did not guarantee entitlement reforms.

"It's a combination of both," Misra said. "A short term deal means we will be back in this situation and we are not taking any of the tough decisions right now … the credit agencies want a $4 trillion plan committed to right now, or with a very high chance of implementation over the next ten years … The Boehner plan has a lot less teeth in terms of [debt reduction] because the committee it creates is just supposed to come up with cuts of $1.8 trillion, which is not that large."

The problem, as Misra notes, is that the Democratic alternative only satisfies one of those two concerns -- it gets the debt ceiling raised through 2012. But on entitlement reform, it falls back on the same committee proposal as Boehner outlines.

"It resolves the debt ceiling problem but does not resolve the long term problem," she said of Senate Majority Leader Harry Reid's plan".............READ MORE