NEW Dem. debt plan - "cuts" will take place over 10 years, no tax hikes. And yes, a $2.5 trillion debt ceiling increase -

NEW Dem. debt plan - "cuts" will take place over 10 years, no tax hikes. And yes, a $2.5 trillion debt ceiling increase -

Just out from CNN's Lisa Desjardins

• BREAKING - NEW Dem. debt plan: Reid to offer at "least $2.5 Trillion" in deficit redux w/ no revenue increases, Dem. source tells CNN.
• NEW REID PLAN: "At least $2.5 T in deficit redux" w/ no revenue increases. BUT, unclear what baseline he's using and what he'd cut.
• REID PLAN: Dem aide tells our @tedbarrettcnn they think it meets GOP call for dollar-for-dollar spending cuts with debt increase.

And we are confident that the spending "cuts" will take place over 10 years, back-end loaded, which means no spending cuts any time soon. Said otherwise, no spending cuts, no tax hikes. And yes, $2.5 trillion debt ceiling increase. Just as we predicted two weeks ago.

More as we get it.

Read more -

http://www.zerohedge.com/news/latest-debt-ceiling-crisis-reid-offer-25-trillion-deficit-reductions-and-not-tax-increases