John on July 30, 2011 at 8:18 pm
ABC has word that the deal is still tentative, but here is the outline:
- Debt ceiling increase of up to $2.8 trillion
- Spending cuts of roughly $1 trillion
Instead of Harry Reid’s bogus war savings, a commission will be appointed to recommend cuts totaling $1.8 trillion, thereby equaling the amount of the debt ceiling increase. That’s certainly an improvement over the Reid plan if the other cuts actually happen. I have my doubts whether the Democrats will follow through or simply use what they’ve already agreed to to demagogue the issue some more.
So the bottom line is that both sides avoided their non-negotiables. No tax increases which the House GOP refused to consider and the debt limit is raised enough to take this off the table next year, which the President demanded. Our credit rating will still get downgraded somewhat but the chance of default, which was never much of a chance, goes to zero.
The real downside is that the pressure is now off the President for the rest of his term and we didn’t make any real progress in addressing entitlements. None. We’re still living in the left’s Michael Moore fantasy world where trillions in unfunded liabilities aren’t really a problem. Maybe it really is going to take a major downgrade for these people to catch a clue.
I realize some people on the right are going to be angry that we didn’t get more, specifically on entitlements. Frankly, I’m angry about it too, but I don’t see how it was ever realistic to expect we could do better than this with control of 1/2 of one branch of government. Blaming Boehner for being unable to overcome the Senate and the President (and the media) accomplishes nothing.
Let me be blunt. None of the people complaining could have done better. They may want to pretend they could, but they’re dreaming. It’s sort of like the folks who sit in armchairs watching the Super Bowl and suggest they could have beat the Steeler’s defensive line if they’d been put in as QB on 4th down. Yeah, sure you could, tubby. Now pass the chips.
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