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Debt Deal

by: whp

Mon Aug 01, 2011 at 08:42:49 AM EDT
Ezra Klein:

And that gets to the truth of this deal, and perhaps of Washington in this age: it's all about lowest-common denominator lawmaking. There are no taxes. No entitlement cuts. No stimulus. No infrastructure. Less in actual, specific deficit reduction than there was in the Simpson-Bowles, Ryan, or Obama plans, and even than there was in the Biden/Cantor or Obama/Boehner talks. The two sides didn't concede more in order to get more. They conceded almost nothing in order to get a trigger and a process, not to mention avoid a financial catastrophe.

http://www.washingtonpost.com/...

Will the stalemate break in 2012?  
whp :: Debt Deal
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Debt Deal | 5 comments
Just heard another tid bit about "balanced" cuts in the next round (0.00 / 0)
The next round of cuts, supposedly before Thanksgiving, if not enacted, will trigger a automatic round of cuts in both defense and domestic programs - 50%0/50%. Almost all the first round of cuts are in domestic programs which should preclude further cuts in round 2.

Not only do domestic programs get chopped again in less that 6 months, the programs considered in the defense portion of the budget that would be cut as well, now include State Department and Homeland Security.  Defense cuts can (will) come from these programs rather than from expensive and unnecessary big weapons programs.  How's that for balanced???

""Hope is the dream of a soul awake.""

/French Proverb quotes.


The answer is (4.00 / 2)
to get more people to support liberal candidates for office, not turn people away from the process by declaring that it's broken.

I'm not sure what your sources are, but Ezra says that the Pentagon gets hit with $350 billion in cuts in this deal, and the triggers hit them with another $600 billion.  The Pentagon, not State or Homeland (which is not part of the Pentagon budget).  I'd be interested in reading your source.

Link:  http://www.washingtonpost.com/...

In the immediate aftermath of Since the start of the financial crisis, the Fed/Treasury lent, spent, or guaranteed $28 $29 trillion to save the banking system.

[ Parent ]
It was early this morning (0.00 / 0)
on Morning Joe. Was not fully conscious but it was from someone who knew the ins and outs of the negotiations. I'll have to double back and see if I can track him down.


""Hope is the dream of a soul awake.""

/French Proverb quotes.


[ Parent ]
I remember... (0.00 / 0)
It was Susan Mollinari on CNN this morning. She talked about the "re-definitions" used in the language of the deal to include State Dep't and Homeland Security.

""Hope is the dream of a soul awake.""

/French Proverb quotes.


[ Parent ]
Understanding the Trigger (0.00 / 0)
If Congress and the President cannot agree on the second set of cuts, the "trigger" comes into play, something Republicans will not want to have happen (assumption), but if it did happen, much of the reduction is from the fat defense budget.

And according to the WH --

Mechanism to Ensure Further Deficit Reduction is Designed to Phase-In Beginning in 2013 to Avoid Harming the Recovery: The deal includes a mechanism to ensure additional deficit reduction, consistent with the economic recovery. The enforcement mechanism would not be made effective until 2013, avoiding any immediate contraction that could harm the recovery. And savings from the down payment will be enacted over 10 years, consistent with supporting the economic recovery.

So, the "recovery" is protected. And we have an opportunity for the 2012 election to change the process by changing the composition of Congress and the Presidency.

 

whp

Debt Deal | 5 comments

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