It seems as if another eleventh hour deal has been struck to settle the debt ceiling issue.
The deal seems to have support by both houses of congress and the president.
The deal would cut one trillion dollars in the first phase. The deal doesn’t have any tax increases in the first phase, but could allow tax increases in the future if certain goals in spending cuts are not met. Automatic cuts in social programs could also occur if goals are not met.
The debt ceiling will be raised enough to allow borrowing through 2013. It will slow the increase of debt by about 2-3 trillion dollars over the next ten years.
So should conservatives be happy with this deal?
Right now it is too early to know. First of all there are too many details that we still don’t know about this deal. So is this another case of, “we have to pass this bill, before we can know what is in it”?
Second, this bill will not hold future congresses and presidents accountable to this bill. It can be overturned.
Third, this deal takes the issue off of the political campaign table for the election of 2012. It does this while not really solving the debt issue. Our debt will now go up by around seven trillion dollars, rather than the ten to fourteen trillion. Depending on who is calculating the debt.
I see nothing in this bill for conservatives to be happy about. The debt will continue to increase at historic rates. The amount of real cuts do little to stem the tide of the rising debt. The issue will be out of play for the coming election allowing the president to shape this as a victory for himself and to mold the campaign based on his own agenda.
This is another case of the GOP letting the president off the ropes, when they had him right where the people wanted him. In a defencive mode.
The bill still must be passed by both houses of congress today. With so little time to read and dissect the entire bill, we can only hope that enough of the freshman congressmen who have held to their conservative principles, will continue to hold to them and demand that they be given time to read and dissect this bill. We can ill afford to pass another Obama care style bill with no real idea of what it contains.
Let us also remember that it is not the debt ceiling that is our problem, it is the debt itself. This bill seams to do little to actually aleve the growing debt crisis. After all, why have a debt ceiling at all? If you are going to raise it every time you reach it. This is why it is real spending cuts that we need, not some paper to waive in the air so that we can shout we “did it!”, no matter what it is.
Has John Boehner just become our Neville Chamberlain?
Oh I almost forgot. This bill also require that both house hold a vote on a balanced budget amendment. Big deal. What chance does it have getting through the Senate? This is just another paper rose for the conservatives. it may look nice, but it has no smell.