Monday, August 01, 2011

The US Debt Deal

I have a number of friends who consider themselves Tea party members. I am sympathetic to their fiscally conservative point of view. I think they and their GOP allies have won a victory in this latest debt ceiling battle. They have forced spending cuts on the free spending deems and avoided tax increases. It also sets in motion votes on a balance budget amendment. bo was all but absent from the debate. bo is a spectator, not a leader. I think at this point my Tea Party friends need to declare victory and move on to getting the Ryan budget passed. I love my American friends and family, but their economy is a mess. The government debt is unsustainable without hyper inflation. The markets seem to approve, so I hope the house and senate pass this deal. Here is House Speaker's Powerpoint on the deal.

Just a day before the deadline to raise the U.S. debt ceiling, the Obama Administration struck a deal with lawmakers to increase the limit and cut trillions in spending, setting off a sharp rally Monday morning ahead of a vote on the package in both houses of Congress.

The deal would cut some $2.2 trillion out of the federal budge and extend the debt limit through the 2012 election, a crucial consideration for President Barack Obama. The plan also calls for a bipartisan committee in Congress to cut another $1.5 trillion from benefit programs or tax reform by Thanksgiving.

2 comments:

Anonymous said...

The American people deserve no sympathy. They are hopelessly undertaxed and until they get that, their standing in the world will continue to plunge.

Powell Lucas said...

There were absolutely no winners in this debacle. There was only one huge loser and that is the reputation of the U.S. as a bastion of stability, innovation, and a reasonably stable economy. It's sad thing to see America, after vanquishing all its external foes and emerging as the world's only super-power, brought to its knees by internal forces.

I Support Lord Black