The debt ceiling bill disappoints the far left and far right.
Like most major legislation passed by Congress, the debt ceiling bill has its critics on both the left and right. That’s because it was generated through weeks of negotiations and debate which ended in compromise. And that’s what democracy is all about.
The bill directs major cuts but doesn’t harm Medicare, Medicaid or Social Security. There is a promised vote on a balanced budget amendment, but no guarantee of its passage. The debt ceiling was raised high enough to get us into 2013 and oh yeah, the country didn’t default. Bonus!
Many on the left are upset with President Obama. They think he gave away too much to the tea party radicals. But soon I think the tea party will be the group that starts complaining. By agreeing to the super committee and its triggers, the Republican leaders have opened the door to revenue hikes (mostly in the form of corporate loophole elimination) and cuts in defense spending, two sacred cows they were unwilling to approach during budget talks. If the super committee can’t agree on deficit reduction legislation and get it passed by the year’s end, deep cuts in defense will automatically be triggered. Medicare will also be cut, but not on the benefit side. Providers (doctors and hospitals) will take the hit. This will likely cause a further rift in the Republican party. These triggers are intended to press both parties into action, but it seems most of the pressure will be on the GOP because if the triggers are set off, Obama’s own OMB will decide where the cuts are made. Can you say, “Goodbye, red-state pork. So long, faith-based initiative. See you later, expensive weapons systems. Auf wiedersehen, intrusive TSA body scanners. Paychecks are going to be a little late Congress.” Okay, so the last item is a bit fantastical. I’m allowed to dream, aren’t I?
Some have likened the tea party tactics, threatening default and economic catastrophe, to political terrorism. But I guess it’s okay to negotiate with terrorists every once in a while, especially if the terrorists happen to be really poor negotiators.