|Source:Associated Press- the 2011 debt ceiling agreement, also known as the Budget Control Act.|
"Both houses of the U.S. Congress were lining up votes Monday on a bitterly fought agreement with President Barack Obama to raise the limit on U.S. borrowing and forestall an unprecedented American default. (Aug. 1)"
From the Associated Press
Well my fellow American voters and Democrats who didn't bother voting in the 2010 mid-term elections, this is what divided government looks like. This is certainly not my idea of how we should raise the debt ceiling and pay down our debt and deficit.
I have my own plan thats on this blog site, but with this plan we'll be able to raise the debt ceiling, avoid default and start to pay down our debt and deficit and extend the debt ceiling for eighteen months so Congress can, I don't know move on to other issues. Just in case there's a snowballs chance in hell, that the debt ceiling, debt, and deficit aren't the only issues facing America and I would be able to I don't know, blog about other things, which I did the last two days.
This blog site is called FRSFreeState not The Fiscal Times which is another real publication. And a big part of my blog is blogging about defending liberal democracy and fiscal policy is just a component of that. Economic and gob growth to use as examples, which would also help contribute to bringing down the debt and deficit should be next on the agenda.
This deal pays down the debt and deficit without slashing Social Security, Medicare and Medicaid. There are no tax hikes on the wealthy or closing tax loopholes in this deal which is something I would've liked to see, where we could've raised 100-200B$ a year alone in deficit reduction alone without hurting anyone.
There are also no tax hikes on the middle class as well which is good. This is a cut only debt reduction and debt ceiling deal but there's also budget cuts in defense as well, something like 100B$ a year. Either right away or in the next few months with the brand new bipartisan debt commission. Another commission that apparently can do the work that Congress is supposed to be able to do on its own, which is part of their job. And the fact they haven't don't their job, is a big reason why we are here today. It's harder to find a more overpaid group of people than the 535 Members of Congress, but perhaps thats a different post.
Round one looks like is about budget cuts including in the bloated Defense Department and getting the debt ceiling off the agenda for at least eighteen months, which is a big deal in itself.
Round two will be about tax reform and closing tax loopholes that are way too expansive that we can't afford and ending corporate welfare. As well as entitlement reform that doesn't hurt anyone who actually needs those programs.
This is what divided government looks like folks, if you don't like it, I suggest you bother to vote the next time you get a chance. And vote for people who don't take the attitude: "My way, or the highway!" As well as getting involved in the political process. And work for candidates that wouldn't allow a situation like this to happen in the first place. And wouldn't risk putting the country in default if they don't get everything they want.
With a Democratic President and Democratic Senate, we have a deal that doesn't slash entitlement programs and actually includes the Defense Department in deficit reduction. And in round two will get tax reform that closes expensive tax loopholes and corporate welfare and reforms entitlement programs in a way that doesn't hurt people who actually needs them.