WSJ—Another Obama hand-maiden
Yes and no. There are no tax increases - until they get around to not extending the Bush-era tax cuts, which will amount to an unlegislated tax increase when they expire.
Then, you have the fact that much, perhaps all, of the “budget cuts” that we got were really just slowdowns in the growth of spending - i.e. not REAL cuts.
A partial conceptual victory has won - but it won’t be solid until we actually start seeing real cuts in “entitlements” and other useless spending.
You have not sufficiently recovered from being a Democrat.
This is Tea Party loss.
Yes, others lost too. The Lefties will get their tax increases when the Bush tax cut extensions expire and they don’t really care if medicare doctors don’t get paid or not. They get to cripple our national security. They get to to tag the “winning” Tea Party with the coming credit rating downgrade and ensuing interest rate hike.
Really?
We borrow .40 cents of every dollar government is spending, and they are going to increase the debt ceiling by Trillions more so Obama can get through the election without having ‘to go through this again’...
And the ‘Bush’ tax cuts will expire, which equals a tax increase.
Plus Obamacare rolls on, no attempt to stop it. More tax increases and less care.
Three wars and military cuts AGAIN.
I don’t see the win here.
This is bunk. We are STILL adding trillions to the debt every year unabated. There is NO plan on how or when to END it, CAP it, STOP it, or BALANCE it. There were “promises” made — ask Reagan how those “promises” work out.
The only way you get a junkie off drugs if they won’t go to rehab (”Cut, Cap & Balance” would have been rehab) is to forced them off — Cold Turkey. That’s what will have to happen now. Or a complete collapse — which will happen if the Fed Gov’t keeps this up.
The Media, selling this as a “Tea Party” victory both hangs the problems and delays around the neck of the Tea Party AND places any future BLAME on them WHEN this crap does NOT work and the economy worsens. Bet on it.
The deal cuts about 1.7% of the INCREASE in the debt between now and the end of Obama’s first term. That’s before the baseline budgeting is figured in. In other words, the cuts are virtually zero between now and January 2013.
“The immediate spending cuts are real, if smaller than we’d prefer,...”
Duh...Sen. Corker (R-TN) told CNBC this morning that the spending cuts “would probably be about $40-50 BILLION,” far from the trillion dollars Boehner said it would be. The WSJ, handmaiden of Wall St. fat cats, promotes any deal that keeps its stock price up.
A Tea Party Triumph... passing without any Tea Party votes!
Not only did we get almost half of what we went for against the Dems and RINOs- the other side has to get up the votes to pass it without us.
The Tea Party (America) LOST!
The establishment GOPDNC won! They keep spending! They keep taxing! Obama gets to keep blaming!
The only win in this “crisis” would be to let Aug 2 pass and force the govt. to cut 40% of spending immediately. Cuts would have been made and the American people would have seen with there own eyes that there would have been zero effect on their lives.
The only one on “our side” who comes out good in this is Bachmann. She opposed raising the ceiling from the beginning and has voted accordingly.
She can stand on that and run against BOTH Obama and the GOP in 2012, because she knows as I know, the economy will still be in the s&itter and our debt will still be out of control
2) republican leaders won because they avoid having the msm crucify them and blame THEM for ALL of the socialist spending that is destroying our Republic.
3) Working Americans that pay taxes LOST here... there is no spin that can overcome the fact that it will be us... our children and our grandchildren that will have to payoff all of this marxist financial experimentation. AMERICA LOST... but what is most important is that BOTH parties won something. /s
LLS
The Bush tax cuts expire at the end of 2012. Obama said he will veto any attempt to extend them. And Obamacare kicks in big time in 2014, which will increase taxes by another trillion.
I’m so proud I’m going to walk to the poll in the opposite direction.
You guys are full of crap.
I am starting to wonder why I read you anymore.
The “cause of smaller government” can never be achieved as long as the discussion is rooted in the baseline budget numbers. You can’t discuss it rationally when big increases are called cuts.
He won. Undefined minimal cuts, no guarantee against tax hikes, and Obama gets a clean election season to return another day. People like Laura Ingraham and others say that real cuts will come when Republicans get control of the Senate and the White House. This agreement makes it more likely Obama holds on to the WH. The prime directive of reelection triumphs once again on all sides as the country speeds on to the debt abyss.
This is a loss. How does raising the debt ceiling and a guaranteed 7% per year increase in raising the debt ceiling considered a winner?
The immediate (and thus only definite) spending cuts are all of $4B. There is a risk of taxes in this deal and Obama got his wish of getting this off his plate through his re-election campaign.
Thus, I believe they’d have been better off giving him the ‘clean’ debt ceiling increase he had asked for earlier, though possibly for a shorter period of time.
What immediate spending cuts?
When this debt deal runs out in two years, our privately held national debt will be 9.4+2.5= $11.9T. Assuming there is 2% GDP growth between now and then, our Debt to GDP ratio will be 11.9/14.8= 80%. Economies start to permanently fail when it goes over 90%. If we have a recession (likely) or Obama is reelected (unlikely), with this plan, our economy will start a death spiral.
Sorry if I’m not dancing.
Mass psychosis is the order of the day from the Washington, DC Party and their media flacks.
There, I fixed it :)