Was the Budget Control Act a 60-yard punt for Obama?
xpostfactoid.substack.com
Like Paul Krugman, Jonathan Chait is pleased with the supercommittee failure: [The Budget Control Act] forced Congress to agree to $1.2 trillion in deficit reduction, or else automatic budget cuts would go into effect. But the key detail was that the budget cuts would not happen until 2013. Meanwhile, the debt ceiling would be lifted through the 2012 election. Between now and then, the two parties can fight over what to do about the automatic budget cuts scheduled to take effect. That’s not really the important thing. The important thing is that the debt ceiling is no longer on the table.
Was the Budget Control Act a 60-yard punt for Obama?
Was the Budget Control Act a 60-yard punt for…
Was the Budget Control Act a 60-yard punt for Obama?
Like Paul Krugman, Jonathan Chait is pleased with the supercommittee failure: [The Budget Control Act] forced Congress to agree to $1.2 trillion in deficit reduction, or else automatic budget cuts would go into effect. But the key detail was that the budget cuts would not happen until 2013. Meanwhile, the debt ceiling would be lifted through the 2012 election. Between now and then, the two parties can fight over what to do about the automatic budget cuts scheduled to take effect. That’s not really the important thing. The important thing is that the debt ceiling is no longer on the table.