Sunday, July 31, 2011

Congress Reaches a Deal on the Debt-Ceiling: Did President Obama Sell Us Out?

Did President Obama Sell Us Out?

Late Sunday evening President Obama along with House Republican Leaders and Senate Democrat Leaders, reached a deal on raising the debt-ceiling before the August 2nd deadline. After months of bickering and an intense stalemate, leaders from both parties have agreed to a "compromise" that should pass both chambers of Congress. All heads are now turned from the soap-opera that has been the debt-ceiling debate, to the actual fine-print of the compromise and how it will effect the people and the economy going forward. According to several new reports this evening, this deal is very close to the original Boehner deal that lacked the votes for passage on Thursday evening.

According to the president, the deal means an immediate cut of $1 trillion in government spending over a 10-year period accompanied by a $900 billion increase in the debt ceiling. That will be followed by the creation of a committee to come up with additional cuts worth at least $1.5 trillion to be voted on by the end of the year. The debt ceiling will be raised by $1.5 trillion if the committee recommendations are approved.

Each of the GOP and Democratic leaders in the chamber will nominate lawmakers to the 12-member committee to report back in the fall. Tax hikes are not part of the package and a pledge for a Balanced Budget Amendment vote is.

Obama said everything will be on the table and both parties will find some of the cuts objectionable.
"Despite what some Republicans have argued, I believe that we have to ask the wealthiest Americans and biggest corporations to pay their fair share by giving up tax breaks and special deductions. Despite what some in my own party have argued, I believe that we need to make some modest adjustments to programs like Medicare to ensure that they're still around for future generations. That's why the second part of this agreement is so important," Obama said from the White House briefing room.

Sounds like President Obama sold us out, AGAIN! We've been hoodwinked by the Republican Party once again.

Is this deal really a compromise or an attack on the American people?
Should we make spending cuts in the middle of a economic recovery?
Should revenue be addressed in the first part of the agreement and not the second?

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