The debt deal: Disaster averted, decline straight ahead

By Matt Miller,
WashPost
Sunday, July 31, 6:29 PM

So this is what we’ve driven the global economy and America’s credit rating to the brink for?

This is why Republicans (who voted for the Paul Ryan plan that would add $5 trillion in red ink over the next decade) decided it was vital to not lift the debt ceiling to accommodate their own budget’s outsized debt?

This is the best the White House could salvage after inexplicably failing to insist that the debt ceiling be raised as part of December’s deal to extend the Bush tax cuts — which would have let the country avoid this unprecedented exercise in self-inflicted damage?

If you put aside the talking points both sides will peddle, the disappointing contours of the emerging endgame run as follows:

First, Washington will do nothing more to boost jobs and growth. The best that can be said is that the spending cuts will be tiny in the next two years, so the feds won’t be contracting demand, save for the end of the stimulus. Our epic jobs crisis remains ignored.

(More here.)