Debt ceiling deal accomplishes little
NEWS ANALYSIS
For all the drama, the compromise achieves little in the short term and only delays what most see as the country's key financial decision: whether to raise taxes or reduce Medicare.
By David Lauter, Washington Bureau
LA Times
7:00 PM PDT, August 1, 2011
Reporting from Washington
High-stakes negotiations force people to reveal what they really care about, and in the 11th-hour deal to stave off a federal financial default, President Obama and congressional Democrats and Republicans each made clear their top priorities.
For Republicans, it was preventing any tax increase to upper-income families.
For Democrats, it was ensuring no cuts to Social Security, Medicaid and a handful of other programs that aid the elderly and the poor.
And for Obama, it was getting a deal that would end the threat of an economy-shaking default until after the 2012 presidential election.
(More here.)
For all the drama, the compromise achieves little in the short term and only delays what most see as the country's key financial decision: whether to raise taxes or reduce Medicare.
By David Lauter, Washington Bureau
LA Times
7:00 PM PDT, August 1, 2011
Reporting from Washington
High-stakes negotiations force people to reveal what they really care about, and in the 11th-hour deal to stave off a federal financial default, President Obama and congressional Democrats and Republicans each made clear their top priorities.
For Republicans, it was preventing any tax increase to upper-income families.
For Democrats, it was ensuring no cuts to Social Security, Medicaid and a handful of other programs that aid the elderly and the poor.
And for Obama, it was getting a deal that would end the threat of an economy-shaking default until after the 2012 presidential election.
(More here.)
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2 Comments:
Lauter is correct - we are very close to running out of other peoples money. Then what?
what else? Print money!
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