1 Comment

Congress Compromises

Congress has compromised again, this time on the debt ceiling deal, which has been signed into law yesterday.

According to Bloomberg, this agreement raises the debt ceiling “by at least $2.1 trillion and slash federal spending by $2.4 trillion or more.” This compromise raises the debt ceiling from $14.3 trillion to $16.4 trillion, which Voice of America reported will get us to 2013 — less than two years from now.

Some from both sides think that they will be averting an economic crisis because the federal government wouldn’t have to default on their debt, others called it a “Satan sandwich.” Soon, the Treasury can continue to “pay their bills” by borrowing more money to do that with, thanks to raising the debt ceiling. And there will, supposedly, be spending cuts.

Fox News reported that “according to a Power Point presentation presented by Boehner to the caucus, roughly half of the proposal’s automatic cuts would come from defense and half from Medicare.” But will there actually be debt reductions anywhere?

Rush Limbaugh stated yesterday that

They think there’s been a lot of cuts in spending. There haven’t been any cuts in spending. There wasn’t one dime in spending cut. The baseline alone guarantees that. Obama’s free to spend 2.1 or $2.4 trillion right now.

Most likely the money from the “cuts” in those departments will go to other departments, or they’ll ignore cutting spending completely. Or, as a Reuters article pointed out, it could be reversed by a different Congress.

In fact, the Heritage Foundation stated that “the legislation does not require the joint committee to do that job. It is merely a “goal” of the joint committee to recommend at least $1.5 trillion in deficit reduction.” The joint committee isn’t required to recommend any deficit reduction to Congress, so it can ignore that job if wanted because it’s not in the bill.


To God be the glory,
~R.E.

Advertisements

About Raise Expectations

R.E. is the founder, admin, and writer on Raise Expectations.

One comment on “Congress Compromises

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: