It's not over until the fat lady sings....
The debt ceiling will be raised, and the U.S. government will not default on its obligations. But, as the Wall St Journal reports, the deficit hasn't yet been conquered. The firmest piece of the deal to which congressional leaders of both parties and the Democratic president agreed Sunday is a 10-year cap on annually appropriated spending for domestic and defense programs.
But the rest of the deal allows Republicans to continue to say that the deficit can be licked without raising revenue and allows Democrats to say the deficit can be licked without touching Medicare, Medicaid and Social Security beneficiaries—even though the arithmetic of deficits makes ...
Read more at http://online.wsj.com/article/SB10001424053111904292504576481062505485904.html?mod=WSJ_hp_LEFTTopStories
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