(10 am. – promoted by ek hornbeck)
A two year budget deal was reached yesterday with congressional leaders announcing the deal that would to replace $63 billion in sequester cuts, a very small part of the $180 billion in cuts that will occur over the next two years. The deal will restore defense cuts by funding from a tax on airline travel and cuts to federal pensions. The budget does not include extension of unemployment funds to the millions of workers who are about to lose their benefits the end of December. There will be no changes to Medicare or Social Security but none of the tax loop holes were closed.
As Ezra Klein puts it:
Whether this deal can be a model for future deals is an open question. The core principle of this deal is that Democrats didn’t have to touch entitlements and Republicans didn’t have to touch taxes. But a lot of the policies that made that possible got used up in this deal. It’s not clear that another deal like this would work in 2016.
DSWright at FDL News Desk notes:
The Republicans got everything they wanted. They get more cuts while none of their friends in the defense industry get hurt – actually they even got to do some damage to the federal pension system. All that while avoiding another shutdown that killed their poll numbers before the 2014 elections. Christmas came early for the GOP.
The Democratic Party, on the other hand, sold out its own base to help Republicans maintain power. Why? Who knows? The only thing that is clear is this is an awful deal for majority of Americans.
Once again, the majority of Americans get screwed by their elected representatives.