Republicans should be dancing in the streets. So says Democratic Congressman Emmanuel Cleaver after an 11th hour debt-limit deal was struck yesterday between President Obama and Congressional leaders to avoid our nation from defaulting. Unfortunately - once again - the President let right-wings take the American people hostage and then gave in to the hostage-takers. The deal - which still needs to be approved by lawmakers today - extends the debt-limit through the 2012 elections and calls for $1 trillion in spending cuts targeting mostly working families over the next decade - plus an addition $1.5 trillion in deficit reduction through revenue raisers and entitlement reforms to be determined by a six-member "Super Congress" comprised of Democrats and Republicans from both chambers of Congress.
If the Super Congress can't agree to a deal - then automatically - $750 billion will be cut from both the Pentagon and from Medicare doctor reimbursements. But still - not one single penny from hedge fund managers - subsidized oil corporations - or subsidized corporate jets - will be contributed to deficit reduction. Also not in the deal - no stimulus measures to address the real crisis in America - jobs! In fact - economists estimate that the spending cuts will actually stifle economic growth - making our REAL CRISIS - a lack of jobs - even worse and almost guaranteeing a double-dip recession. There's nothing balanced about this deal - Republicans essentially got everything they wanted - yet the Tea Party STILL will likely not vote for it. As Paul Krugman noted - the President surrendered. And President Obama will learn the hard way that the truly transformational presidents of the 20th century did not govern by compromise - they instead held their ground.
Once this deal goes through - President Obama will be viewed as even weaker than the Republican caricature of Jimmy Carter - and his presidency ruined.
-Thom
(How do you think President Obama's presidency will be viewed? Tell us here.)
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