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Debt Deal: Turning the Ship of State in the Right Direction, but. . .

Posted by B. Daniel Blatt at 1:03 pm - August 1, 2011.
Filed under: 112th Congress,Debt Crisis

If I were a federal Representative or U.S. Senator, I’d be getting a lot of calls today from party leadership making the case for the debt compromise package.  I remain ambivalent about it.  Enough liberals are “freaking out” about the package, with one Democratic Senator calling it theDeath Of Keynesian Economics.”  All that sounds good.

But, I don’t like this idea of a superduper congressional committee to find even more cuts.  That sounds like passing the buck to me, avoiding those “tough decisions” the president tells us we need make.

Stacy McCain, who offers some thoughts on the death of Keynesianism, links a post making perhaps the best case for supporting the legislation.  Datechguy, who has actually read the bill, says it

is not an example of steaming in the right direction, it is an example of completing the turn of the ship so it is facing in the right direction but you have to turn the ship before you change directions, this is the turn.

Not quite a step in the right direction then, but turning your body so that the next step you make will be.

UPDATE: In one of her many (must-read) posts on the debt deal, Jennifer Rubin quotes Sen. Jeff Sessions (R-Ala.), the ranking minority leader on the Senate Budget Committee who reluctantly backs the bill as a “first step“. She also reports that he. . .

. . . has railed against the absence of a proper budget process. For over two years, the Senate has not produced a budget. This is not simply a matter of being a stickler for rules. Sessions understood that, without a budget, Senate Democrats could evade responsibility for making tough choices and simply demagogue whatever Republicans proposed.

Emphasis added.  We do need to keep reminding people about that Democratic failure.  Read the whole thing.

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4 Comments

  1. I guarantee, Obama will increase taxes on everyone that is actually paying taxes now before the 2012 election.

    Comment by Richard Bell — August 1, 2011 @ 1:28 pm - August 1, 2011

  2. Was doing a long-ish drive, listening to Rush who had many specifics on this bill. It turns out that the spending cuts are entirely theoretical.

    Because Obama put the country on track to vastly increase spending year after year, they can reduce the future spending increases just a little, and it comes out as a fictitious “cut”.

    Rush made the point that if they simply froze THIS YEAR’S spending (including the last of Porkulus), i.e. kept this year’s high spending in place year after year… under the process they were using, they would have had to call THAT a $9 trillion cut!

    Bottom line: Spending is continuing to go way, way up. So are taxes. The Bush tax cuts were not preserved; the deal requires the government to make up for them (if they are to be carried forward beyond 2013) by levelling other new taxes, or tax increases.

    The more I see the details, the worse a deal it is. The Left’s outrage/crying over it must be entirely feigned, entirely staged as a set of talking points to hoodwink people.

    Comment by ILoveCapitalism — August 1, 2011 @ 2:17 pm - August 1, 2011

  3. Happy I dea! Partoblem so watates me in?>????

    Comment by Eric in Chicago — August 1, 2011 @ 3:35 pm - August 1, 2011

  4. Didn’t we have some sort of committe a few months back? Yet another in a long list of blue ribbon committees?

    I fear that it will take a sudden, calamitous event to get We The People and our esteemed solons to get serious.

    This is going to hurt.

    Comment by SoCalRobert — August 1, 2011 @ 5:41 pm - August 1, 2011

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