Here's the deal 2012: The President's message on the debt agreement (621 hits)
What the Debt Deal Does
•Removes economic uncertainty surrounding the debt limit at a critical time and prevents either party from using a failure to meet our obligations for political gain. •Makes a significant down payment to reduce the deficit -- finding savings in defense and domestic spending while protecting critical investments in education and job creation. •Creates a bipartisan commission to find a balanced approach to continue this progress on deficit reduction. •Establishes an incentive for both sides to compromise on historic deficit reduction while protecting Social Security, Medicare beneficiaries, and programs that help low-income families. •Follows through on President Obama's commitment to shared sacrifice by making sure that the middle class, seniors, and those who are most vulnerable do not shoulder the burden of reducing the deficit. As the process moves forward, the President will continue to insist that the wealthiest Americans share the burden. For more about the nuts and bolts of the debt agreement:
While it does increase the debt limit so we do not default...
it is not a good outcome for our nation's future. Massive cutbacks means higher unemployment and less money circulating in the system means a depressed economy.
It has been the Republican strategy all along to shrink government and if the federal government can't function properly, they say it only proves their point.
Their stated goal--Senate MInority Leader McConnell said it--is to deny Presdient Obama a second term. If they succeed in damaging the economy, they know he will get the blame.
