President Obama got a letter today. It was signed by a filibuster-proof, super-majority of Senators, including liberals like Al Franken and Sherrod Brown.
Here it is:
Dear President Obama:
As the Administration continues to work with Congressional leadership regarding our current budget situation, we write to inform you that we believe comprehensive deficit reduction measures are imperative and to ask you to support a broad approach to solving the problem.
As you know, a bipartisan group of Senators has been working to craft a comprehensive deficit reduction package based upon the recommendations of the Fiscal Commission. While we may not agree with every aspect of the Commission’s recommendations, we believe that its work represents an important foundation to achieve meaningful progress on our debt. The Commission’s work also underscored the scope and breadth of our nation’s long-term fiscal challenges.
Beyond FY2011 funding decisions, we urge you to engage in a broader discussion about a comprehensive deficit reduction package. Specifically, we hope that the discussion will include discretionary spending cuts, entitlement changes and tax reform.
By approaching these negotiations comprehensively, with a strong signal of support from you, we believe that we can achieve consensus on these important fiscal issues. This would send a powerful message to Americans that Washington can work together to tackle this critical issue.
Thank you for your attention to this matter.
First off: you can see that the recommendations of the Catfood Commission ain't dead yet. They're enjoying one of their nine lives. So let's dispense with the nonsense about the CFC having no effect; 64 senators agree that they serve as the basis of a Grand Bargain.
Of course, they're agreeing only in general terms. It's still doubtful that a majority, much less a super-majority, of senators would be able to agree on specifics. But it's nonetheless troubling when you combine it with the reports that President Obama's economic team is interested in cutting Social Security.
How will the President respond? Likely very favorably. This is the kind of bipartisanship he often advocates, and a "Grand Bargain," one that includes Social Security, is something he's wanted since the moment he came into office.
Transcript:
"At the end of the day, are you really talking about over the course of your presidency some kind of grand bargain? That you have tax reform, healthcare reform, entitlement reform including Social Security and Medicare, where everybody in the country is going to have to sacrifice something, accept change for the greater good?"
"Yes," Obama said.
So we have an unemployment crisis. And a foreclosure crisis. Not to mention record economic inequality and poverty. But it seems we're about to enter into a national debate about a Grand Bargain that's sure to emphasize cuts in spending, as opposed to increases in revenue.
Digby is having none of it.
Just keep in mind that "tax reform" and tax hikes aren't the same thing. In fact, if the unsuccessful deficit commission report (as predicted, used as the "new bipartisan baseline")is any guide, the things they will agree upon are the elimination of arcane loopholes which will swiftly be replaced by new ones and ending middle class breaks like the mortgage interest deduction. But don't let that get in the way of a glorious agreement that will really start hurting citizens long after most of these people are well in their retirements, comfortably counting their millions, or in their graves.
But golly, I sure hope it "sends a message" to the market Gods and so they'll cure everything that else ails us in the mean time as the Republicans and Obama's economic advisors are betting on. Otherwise, I suspect we're going to come up a bit short in the WTF department.
This is not looking good in my opinion. They are determined to push this and there is almost no energy directed toward cutting defense. Medicare is probably off the table because of the recent health care battle and the GOP's ruthless, hypocritical attack on Democrats. That leaves discretionary spending and Social Security, the issue which the country has been prepped to believe is going broke unless something is done.