Yes, yes. Short post. I know, I know. But here it is (I figured the particulars would nauseate people more than the brevity of this post). According to Johnathan Karl ...
http://blogs.abcnews.com/...
Debt ceiling increase of up to $2.8 trillion
Spending cuts of roughly $1 trillion
Special committee to recommend cuts of $1.8 trillion (or whatever it takes to add up to the total of the debt ceiling increase)
Committee must make recommendations before Thanksgiving recess
If Congress does not approve those cuts by late December, automatic across-the-board cuts go into effect, including cuts to Defense and Medicare.
This is such bullshit. I'm furious even having to report these bullshit shenanigans as though this is somehow the resolution to a real crisis. Still though, there's no second reckoning in the deal. Looks like the ceiling will be raised through the election. Looks like the "shared sacrifice" will be that defense spending cuts and Medicare cuts both get equal billing (puke).
Assuming this deal isn't blown up by the Teahadists, it's not as bad as I feared. Smells to me like the White House has been privately wielding the 14th amendment.
Pass the popcorn ...
8:39 PM PT: Via twitter: Democrats familiar with the ABC report disputes claims.
https:/twitter.com#!/samyoungman/status/97502055140302848
I don't think this is really a surprise. I'd expect the White House to publicly deny a deal they were in the middle of negotiating.
8:45 PM PT: Folks, the thread is getting a bit prickly. I think the one thing we should all remember that we agree on is that this whole crisis is a charade, and that Washington needs to hear from us. Let's heed Mark Sumner's words and make some fucking phone calls.
http://www.dailykos.com/...