So no new revenues, despite the fact that much of the future shortfall relates to Bush tax cuts. Two more votes on the debt ceiling before the next election. A compromise almost entirely on Republican terms to a manufactured crisis. And now we are going to significantly decrease government outlays at a point where we have chronic long term unemployment, stagnant job creation and very slow GDP growth. It's just awful policy!
But worse. it's bad politics. Here's why:
Here’s how this will play out. The bipartisan committee will be deadlocked as Democrats push for tax increases (actually the latest reports are the bipartisan committee can consider tax changes but not increases; for real???? I mean what IS in this deal that's good?) and responsible cuts and Republicans push for draconian cuts to the social safety net. The deadlock will result in it becoming increasingly likely that the automatic cuts will kick in. Republicans will start screaming that if Dems don’t cave, we will all be in danger because the defense cuts are irresponsible. So going into the election, Dems will have the choice between approving draconian cuts to social programs or being tarred with the weak on defense brush. Lose/lose. Why can I see this coming but Obama cannot?
I HATE THIS DEAL. I HAD ALREADY GIVEN UP ON OBAMA. OUR POLITICAL SYSTEM IS IRRETRIEVABLY BROKEN. REPUBLICAN POSITIONS ARE BEYOND IRRESPONSIBLE AND DEMOCRATS SUFFER FROM A COMPLETE INABILITY TO FIGHT FOR GOOD POLICY (indeed they can't even fight for the policies that the majority of Americans support)