BREAKING: Reid bill fails in Senate.
“Nothing is agreed to unless everything is agreed to.” – Lawrence O’Donnell
As deal rumors float above the swamp stench around Washington, based on McConnell’s devious plan (I told you so), whether it’s ABC or Major Garrett, the above O’Donnell quote is our foundation. That considered, from Garrett:
Other component parts of the tentative deal include:
- $2.8 trillion in deficit reduction with $1 trillion locked in through discretionary spending caps over 10 years and the remainder determined by a so-called “Super Committee.”
- The Super Committee must report precise deficit-reduction proposals by Thanksgiving.
- The Super Committee would have to propose $1.8 trillion in spending cuts to achieve that amount of deficit reduction over 10 years.
- If the Super Committee fails, Congress must send a balanced-budget amendment to the states for ratification. If that doesn’t happen, across-the-board spending cuts would go into effect and could touch Medicare and defense spending.
- No net new tax revenue would be part of the special committee’s deliberations.
None of this fazes Obama loyalists and die hard fluffers, as they continue their fan politics parade. Whether in emails or in comments here and across the web, with many sites banning Obama dissenters, Obama’s reelection cheer leaders continue to be focused on defending the indefensible, without ever caring one whit about the people impacted by Pres. Obama’s craven collapse to Republican economics, which starts at the state and local level. Peggy Noonan called Obama a “loser” last week, without blinking an eye for the millions of Americans who will be hurt by the austerity fetish, as the super wealthy and corporations get a pass, because Pres. Obama extended the biggest budget buster around, the Bush tax cuts, then, so impressed by the establishment and middle mush applause, decided to double down, leaving us where we are today.
It reduces strong Democratic members of Congress and progressives stuck up against it. Because with Obama’s sights set only on a second term, the entire media establishment is either talking about the Tea Party extortionists or “over spending,” while absolutely no one is giving credence to the progressive economic model, which represented by Sen. Bernie Sanders, Reps. Raul Grivalja and Keith Ellison is now considered not serious enough to consider.
All I can wonder is what might have happened, going all the way back to health care, if progressives knew how to play hardball as well as the Tea Party crazies, who ended up making Sen. Mitch McConnell the man of the hour and actually more important than Pres. Obama; this was a result of progressive Democrats caving to Obama back when they should have fought to the end. The result of the Left’s compromise from Stupak to the Bush tax cuts was the 2010 midterm results, as well as the war on women playing out across America. So no one should be surprised Pres. Obama has expanded it to economic policies that hurt the unemployed, poor, middle class, minorities, women and, potentially, even seniors.
The establishment press, new media and old has an excuse to ignore the solid ideas of progressive economics: If Pres. Obama is ignoring progressive economics, considering he’s the “leader” of the Democratic party, embracing Republican economics instead, anything having to do with aggressively making the case for growth and jobs, which in a recession can only come through dynamic stimulus spending, is now a fringe idea.
There is almost no serious discussion about growth, jobs and how badly austerity will impede getting people back to work. The stupidity is that our talking head class and Democratic zombie fan politics voters don’t get that it’s the middle class that provides the demand to inspire companies to hire. Pres. Obama won’t make that case. He won’t make any case for Democratic economics. Evidently he doesn’t understand anything but money wingnuttery, because it expands his fluffer base.
After the debt ceiling is raised, everyone will simply go back to the 2012 horse race, preparing for an embarrassing Obama birthday spectacle, while people once again start babbling incoherently about Independents and the middle, led by the Obama loyalists, who couldn’t care less about the unemployed, elderly or minorities, as long as their man wins in 2012.
Anyone thinking that Obama being reelected matters, versus, let’s just say, Mitt Romney, is too far gone to deserve serious rebuttal. Now that Pres. Obama has adopted right-wing austerity, now known as Obamanomics, whatever difference there was in the two parties has vanished, so who wins the presidency in 2012 is totally irrelevant, but also reveals the cancer of partisan politics to the health of American prosperity, but also to the average American middle class family trying to keep food on the table and a roof over their head.
But what’s been largely ignored is how the very solution to the debt-ceiling crisis could also squeeze state and local governments that are already strapped for cash. … [...] Local governments will try to raise property taxes to raise revenue, which could be yet another drag on a housing market that’s yet to recover. Those who fail to meet their fiscal obligations could see their credit downgraded, making it even harder for them to borrow money to build basic local infrastructure, while both the president and the GOP have threatened to pull funds for state infrastructure. What was once an ideological abstraction — “austerity” — will have very real effects on everyday life for average Americans. Some state and local officials are already bracing for the worst. As the Pew Center on the States notes, Virginia’s Gov. Bob McDonnell (R) has proposed borrowing money fromthe state treasury to cover federal Medicaid funds, and the California state treasurer is considering a Wall Street loan to help the state make ends meet in August. – Why any debt-ceiling deal will squeeze the states, by Ezra Klein