The debt deal: Failures of leadership and resolve

posted by
August 3, 2011
Cato Institute
by Jagadeesh Gokhale  
Posted in Commentary

"Democrats are unwilling to endure the political risks of agreeing to sorely needed spending cuts. House Republicans are holding out against revenue increases. The final deal announced Sunday includes just $1 trillion in cuts to discretionary spending, with an increase in the debt limit sufficient to carry through next year. Thus, this deal achieves far too little by way of spending cuts, keeps open the possibility of new taxes, and hikes the debt ceiling substantially -- all of which constitutes a clear and predictable kicking of the can past the November, 2012 elections." (08/01/11)  


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