Debt deal denouement

posted by
August 9, 2011
Independent Institute
by Carl Close  
Posted in Commentary

"Superficially, the deal seemed to be a 'perfect' political compromise: it split the difference between the White House and congressional Republicans. To be more precise, the Budget Control Act of 2011, as it’s called, would reduce federal spending as a percentage of GDP to the midpoint between the level implied by President Obama’s proposal of last February, and the level implied by the House budget resolution authored by Rep. Paul Ryan (R-WI). Last week’s debt compromise, though in reality far from ideal, may have been the best deal one could have reasonably hoped for in the current political climate." (08/09/11)  

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