Deal… No Deal… Deal… No Deal… DEAL!
As the The New York Times reports this evening:
President Obama and Congressional leaders of both parties said late Sunday that they had agreed to a framework for a budget deal that would cut trillions of dollars in federal spending over the next decade and clear the way for an increase in the government’s borrowing limit.
Speaking during a press conference earlier this evening, President Obama indicated the deal reached between Republican and Democrat leaders on Capitol Hill would bring federal spending to its lowest levels since the Eisenhower Administration. It would also create a special bi-partisan Congressional committee tasked with preparing a report to be submitted to Congressional leaders by Thanksgiving for a floor vote within both chambers. The purpose of the report (not to mention the committee’s existence) is to provide a framework on further reducing the federal deficit.
Yet, President Obama also said it is not the plan he prefers. “I believe we could have made the tough choices on entitlement reform and tax reform right now, rather than through a special Congressional committee process.” Hmmm… was he not paying attention during all of those Congressional budget discussions this spring where those very topics came up? Did he not previously state that such reforms – produced by Republicans, I might add – would only damage, rather than benefit, programs such as Medicare and Social Security in the long run?
If it’s one message he did stick to, however, it’s forcing wealthy Americans to “pay their fair share.” Apparently, the $787 billion “stimulus package” those wealthy Americans contributed to back in 2009 wasn’t enough to be considered their “fair share.”
In any case, Congressional leaders will present the deal they reached this evening before their respective caucuses tomorrow prior to both chambers taking a vote – hopefully in time for Tuesday’s deadline.
The music industry has already launched its lobbying efforts…