Sunday, July 31, 2011

Obama Signs Off on the Compromise

Obama has given his indication that he will support and sign the compromise legislation just being put together. As I suspected, this legislation gives Republicans 90% of what they wanted -- maybe even more. There are no tax increases, it's a two phase plan, it has automatic deficit cutting triggers if Congress doesn't accept a bipartisan super-Committee's deficit reduction recommendations, etc., etc. It even allows Congress a chance to vote on a balanced budget amendment, though it's not binding on raising the debt ceiling.

But, you know what? Now that Obama has thrown his support behind it, you can bet your marbles that the rabid reactionaries on the right wing in Congress will now reflexively reject it.

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