Congratulations to the Tea Party for a great victory. Congratulations to President Obama and Democrats for another brilliantly executed surrender. Condolences to the jobless whose plight will become even worse after this deal.
The GDP assumptions -- on which the deficit deal is based -- are grossly inflated. Growth slowed to 1.8 percent in the first quarter and 1.3 percent in the second quarter, and it heading toward zero. CBO had predicted 3.1 percent growth for the year.
Many of our elected officials know a lot less about finance and economics than those responsible for the financial future of an entire country should. Even more terrifying, many appear to know even less about such matters than we do.
So we won't default -- unless the extremist Tea Party gets its way. But we don't have a long-range fiscal plan, either, whatever the press releases say. Since the plan on the table is horrendous, that's a good thing.
When people are looking for a place to point the finger after this disaster or near disaster they should look no further than the Media. When did their job become spewing out contradictory information 24/7?
In the new congressional joint committee, any plan will only require 7 votes out of 12 in order to move to Congress at large. Which means if one Democrat votes for a Republican plan, then that will be the committee's official plan.