| What's in the news tonight? From the Post: Leaders of ‘supercommittee’ concede defeat From the Times: Panel Fails to Reach Deal on Plan for Deficit Reduction From WCAX: Reaction to committee's failure to cut deficit The truth of it, as pointed out by both Bernie Sanders and Howard Dean, is that this is a win for the Democrats. First, they finally, FINALLY! stood up for something. Second, what they stood up for is both good policy and good politics. As Bernie said, “What is amazing is in a time of strong political division in America on this issue the American people are united,” Sanders said on MSNBC. “Every single poll that I have seen says that the American people understand that when the richest people are becoming richer, and their effective tax rate is the lowest in decades, they’ve got to pay more taxes to help us with deficit reduction.” Finally, for those who are concerned about the deficit and the national debt, the failure to reach a deal cuts spending by more than any deal would have, and takes more out of the military budget than we ever would have seen. We have a promise from President Obama to veto any legislation that would sidestep or avoid the automatic sequestration, and he's also promised to block any attempt to extend the Bush tax cuts again. Whether he will actually do it is anyone's guess, but for now I see this as a win for the good guys. |
