We can only hope the House teabaggers vote down the Senate debt deal today, but that seems unlikely.
It’s coming. Congress will obsess over crafting a long-term deficit deal no matter what happens with the tax rates and the sequester. In all likelihood, we’ll get regressive budget cuts at all levels of government, plus, for good measure, tax hikes not just on the rich but on working people. The well-funded “Fix the Debt” monsters will still demand massive cuts to Social Security and Medicare. Republicans are justifiably confident that they can use the debt ceiling to force more spending cuts less than a month from now. If all of this sinks the still-sluggish economic recovery, that’ll be just one more sign that we need to cut more, and “tighten our belts.”