When Obama made his announcement, you’ll notice he says he would have preferred a bigger deal with entitlement “reform” (i.e. Social Security and Medicare cuts). It’s a shitty deal – even the NY Times noticed.
By the way, I’m not calling them “entitlement” programs anymore, that’s right-wing phrasing. They’re national retirement programs. We paid for them, they’re ours:
President Obama said tonight that he and congressional leaders have agreed to a debt ceiling deal just two days before a possible government default that would inflict major damage on the economy.
The full Senate and House must still vote on the agreement, Obama said at a surprise appearance Sunday night in the White House.
“We’re not done yet,” Obama said. “I want to urge members of both parties to do the right thing with your votes.”
As word of the agreement filtered out, some Democratic liberals are already protesting that the plan lacks new tax revenues, while some Republican conservatives said it creates the possibility of too many defense cuts down the line.
Obama said there are some parts he doesn’t like, particularly the lack of new tax revenue, but that is the nature of compromise.
“This process has been messy,” Obama added. “It has taken far too long.”
The proposal calls for a two-tiered $2.1 trillion increase in the debt ceiling while cutting federal spending by more than $2 trillion over the next ten years. Most of the reduced spending will be developed by a special congressional “super committee.”
The plan also calls for automatic spending cuts if the committee cannot agree on a plan, or if Congress rejects its recommendations.
“Everything will be on the table to hold us all accountable,” Obama said.