Compromise Budget Proposal Announced

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Compromise Budget Proposal Announced

Postby Learned Nand » Wed Dec 11, 2013 4:57 am

After the shutdown debacle in October, congressional republicans and democrats signed a temporary "kick the can down the road" style deal. This deal included a continuing resolution, keeping the budget the same as it was, but specified that a budget deal would have to be reached by December 13th. In January, the continuing resolution would expire, and in February, the debt ceiling would need to be raised again.

Paul Ryan and Patty Murray arrived at a compromise deal. This deal sets the budget for the next two years, and would reverse most of the sequester cuts with savings from other areas, and includes $22.5 in additional deficit reduction. Some of this comes from federal employee pensions. Republicans are angry because the deal effectively repeals the sequester, and Democrats are disappointed that additional tax revenues and an extension to the unemployment benefit would have to be negotiated separately. Obama praised the deal as an important first step, and said he would sign it if congress passes it.

It seems to me that, though this deal unfortunately doesn't include things like an extension of the unemployment benefit or additional stimulus spending, it's still not a bad deal for two reasons. First, it repeals the sequester cuts, which slowed job and economic growth, and only existed as a (failed) tool to get congress to act, not a considered attempt to reduce the deficit. Second, and most importantly, it means we don't have to deal with these constantly manufactured crises. And they aren't just politically frustrating, they're economically damaging: the government shutdown cost the economy $25 billion.

I'm cautiously optimistic, but it hasn't passed yet. Opposition to the bill is building among Republicans in the House of Representatives, and Mitch McConnell doesn't seem to like the deal. We'll find out in the next few days, as congress goes into recess on the 16th.
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Re: Compromise Budget Proposal Announced

Postby jbobsully11 » Wed Dec 11, 2013 5:51 am

aviel wrote:Republicans are angry because the deal effectively repeals the sequester, and Democrats are disappointed that additional tax revenues and an extension to the unemployment benefit would have to be negotiated separately.

A good compromise leaves everybody mad. It's good to hear that they're actually doing something significant about the budget mess, though.
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Re: Compromise Budget Proposal Announced

Postby Learned Nand » Fri Dec 13, 2013 12:52 am

Good news! The budget passed the House, which means it looks like we won't have to deal with the sequester or shutdowns or other moronic games of political chicken with the entire country at stake.

EDIT: Except not really. It doesn't raise the debt ceiling, meaning congress can still use that to fuck things up. Of course, that would be stupid. If congress has agreed on how much they're going to spend and take in, you'd think that would mean they'd agree on what the difference between those two things is going to be, but apparently not. In other words, congress can decide they want to spend $2 trillion, take in $1.5 trillion, and then hold the country hostage over whether or not they're going to choose to close the gap.
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Terry Pratchett wrote:The trouble with having an open mind, of course, is that people will insist on coming along and trying to put things in it.

Click for a Limerick
OrangeEyebrows wrote:There once was a guy, Aviel,
whose arguments no one could quell.
He tested with Turing,
his circuits fried during,
and now we'll have peace for a spell.
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