It may have been very late and after a lot of dysfunction, but Congress and the president have reached a deal on the debt limit. Republicans have won 90-plus percent of the battle. No need to trust me on that; look at the faces of Rep. Nancy Pelosi, members of the Progressive Caucus or listen or read Paul Krugman. There’s $900 billion in an immediate debt limit increase and $917 billion in cuts. There’s no tax increases, although President Obama holds out hope that a debt commission will one day implement them. Future debt limit increases will need strict Gramm-Rudmann-ish deal. (Read)
Even though members of the Black Congressional Caucus call it a “Satan sandwich,” there will be enough Democrats to push this bill through and avert a debt default if Republicans don’t engage in a circular firing squad and kill the deal because it doesn’t have that extra 10 percent that makes it a total victory. If Hatch, Lee, Chaffetz, and Bishop reject this late debt deal, it’s time to dump them.