Here’s a fact sheet from the White House: “Bipartisan Debt Deal,” and Obama explaining the deal:
The President says the deal was not “what I would have preferred,”but said it will “allow us to avoid default and end the crisis that Washington imposed on the rest America.” Most importantly, it will ensure we don’t have to repeat the crisis in coming months… [via Think Progress].
Bob Cesca’s summary:
It’s difficult for me to write an “upside” post about the deal because I don’t think there’s an upside. Say it along with me now: spending cuts in a slow growth recovery are a terrible, ridiculous, utterly stupid thing to do. I understand the calculus that there had to be a deal or else we’d default. I get it. It’s better than a global economic crisis. But that doesn’t mean I have to accept a less harmful crisis that will surely ensue by this austerity.
[...] Social Security isn’t cut — yet. Medicaid isn’t cut — yet. But there are still massive spending cuts and no tax increases on the super rich. And it might not even pass.
And from Matt Yglesias:
Here’s the White House’s explanation of the budget deal. Long story short, a lot of spending cuts! The first tranche of cuts is balanced between defense and non-defense elements and will be implemented immediately. The second, larger tranche of cuts won’t happen until at least 2013 (the good news) and could take a variety of different specific forms depending on exactly what happens. In theory, taxes can be raised in lieu of cuts but in practice nothing about the composition of the committee makes that seem like a remotely plausible outcome.
And from Thomas Lane | TPM:
Even if the bill passes the Senate it still has to make its way through the House. Speaker John Boehner provided the GOP caucus with a power-point presentation to try to sell them on the plan. However, he faces a sizable conservative rump that is still unsatisfied, largely because of concerns about defense cuts and the now-downgraded (and ludicrous) Balanced Budget Amendment.
On the other side of the aisle, House Minority Leader Nancy Pelosi has to hand her Democrats a plan that many regard as an utter capitulation to the Republicans. A progressive backlash is already underway. The bill has until Tuesday to clear both chambers and land on the President’s desk.
It ain’t over until it’s over and it’s far from over with this new deal.
Sidenote: if you’re a Lib / Prog / Dem who didn’t bother to vote in 2010, just STFU. Don’t even talk about the budget deal and what Obama ‘should have’ done.