Spending Cuts Based Deal is a Tea Party Victory# Stock
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The deficit-reduction deal outlined Sunday night bears the unmistakable
stamp of tea-party conservatives.
The deal, likely to be voted on in Congress on Monday, has plenty of
elements for both liberals and conservatives to dislike. But because of
Republicans' political leverage, it was played out from the beginning
largely on their turf.
And after months of contentious brinksmanship, conservatives appear to have
gotten more of what they wanted, and an impatient president less of what he
sought.
The result: at least a $2.1 trillion increase in the debt ceiling that would
cut at least as much in deficits over the next decade, almost entirely
through spending reductions and with limited prospects for future tax
increases as part of the package.
President Barack Obama acknowledged his own displeasure with the compromise
in brief remarks announcing the deal on Sunday night. "Is this the deal I
would have preferred?" Mr. Obama asked. "No."
Congressional liberals were sharper in their criticism.
"This deal does not even attempt to strike a balance between more cuts for
the working people of American and a fairer contribution from millionaires
and corporations," said Rep. Raul Grijalva (D., Ariz.), co-chairman of the
Congressional Progressive Caucus. "The very wealthy will continue to receive
taxpayer handouts and corporations will keep their expensive federal
giveaways."
There also are elements in the deal for conservatives to dislike.
The plan's total deficit reduction falls well short of many tea-party
targets, and if other cuts aren't agreed to in coming months, the deal's
automatic, across-the-board spending reductions could result in as much as $
600 billion in defense cuts over the next decade.
In addition, the final deal makes it harder for Congress to block additional
increases in the debt ceiling. The plan requires a two-thirds vote to deny
the president additional installments of new borrowing between now and 2013.
And neither increase is dependent on passage of a balanced-budget amendment
—a key conservative demand.
Those perceived flaws may stop some tea-party lawmakers in the House from
backing it when it comes up for a final vote there, on Monday or Tuesday.
But even Republicans who don't plan to support the final bill acknowledge
their role in shaping it, and pushing off tax increases as part of the
package.
Indeed, on a conference call Sunday night to announce the deal to his rank-
and-file members, the speaker told his fellow Republicans, "There is nothing
in this framework that violates our principles," according to the notes of
someone on the call.
"It's all spending cuts," he said. "The White House bid to raise taxes has
been shut down. As I vowed in May—when everyone thought I was crazy for
saying it—every dollar of debt-limit increase will be matched by more than
a dollar of spending cuts."
stamp of tea-party conservatives.
The deal, likely to be voted on in Congress on Monday, has plenty of
elements for both liberals and conservatives to dislike. But because of
Republicans' political leverage, it was played out from the beginning
largely on their turf.
And after months of contentious brinksmanship, conservatives appear to have
gotten more of what they wanted, and an impatient president less of what he
sought.
The result: at least a $2.1 trillion increase in the debt ceiling that would
cut at least as much in deficits over the next decade, almost entirely
through spending reductions and with limited prospects for future tax
increases as part of the package.
President Barack Obama acknowledged his own displeasure with the compromise
in brief remarks announcing the deal on Sunday night. "Is this the deal I
would have preferred?" Mr. Obama asked. "No."
Congressional liberals were sharper in their criticism.
"This deal does not even attempt to strike a balance between more cuts for
the working people of American and a fairer contribution from millionaires
and corporations," said Rep. Raul Grijalva (D., Ariz.), co-chairman of the
Congressional Progressive Caucus. "The very wealthy will continue to receive
taxpayer handouts and corporations will keep their expensive federal
giveaways."
There also are elements in the deal for conservatives to dislike.
The plan's total deficit reduction falls well short of many tea-party
targets, and if other cuts aren't agreed to in coming months, the deal's
automatic, across-the-board spending reductions could result in as much as $
600 billion in defense cuts over the next decade.
In addition, the final deal makes it harder for Congress to block additional
increases in the debt ceiling. The plan requires a two-thirds vote to deny
the president additional installments of new borrowing between now and 2013.
And neither increase is dependent on passage of a balanced-budget amendment
—a key conservative demand.
Those perceived flaws may stop some tea-party lawmakers in the House from
backing it when it comes up for a final vote there, on Monday or Tuesday.
But even Republicans who don't plan to support the final bill acknowledge
their role in shaping it, and pushing off tax increases as part of the
package.
Indeed, on a conference call Sunday night to announce the deal to his rank-
and-file members, the speaker told his fellow Republicans, "There is nothing
in this framework that violates our principles," according to the notes of
someone on the call.
"It's all spending cuts," he said. "The White House bid to raise taxes has
been shut down. As I vowed in May—when everyone thought I was crazy for
saying it—every dollar of debt-limit increase will be matched by more than
a dollar of spending cuts."