An Alternative Analysis

As the Congress and the blogosphere debate the debt ceiling bill, enormous criticism continues to come from the tea party but also from the extreme left. Paul Krugman gave a scathing opinion of the legislation and slammed the President for caving to the right by supporting this. Here is an alternative analysis. The President originally agreed to 4 trillion dollars of deficit reduction. 2.8 trillion in cuts and 1.2 trillion in revenues. He even supported reforms in entitlement programs a very anti progressive stance, particularly from a Democratic President. Speaker Boehner walked away from this. What are we likely to get? A program without revenues but with cuts that are in total less than the original plan. We will get significant cutbacks in military spending, a debt ceiling increase that will hold until after the Presidential election and a required bipartisan committee charged with further debt negotiations. In essence, this legislation is actually less severe than that which the President skillfully agreed to earlier. Now, we have very little in terms of current economy killing draconian cuts, some time not to have to put the country through this debacle near term and an opportunity for serious debate over these same issues. In fact, our Government is likely to fail us again, but I think it is unfair for Democrats to blame the President for giving away the store. He did not. He lead the nation to support compromise and will get his revenues when the Bush cuts expire next year. He will be able to campaign against extending cuts for the rich and can veto any pre-emptive legislation presented to him as an election strategy. Obama thinks long term and is not given enough credit for doing so. If our legislators prolong this self inflicted agony this afternoon with a negative vote, it won't be just the tea party that hurts America, it will be my party as well. Where are you Americans for reason and truth?