The Hiller Instinct: Debt Deal?
And you know that $2.5 trillion dollars in spending cuts you keep hearing about? Well, it won't reduce the debt by that amount...it will just reduce how fast the debt increases. So, despite this deal--our debt will keep getting bigger.
Right now, Washington is borrowing $4 billion a day to make ends meet, and this deal won't change that number very much.
Congress did agree -- without much argument -- to about a trillion dollars in spending cuts and caps...but finding the next trillion and a half will be much harder.
So Congress wants to set up a super committee to do it, which in football would be called a punt.
The 535 members of Congress are hoping twelve of them can do what they couldn't -- come up with cuts a majority will support.
They have until Thanksgiving to do it.
Not to Medi-scare you, but if the committee fails, then there will be some automatic cuts, including one that would end Medicare as we know it, simply because it would cut how much doctors are paid.
I keep hearing this deal is historic, and I keep wondering why.
Strip it all away, and--when Washington was faced with a crisis (of its own making)--it waited until the very last minute to strike a deal that delays the toughest choices and decisions.
That's not historic--it's business as usual.
I’m Andy Hiller, that’s my instinct.
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