Budget deal reached, Congressional approval pending

@LukeRussert: This guy wins protest sign of the day at the Capitol.

As you probably know by now, President Barack Obama and congressional leaders reached an agreement Sunday on a legislative package that will extend the federal debt ceiling, while cutting spending and guaranteeing further deficit-reduction steps, pending Congressional approval.

Obama on the deal:

Despite what some Republicans have argued I believe we have to ask the wealthiest Americans and biggest corporations to pay their fair share … and despite what some in my own party have argued I believe that we need to make some modest adjustments to programs like Medicare to assure that they’re still around for future generations.

While it’s certainly a relief to see some real movement among all the partisan tantrums, it’s still mighty depressing in my view. The deal doesn’t extend unemployment insurance or the payroll tax cut. On the other hand, Pell grants are protected, as are Medicare beneficiaries. A big cut in defense spending is on the horizon. In other words, as expected, it’s a jumble of wins and losses for working class American people.

Your thoughts?

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One Comment

  1. Posted August 1, 2011 at 10:46 am | Permalink

    We have no choice but to cut back, but at least Congress is not completely controlled by the GOP. And I do think that the super rich need to pay their fair share, though they have a thousand loopholes to assist them or they could always take their money elsewhere. It’s kind of a catch 22.

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