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.