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ICYMI – New York Times: Staring Into the Budget’s Abyss

From the New York Times today–Staring Into the Budget’s Abyss, excerpts:

Republicans, looking for leverage to slash federal spending, created the phony debit-ceiling crisis that led to creation of the Congressional deficit-cutting “supercommittee.” But with the committee close to a deadlock — largely because Republicans will not agree to higher taxes on the rich — and the deadline for an agreement approaching, some Republicans are now talking about undoing the process…

If the committee fails, Representative K. Michael Conaway, a Texas Republican on the House Armed Services Committee, told The Times, “most of us will move heaven and earth to find an alternative that prevents a sequester from happening.” Several Republicans are talking about finding cuts elsewhere in the budget, and that surely means social-insurance programs. Democrats, including President Obama, would probably block any law that undoes the budget act, but even talking about doing so reduces the pressure on the panel to reach agreement…

Republicans created the policies that forced up the deficit and then refused to compromise with President Obama. They cannot simply walk away now. Panel members have only a few days to come up with a plan that balances new revenues with spending cuts. That is the only way to wrestle down the deficit without doing huge damage to the economy and the country.

Read the full editorial»

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