Budget negotiations are reportedly closing in on a deal to cut the federal deficit and then raise the debt ceiling.
Bloomberg focuses on a big number and then, later, tells you that the cuts will happen over ten years. In other words, the dealmakers are going to cut a few hundred $Billion per year from the $1,600 Billion federal deficit. This will be the big agreement that will allow the repubs to boast their credz as “fiscal conservatives” and then go about the important business of adding a few $Trillion to the debt ceiling and deepening the American public’s debt slavery to the banks. This agreement will have been brought to you by none other than that stalwart friend of the banks, Mr. Eric Cantor, the lead Republican negotiator.
According to Heidi Przybyla and Margaret Talev in “Obama, Republicans Focus on Narrower Deal on U.S. Debt as Deadline Nears” (28 June 2011),
- President Barack Obama and Republicans are narrowing the debate on a deficit-cutting plan to a reduction of $1 trillion to $2 trillion, though whether that would settle the issue through the 2012 presidential election remains in doubt, according to budget and debt experts.
“The big boys are doing the negotiating now,” said Marc Goldwein, former associate director of the debt commission.
“Even if they wanted a $4 trillion deal, there isn’t time in a two- to three-week period to write it legislatively,” said Goldwein, now policy director at the Committee for a Responsible Federal Budget, a Washington-based organization that examines fiscal policy. “The important thing is the biggest down payment as possible with at least a symbolic first step on entitlements.”
Hey, it’s a symbolic first step! Woo Hoo!
The “Big Boys” are gonna need some new Underoos when the voters get through with them.