‘Revelation’ from the NYT: ‘Debt deal does not actually reduce spending’

More Hyscience Aug 3, 2011, 2:58 pm

As though he had slept through the entire debt-ceiling debate and what Tea Partiers and most Republicans have been screaming about since day 1, and he figures everyone else did too, Binyamin Applebaum writes at the New York Times that there’s something you should know about the deal to cut federal spending that President Obama signed into law on Tuesday: It does not actually reduce federal spending:

[...] By the end of the 10-year deal, the federal debt would be much larger than it is today.

government and its debts will continue to grow faster than the American economy, primarily because the new law does not address federal spending on health care.

That is the reason that the ratings agency Standard & Poor’s and its rivals still are threatening to remove the United States from their lists of risk-free borrowers, although the other agencies, Moody’s and Fitch, both said Tuesday that they would watch and wait for now.

It is also the reason that many conservative Republicans refused to vote for the agreement, calling it a grossly inadequate answer to a pressing problem.”The current deal to raise the debt ceiling doesn’t stop us from going over the fiscal cliff,” Senator Rand Paul, Republican of Kentucky, wrote Monday in an open letter explaining his opposition. “At best, it slows us from going over it at 80 m.p.h. to going over it at 60 m.p.h..”Not exactly a startling revelation, right!

Besides not paying attention to what Tea Partiers and Republicans had been saying during the debt-ceiling debate, Applebaum apparently also missed the multiple reminders by Chris Edwards from the Cato Institute that despite all the talk of “cuts,” the legislation does not actually reduce federal spending over the next decade, even i

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  • Description: As though he had slept through the entire debt-ceiling debate and what Tea Partiers and most Republicans have been screaming about since day 1, and he figures everyone else did too, Binyamin Applebaum writes at the New York Times that there’s something you should know about the deal to cut federal spending that President Obama signed into law on Tuesday: It does not actually reduce federal spending: [...] By the