Truthdig Editor-in-Chief Robert Scheer and FireDogLake contributor David Dayen appeared Monday morning on Uprising Radio to discuss the costs and consequences of the debt ceiling and deficit reduction deal reached Sunday by President Obama and Congress. —ARK
This final version is a compromise between competing plans introduced into the Senate by Majority Leader Harry Reid, and the House by Speaker of the House John Boehner. Over 10 years it will cut at least $2.4 trillion in spending. The debt ceiling will be raised by about $1 trillion immediately, a short-term increase to avoid default. Then, a bipartisan congressional committee will be established to create a set of recommended cuts equal to the amount of the second debt ceiling increase, anticipated at $1.2 trillion to $1.5 trillion.