Open wide for the debt ceiling sandwich
After weeks of partisan bickering, President Obama and congressional leaders seem to have reached a deal Sunday night to raise the government’s debt ceiling. For now, it looks like they might avoid a government default, but they still haven’t settled the crucial issue of federal spending. Obama gets an immediate $2.4 trillion extension of the nation’s $14.3 trillion debt ceiling in exchange for the promise of approximately $2.4 trillion in spending cuts spaced out over the 2012-2021 period. That’s a pretty long road down which to kick the can. The Congressional Budget Office has released its analysis of the deal: Establish caps on discretionary spending through 2021; Allow for certain amounts of additional spending for “program integrity” initiatives aimed at reducing the...


