It’s August 3rd.
We avoided default by raising the debt ceiling. Boehner was able to rein in most of his herd to vote for it. And there you have it. People on both sides hate this deal.
But, let’s concentrate on the positive. We avoided an economic meltdown by showing other countries, “Yeah, we can pay our bills.” And perhaps the best thing in this whole deal was that Representative Gabrielle Giffords from AZ, shot in the head by a crazed gunman, was able to go to Washington and vote for it. That woman is a walking miracle. So it’s time to break out the Moët and a flute.
“To avoiding default and Gabby Giffords defying the odds. Salud!”
So what’s in the deal they signed off on to prevent economic calamity? Raising the debt ceiling will be in two phases:
- Phase 1: To raise the debt ceiling now by $900B, it has to be accompanied by $917B in spending cuts over 10 years. So what’s going to be cut? Hell if anyone knows. It’s not spelled out in the deal. That problem is for later.
- Phase 2: Raising the debt ceiling in the future can happen 3 ways:
1). Passing a balanced budget amendment to the Constitution
2). The amount needed to be raised has to equal the amount in cuts.
3). If one or two don’t happen, cue automatic chop chop to programs across the board. Including Medicare, but not for the ones already receiving the benefits.
Well, I guess we gotta do what we gotta do to help the deficit right? People should understand that we have to give up stuff. At least we’re getting some revenue from increasing the taxes on the top 2% to help with the deficit too? And from closing those loopholes, right?
Oh we’re not? They don’t feel a hit, but we regular people do? How is that fair?
That’s why I’ll need that shot glass. And some of my good Brugal Añejo rum. If I’m going to get drunk because no one up on the Hill understands what “shared sacrifice” means, I’m going top shelf.
“To us regular people not feeling the sting so much from getting smacked again. Salud!”