Sunday, July 31, 2011

Debt Ceiling Deal Reached....

Or, as it should be called, The Great Cave-In (AP)

Ending a perilous stalemate, President Barack Obama and congressional leaders announced historic agreement Sunday night on emergency legislation to avert the nation's first-ever financial default. The dramatic resolution lifted a cloud that had threatened the still-fragile economic recovery and rattled global markets.

The agreement would slice at least $2.4 trillion from federal spending over a decade, a steep price for many Democrats, too little for many Republicans.

The deal, with scant time remaining before Tuesday's deadline for paying government bills, "will allow us to avoid default and end the crisis that Washington imposed on the rest of America," Obama said.

Note the phrase $2.4 trillion over a decade. These cuts won't materialize. This phony commission that will oversee what is to be cut is a joke. As I said earlier today, it's just a way to kick the can further down the road.

Of course, Obama runs out to the microphones to give another speech, never mind he didn't come up with the plan. Most of the cuts will hit...guess who?????....the Defense Department (h/t Gateway Pundit).

Contrary to Obama's words, this was a crisis imposed on America by him and his party, and another one he used to frighten America into taking quick action.

Cut Cap & Balance was the correct path, as well as the Ryan Plan.

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