GOP Caves to $2.4-Trillion Debt Limit Increase, Deficits Forever

By:  Thomas R. Eddlem
08/01/2011
       
GOP Caves to $2.4-Trillion Debt Limit Increase, Deficits Forever

The congressional Republican leadership has agreed to White House demands to raise the national debt by as much as $2.4 trillion and continue deficit spending into the indefinite future. The deal would trim about $900 billion from the anticipated $7 to 8-trillion deficit over the next 10 years — a little more than 10 percent of the total — and allow total federal spending to continue to grow rapidly. It would also set up a bipartisan commission charged with finding an additional $1.5 trillion in deficit reduction.

All of official Washington touted the deal as one of fiscal responsibility. "Our framework is now on the table that will end this crisis in a manner that meets our principles of smaller government,” House Speaker John Boehner told the press after reaching the deal with the White House.

The congressional Republican leadership has agreed to White House demands to raise the national debt by as much as $2.4 trillion and continue deficit spending into the indefinite future. The deal would trim about $900 billion from the anticipated $7 to 8-trillion deficit over the next 10 years — a little more than 10 percent of the total — and allow total federal spending to continue to grow rapidly. It would also set up a bipartisan commission charged with finding an additional $1.5 trillion in deficit reduction.

All of official Washington touted the deal as one of fiscal responsibility. "Our framework is now on the table that will end this crisis in a manner that meets our principles of smaller government,” House Speaker John Boehner told the press after reaching the deal with the White House.

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