Debt limit deal produces no cut in spending

That's why the super committee of 12 was created. It is their task to identify areas that can be cut and to figure how how to raise revenue through closing loopholes and other means.

This 'deal' was just to stop the default.

Like screaming 'uncle' and then running away.

November will be interesting.

SO the Repubs got none of their demands???  LOLOLOLOL!!!!!

And the months long delay in raising the debt limit was merely political theater, which resulted in higher rates on t-bonds which has now cost the fedgov an extra $50million in financing cost in just the last few days. 

Go Team Bohner!  Welcome to the Democratic Party!!!

No one said a deal was going to change things overnight.  Any changes was going to be gradual with any of the deals that was proposed. 

I'm still looking into some of the big choices that Democrats will have to decide upon, but I can say the Republicans are going to have a doozy of them if they think the Bush tax cuts are going to keep going after 2012.  The CBO baseline expected them to expire, and will count that as spending if it continues.  Taking the senate wont stop the expiration and even if they try to get it before the election they will have to take half of it ($2 trillion) from defense.  The other half can't come from SS, Medicaid, retirement or unemployment. Medicare cuts are provider side only.  It's not impossible but that's going to be hard to pull off.

Entitlements, especially, their projected rise must be cut.  Else, they will overwhelm not only the entire budget, but all income.

Like turning an aircraft carrier, the process will be slow. Increasing revenue, by growing the economy will have to wait until another administration as this one has no idea how.