Apart from its extraordinary cost and regressive tilt, the tax deal negotiated between the President and the Republicans has another fatal flaw.
It confirms the Republican worldview.
Technically, the federal government has now reached the limit of its capacity to borrow money.
Raising the debt ceiling used to be a technical adjustment, made almost automatically. Now it's a political football.
Democrats should never have agreed to linking it to an agreement on the long-term budget deficit.
But now that the debt ceiling is in play, there's no end to what the radical right will demand. John Boehner is already using the classic "they're making me" move, seemingly helpless in the face of Tea Party storm troopers who refuse to raise the ceiling unless they get their way. Their way is reactionary and regressive - eviscerating Medicare, cutting Medicaid and programs for the poor, slashing education and infrastructure, and using most of the savings to reduce taxes on the rich.
If the only issue were cutting the federal deficit by four or five trillion dollars over the next ten years, the President and Democrats wouldn't have to cave in to this extortion. That goal can be achieved by doing exactly the opposite of what radical Republicans are demanding. We can reduce the long-term budget deficit, keep everything Americans truly depend on, and also increase spending on education and infrastructure - by cutting unnecessary military expenditures, ending corporate welfare, and raising taxes on the rich.
I commend to you the "People's Budget," a detailed plan for doing exactly this - while reducing the long-term budget deficit more than either the Republican's or the President's plan does. When I read through the People's Budget my first thought was how modest and reasonable it is. It was produced by the House Progressive Caucus but could easily have been generated by Washington centrists - forty years ago.
Group items tagged 
