How to feel about the Debt Ceiling deal, and more detail about what's in it... (VIDEO)

Announcing the deal:


Spinning the deal:


My biggest problem with the deal is that there’s a deal in the first place. The details of the deal don’t matter to me so much as the philosophy behind it. I don’t believe we are in a position to start cutting stuff right now. Virtually the entirety of the Stimulus’s impact (and I thought it was positive) has been blunted by equally heavy budget cuts at the state level

So now, we’ve decided to spread Austerity to the Federal level as well.

And yes, I'm referring to Austerity like a disease...because it is.

So look at what we got, and tell me, does it really matter in the scheme of things? What’s the point when we start to cut at the worst possible time to start cutting?

As for the deal, here’s what we (Democrats) got:

• A debt-limit increase large enough to provide the government borrowing power to pay bills through 2012.
• A special congressional committee to consider broad deficit reduction can consider tax reform along with entitlement changes.
• If the committee's recommendations are not adopted, half of the automatic spending cuts to follow would come from defense.
• If the committee's recommendations are not adopted, programs for the poor, including Medicaid and Social Security, would be shielded from the automatic spending cuts to follow.

Here’s what we (Democrats) gave:

• The deal includes immediate spending cuts of about $1 trillion but no tax increases.
• If the special congressional committee's recommendations are not adopted, consequences include spending cuts but no tax increases.
• If the special committee's recommendations are not adopted, Medicare provider payments are not shielded from the automatic spending cuts to follow.

This came via the Washington Post. I like the fact that it highlights the Debt Ceiling increase as a Democratic get, even though its supposed to be (and would normally be) an American “get”. Clearly, the Republicans did not give a shit about whether we defaulted or not, just like they don't give a shit about the deficit.

Here’s what they (Republicans) got (also, they produced the slide above):

• No tax increases.
• $1 trillion in cuts to discretionary spending over the next 10 years.
• A special congressional committee to consider broader deficit reduction can consider entitlement changes along with tax reform.
• The debt-ceiling increase will be matched dollar for dollar in deficit reduction, through adoption of the work of a new congressional fiscal committee or through automatic spending cuts that will occur if the committee's recommendations are not adopted.
• If the committee's recommendations are not adopted, half of the automatic spending cuts to follow would come from domestic programs.

Here’s what they (Republicans) gave:

• The immediate deal includes no entitlement reform.
• The immediate spending are cuts less than the GOP had sought.
• The special congressional committee could consider tax reform.
• If the special congressional committee's recommendations are not adopted, half of the automatic spending cuts to follow would come from defense.

I mentioned this last night as a question, but I’ve had a change of heart. I’m starting to feel one of the benefits of this deal might be that it lays the groundwork and terms for the next Budget Fight. What I want to see is if this is voted on, will the Tea Party renege on the deal, and demand even more cuts?  My bet is that they will, and how will America see them then?