Wednesday, January 2, 2013

The McConnell-Biden Plan passes the House

Coverage in the NYT.

Andrew Sullivan complies reactions to the deal.

Wonkblog outlines the deal and provides good links to studies about it and its consequences.

Here's another link to a summary of the bill's content. I'll highlight these later.

Spending cuts have been postponed for only two months, so we've only stepped back slightly from the cliff.

And commentators seem to have suddenly discovered that by not going over the cliff, nothing has been done substantively to deal with the deficit, and with it the ever increasing debt. The argument made by some economists is that since the economy is still weak - even if it is recovering - we would be better suited in waiting to tackle the deficit after the economy recovers.