From the USA: Robert Reich, Robert Reich’s Blog: “Anyone who characterizes the deal between the President, Democratic, and Republican leaders as a victory for the American people over partisanship understands neither economics nor politics. The deal does not raise taxes on America’s wealthy and most fortunate – who are now taking home a larger share of total income and wealth, and whose tax rates are already lower than they have been, in eighty years”: here.
Forget Compromise: The Debt Ceiling Is Unconstitutional. Ellen Brown, Truthout: “The debt ceiling crisis can be averted by enforcing the 14th Amendment, which mandates the government to pay its debts already incurred, including pensions. That means Social Security, which IS an ‘entitlement,’ in the original sense of the word. We’re entitled to it because we’ve paid for it with taxes. The game of Russian roulette being played with the US federal debt has been called a ‘grotesque political carnival’ and political blackmail. The uproar stems from a statute that is unique to the United States and never did make much sense. First passed in 1917 and revised multiple times since, it imposes a dollar limit on the federal debt”: here.
President let right wingers take the American people hostage then gave in to hostage takers: here.
Dean Baker, Truthout: “As we get the final details of the debt ceiling deal between President Obama and Congress, we still have to wait for the verdict of the credit rating agencies. Will they give us the thumbs up or will they tell Congress that it has to take even more money from the poor, the sick and the elderly before the credit rating agencies reaffirm the top credit rating of the US government? The media have spent much of the last two weeks telling the public that the judgment of any deal by the big three credit rating agencies, Standard and Poor’s, Moody’s and Fitch, will be the key to its success”: here.
Jack Rasmus, Truthout: “On Sunday evening, President Obama and Senate Majority and Minority Leaders, Harry Reid and Mitch McConnell, announced they had reached an agreement on cutting $1 trillion in spending in exchange for raising the debt ceiling. House Speaker John Boehner indicated he was also in agreement, subject to voting to take place in the House on Monday. This latest ‘deal’ is essentially the same that was reached by Harry Reid in the Senate on July 29 and Boehner in the House on July 27, with two major changes – one favored by the Republicans and another by Obama”: here.
Robert Borosage, Campaign for America’s Future: “The raw deal on the budget ceiling has been cut. The Tea Party terrorists – the extremist faction willing to hold the economy hostage to get their way – have won. The Republic, common sense and decency have been trampled. With the economy deeply depressed, 25 million people in need of full time work, the raw deal will impede any recovery. It precludes any serious action on jobs from the federal government. It will cost jobs as spending is cut. Instead of getting serious about a plan to revive this economy and put people back to work, Washington will remain fixated on what and how much to cut”: here.
National Nurses United (NNU): Nurses Call on Congress to Reject Flawed Debt Ceiling Deal: here.
Where are the jobs in the budget deal? Find out how this deal hurts working families: here.
Congressional Black Caucus Chair: Debt Deal is a “Satan Sandwich”: here.
Wall Street & Pentagon Emerge Victorious on Debt Deal: See Democracy Now! Report: here.
Sen. Lieberman: Cut Social Security to prevent cuts to defense budget: here.
Nancy A. Youssef, McClatchy Newspapers: “The last-minute deal that Congress is considering to raise the federal debt limit probably will mean trillions of dollars in government spending reductions for most agencies. But one department stands to gain: the Pentagon. Rather than cutting $400 billion in defense spending through 2023, as President Barack Obama had proposed in April, the current debt proposal trims $350 billion through 2024, effectively giving the Pentagon $50 billion more than it had been expecting over the next decade”: here.
Obama and the Democrats drive a stake into the heart of the welfare state: here.
Austerity and the Destruction of Democracy: here.
Did Bush Leave Us Bankrupt, Corrupt, Ungovernable? Here.