Monday, August 1, 2011

Video: President Obama Explains Debt Deal to Supporters

Like many folks on the left, I'm not terribly excited about the compromise on the debt ceiling compromise. While it's great that we avoided going into default, which would have had a devastating affect on our already fragile economy, it's still a compromise that cuts programs crucial to working class families while allowing corporations to once again escape without making any sacrifices. Since we've seen deal after deal where this has been the case, I'm also not confident that the joint committee will do anything to address the revenue side of the budget.

What all this means is that I don't like too much of what's in the compromise, but I realize it's better for our country than default. As Nate Silver points out, the fine print of the bill makes the compromises a little easier to take in. One of his points, for instance, is that many of the cuts wouldn't take place until 2013 or 2014. According to Nate, this is good because "fundamentally it is very difficult to bind the actions of a future Congress." Of course, we still can't deny that momentum is on the side of making drastic cuts and it could the ones proposed in this bill could have a very negative impact on our economy in those years.

I therefore wouldn't hold it against members of Congress who voted for the bill, but strongly encourage our elected officials on both sides of the aisle to come together in order to create a balanced solution to our deficit problems. In the meantime, for those on the left who are disappointed with the compromise, here's a video that Obama put out to supporters to explain why the compromise was necessary.

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