So it seems that there are no substantial cuts in 2012 except to the Pentagon--I don't think VA spending is cut. Good thing. But of course the abject failure was in the refusal to raise taxes on the rich now and in the future to pay for unemployment insurance and increase public employment. Obama tried to reframe tax increases as a closing of tax loopholes, but not a single Republican voiced support for the idea.
Nate Silver: "But given that Democrats were willing to accede to the constraints demanded by Republicans, they were able to exert a lot of control over the substance of the cuts. In particular, the first round of cuts will include $350 billion in defense savings, while the second round would include between $500 and $600 billion in defense cuts if no bipartisan agreement is reached. There are some semantic distinctions to heed here — for instance, between defense cuts and “security” cuts. But the bottom line is that the deal will take a big bite out of the Pentagon’s budget. Close to half of the overall cuts, not counting interest savings, will come from defense and related areas."
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