On March 1, a piddly reduction of spending is scheduled to take place. It’s not $1 trillion. It’s $1 trillion over a decade.
The annual deficit is running $1 trillion, as usual.
The thought that there will be a piddly $100 billion in spending cuts and tax hikes has the President terrified. “We cannot cut our way to prosperity,” he told reporters.
Translation: “We can and must spend our way to prosperity.” Boondoggles forever! Deficits forever! Kick the can forever!
He wants a new deal before March 1. He wants Congress to pass a law to overturn the 2011 law. He has less than one month to negotiate it.
House Republicans are for kicking the can. But they want a bill that they can sell to the Keynesian voters back home. So far, Obama has not buckled.
Will the law be enforced? No one knows.
Will the federal budget ever get balanced? Not in this decade or the next.
Will voters pressure the House to stick to its guns and let the cuts go through? A few, maybe. But there will be no outpouring of support for saying no. People say they want spending cuts, but a $1 trillion deficit is not the result of spending cuts.
As long as voters feel no pain, they are content. The deficit rises.
I don’t see how Congress will give the President what he wants: tax hikes. He will have to buckle. He has shown no signs of buckling. The clock is ticking.