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Sunday, August 07, 2011

Steve Malzberg on the Debt Crisis. The defense buget is cut if they can't agree.

 Please check the podcasts for August 1st and 2nd and some of his guests from the Republican side.

Steve Malzberg Archive

This deal is horrible. According to him and his guests  basically they have a 12 person committee to deal with debt issues 6 Dems and 6 Repubs. If they can't agree what happens. They cut defense spending and medicaid (or medicare not sure). Of course Obama could reinstate medicare or medicaid and of course it is likely that the two sides won't agree. SO then Obama cuts defense spending for not agreeing. So why would many Repubs agree to this as it will make them look bad if an agreement in 6 month on the budget can't be reached. Furthermore. Obama has said this is step one and we need a "balanced approach" which of course means raising taxes. And yet Eric Cantor claimed that this was a good new deal because there were no new taxes which really isn't true.

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