Long term unemployment remains as is, capital gains and inheritance change, sequestration is delayed, but the heart of this deal is ‘Old 41′, $620 Billion in new taxes and $15 Billion in spending cuts. That’s the ratio Obama came before the country yesterday afternoon and campaigned for while the Senate was trying to work something out. “Now, if Republicans think that I will finish the job of deficit reduction through spending cuts alone, and you hear that sometimes coming from them…”
We looked at the liberal reaction to the deal. Krugman: “And at least one positive thing can be said: no giveaway on Social Security, Medicare, or Medicaid. Basically, no spending cuts at all.”
Bottom line, without the deal, the government goodies would have been lost. Give so little on taxes and get so much on entitlements.
It has always been about spending.
NYT: Conceder In Chief?