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Leaders at Work on Plan to Avert Mandatory Cuts
“Mr. Obama has said he would not allow Congress to simply pass a new law to override the $1 trillion in automatic cuts agreed to in the Budget Control Act of 2011, but senators said they believed the White House would go along with a deal that locks in as much as four times those savings in exchange for canceling the automatic cuts.
With both sides awaiting the outcome of the election, negotiators will not even try to determine how much money would come from the three components until after the voting, when, presumably, the victorious side would emerge with new leverage. (New York Times)
Once the voting’s over, they’ll tell you what it is they mean. But rest assured, they really, really mean it.
FEE Timely Classic
“Can the Budget Be Cut?” by Doug Bandow
Brought to you by The Freeman Magazine a publication from the Foundation for Economic Education. Love economics? Like FEE on or follow us on Twitter!
2012-10-03 06:56:09
Source: http://www.thefreemanonline.org/in-brief/leaders-at-work-on-plan-to-avert-mandatory-cuts/
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