Did Obama Con the Republi-CONs?

As noted before, to balance the budget, do nothing, and now more than ever.

"In August, Republicans scored what they thought was a big win by persuading Democrats to accept a trigger that consisted only of spending cuts. The price they paid was 1) concentrating the cuts on the Pentagon while exempting Social Security, Medicaid, Medicare beneficiaries, and 2) delaying the cuts until January 1, 2013. That was, they figured, a win, as it eschewed taxes. Grover Norquist's pledge remained unbroken.

But 12 years earlier, George W. Bush had set a trigger of his own. In order to pass his tax cuts using the 51-vote budget reconciliation process, he had agreed to let them sunset in 2010. A last-minute deal extended them until the end of 2012.

So now there are two triggers. One is an extremely progressive spending trigger worth $1.2 trillion that goes off on January 1, 2013. The other is an extremely progressive tax trigger worth $3.8 trillion that goes off on...January 1, 2013. If you count reduced interest payments, the two policies alone would reduce future deficits by about $6 trillion. That's far more than anything the supercommittee came close to discussing. It's distributed far more progressively than anything the Democrats have even considered proposing. And all that needs to happen for it to pass is, well, nothing."

Read the Washington Post, The GOP's dual-trigger nightmare.

Also read the Washington Post, The GOP’s dual trigger nightmare in one graph, which notes, "[t]o get a sense of how progressive, here’s a graph comparing the spending cuts and tax increases in all of the major deficit-reduction packages proposed thus far":