“This freeze would cut the deficit by more than $400 billion over the next decade, bringing this kind of spending -- domestic discretionary spending -- to its lowest share of our economy since Dwight Eisenhower was President. Let me repeat that...."
That was our president announcing his 2012 budget. And indeed let's repeat that — and note a few things he didn't say.
First, Washington squandered tax dollars on unnecessary wars. Next, Washington bailed out the big banks. Now, the battlelines of 2011 are drawn. President Obama's "Deficit Commission," Republicans in Congress and even some Democrats say the country's broke and that we're going to have to put Social Security, Medicare, Medicaid and other social programs at risk to balance the books. What the right response? "We Won't Pay for Their Crisis."
For Kim and Reed, Obama's caving to Republican pressure on extending tax cuts for the wealthiest Americans was a defeat, even if it resulted in some good results for progressives. But if the Democrats are compromising their values now, how does this bode for upcoming legislative battles?
WikiLeaks may be the biggest information explosion this week, but Wednesday's mammoth release of documents pertaining to the Fed's bank bailout program could well spark the most outrage—at least among those not fortunate enough to head a firm on Wall Street.