At first glance, it seems less terrible than what was being reported earlier, in that important programs like Medicaid and Social Security are exempted, and defense is as open to cuts as domestic discretionary spending. It’s still terrible, though, and is still the wrong policy to be employed, given high unemployment and negligible growth. The deal — and particularly the way in which the deal was struck — also threatens to make the forcing of the system to crisis points a normal aspect of governance. In other words, it threatens to make the extraordinary act of hostage-taking just part of the cost of doing business in Washington.

10:52 pm  •  July 31, 2011  •  1 note