Historic? Damned right it’s historic (the debt deal – if it actually passes).
“In the first stage, it includes $917 billion in spending cuts and other deficit reduction now, as well as a $900 billion increase in the debt ceiling.
In the second stage, a special joint committee of Congress will recommend further deficit reduction steps totaling $1.5 trillion or more by the end of November, with Congress obligated to vote on the panel’s proposals by the end of the year.
In addition, across-the-board cuts are automatically enacted if Congress fails to pass the special committee’s recommendations.”
I can only hope that what seems to be one of the Spiegel‘s worst fears will actually come true and the US government has now begun a process that will “shrink itself to a skeletal state.” That just sounds too good to be true, though.
“Es gibt kein Licht am Ende des Tunnels.”