Monday, July 25, 2011

And if that doesn't just say it all.

With pressure mounting on Congress and the White House to ensure the government doesn't default on its debt, the latest Democratic offering shows just how much party leaders have compromised during the negotiations as Republicans have held their ground. For weeks, Democrats demanded that any substantial package include revenues to offset spending cuts, namely by closing corporate tax loopholes and ending subsidies for the oil and gas industry. But their demands have now been whittled away to a proposal coming from their own party with major cuts and no revenue at all.

Republicans, meanwhile, have largely gotten what they wanted in their push for significant spending cuts without new revenue.

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