Posted on | August 1, 2011 | 37 Comments
Spin filters into the news at CNN:
The U.S. Senate and House of Representatives are expected to vote Monday on a deal to raise the debt ceiling and cut the deficit, a compromise that President Barack Obama and leaders in Congress reached on Sunday night.
The votes come one day before the United States faced the prospect of an unprecedented default on the nation’s debt. . . .
The Senate plans a first vote on the deal on Monday afternoon, a Senate Democratic leadership aide told CNN. If the measure passes an expected Republican filibuster attempt, the House could vote on it Monday night, the aide said.
The idea of Aug. 2 as the drop-dead default date? Spin. Tim Geithner estimated the Aug. 2 date months ago but — even if you trust Geithner, which I don’t — it wasn’t like we were automatically going bankrupt Tuesday. Also, now that Mitch McConnell has approved a deal, this “expected Republican filibuster attempt” exists only in the minds of the kind of deluded young leftists who work as Senate Democratic leadership aides or CNN reporters.
You want neutral objective facts? Try the blogs:
The debt-limit deal relies on gimmicks . . . the credit rating is still at risk, and our massive federal debt will continue to grow like a malignant tumor.
That’s Right Klik, pushing back against a lot of spin — from Chris Cillizza of the WaPo, among others — claiming that this deal is a Gigantic Right-Wing Triumph, “Return of the King” for the Tea Party Hobbits, which it obviously ain’t.
Yet if the debt-deal isn’t a Tea Party triumph, it does involve a couple of key defeats for Democrats, as Tim Carney says:
Abandoned in the debt deal are the liberal ideal of “shared sacrifice” (i.e., tax increases) and the Keynesian tenet of government spending surges during recessions. Preserved is the political framing that helps the Democrats in the 2012 election: no more embarrassing debt-limit votes before the election, no prominent debate on a balanced budget amendment, and a stage set for some good old corporate-jets-vs.-Medicare demagoguery.
White House economic adviser Gene Sperling was all over the morning TV news shows today replaying his “shared sacrifice” broken record, while Democrat Sen. Dick Durbin mourned the death of Keynesianism:
The Republicans are killing Keynesian economics with their attempt to cut spending as the economy rebounds from a recession, Senate Majority Whip Dick Durbin (D-Ill.) said in a floor speech on Sunday.”I would say … that symbolically, that agreement is moving us to the point where we are having the final interment of John Maynard Keynes,” he said, referring to the British economist. “He normally died in 1946 but it appears we are going to put him to his final rest with this agreement.” . . .
Oh, if only it were so! Most sane people had thought Keynesianism died in the “stagflation” debacle of the 1970s, and yet for the past three years the ghost of Lord Keynes has haunted us again. Despite the discrediting of Keynes’s theories, liberals still believe in him and so, any time liberals wield decisive influence, we can expect to see the same disastrous deficit-spending policies pursued.
That is a neutral objective fact!