US debt limit bill gives political cover to both parties

US debt limit

Budget experts think the 10-year pledge will be a steep climb for Republicans, especially if they refuse to use any tax increases for deficit reduction and if they stick to previous proposals to slowly phase in benefit cuts for programs like Medicare.

Meanwhile, Senate Democrats are talking about defending those social safety net programs, investing in other programs and further raising taxes on the rich and big corporations, despite Republican insistence that tax increases are off the table.

Whether or not there is a sweet spot for compromise remains to be seen.

But with Senate passage looking certain on the Republican debt limit bill and Obama's approval all but guaranteed, Republicans are the ones who have blinked in this latest duel.

They have agreed to let government borrowing continue without extracting one penny's worth of spending cuts.

Please read our terms of use before posting comments
TERMS OF USE: The views expressed in comments published on indianexpress.com are those of the comment writer's alone. They do not represent the views or opinions of The Indian Express Group or its staff. Comments are automatically posted live; however, indianexpress.com reserves the right to take it down at any time. We also reserve the right not to publish comments that are abusive, obscene, inflammatory, derogatory or defamatory.