Just before midnight on Monday, congressional leaders and the White House tentatively agreed on a major budget deal. The plan is to end debt limit standoffs through March 2017, and keep the federal government in operation with some sequestration relief. So-called “entitlement reform,” meaning cuts to Medicare and Social Security, was kept within limits.
Presumably, Speaker John Boehner will send this budget bill to the House floor before turning over the gavel to Rep. Paul Ryan.
The good news is, it looks like the U.S. government and economy will survive in the near term. We’ll avoid a looming default on our National Debt, and there will not be a government shutdown on December 11.
The bad news is the Shutdown Caucus, a key block of Tea-GOP members of Congress, still wants to bring about a government shutdown and/or default any way they can. Because of gerrymandering, they are likely to survive the next election. And nobody except Bernie Sanders is talking about taxing the rich anymore.