The debt ceiling deal: Does ANYone like this thing?

8/1/2011 4:53:00 PM

Johnson's Bob Frank tells the Wall Street Journal he is opposed to the deal's proposed spending cuts

Conservatives may not be thrilled with the proposed debt deal, but the left sure isn't either. Johnson at Cornell University's Bob Frank is among the many from the left who are less than pleased.

Excerpt from "Liberal debt deal revolt" (Wall Street Journal, Aug. 1)
 

Liberals are furious with President Obama for agreeing to the debt ceiling deal with Republicans. The deal would cut about $900 billion in spending over the next 10 years automatically, and as much $1.5 trillion more through a special committee's recommendations later in the year. The House and Senate are expected to vote on the plan today....

Liberal economists such as Cornell's Robert Frank had been arguing that the "spending problem is too little, not too much." He believes the debt package is a job killer because "cutting spending now would make the downturn worse." Democratic Sen. Dick Durbin labeled the budget pact "the final interment of John Maynard Keynes." That would be quite an accomplishment if he's right.  MORE

rating
  Comments