Tuesday, August 2, 2011

Debt ceiling deal doesn't solve long-term problems - latimes.com

Debt ceiling deal doesn't solve long-term problems - latimes.com

Reporting from Washington— High-stakes negotiations force people to reveal what they really care about, and in the 11th-hour deal to stave off a federal financial default, President Obama and congressional Democrats and Republicans each made clear their top priorities.

For Republicans, it was preventing any tax increase to upper-income families.

For Democrats, it was ensuring no cuts to Social Security, Medicaid and a handful of other programs that aid the elderly and the poor.

And for Obama, it was getting a deal that would end the threat of an economy-shaking default until after the 2012 presidential election.

None of the key players was willing to go all out to actually solve the nation's long-term financial problems. As a result, the deal doesn't.

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