What we know about the pending deal is that the Democrats and Republicans are agreeing to a Deficit Commission. Despite the media spin — and the spin of some Republican sycophants — the deficit commission, which will be a super committee of the Congress, will have the power to come up with new tax revenue.Read more
And if the Congress rejects the Commission’s demands for new tax revenue, there will be a trigger that cuts both medicare funding and defense funding.
Except, the defense funding cuts will be much more massive than the medicare cuts. And the GOP, in addition to seeing defense cut, would be hacking off seniors right before an election.
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