The news from Washington is all about President Obama’s impending triumph in the government shutdown/debt ceiling standoff. “Boehner Blinks,” declared arecent headline in The Washington Post. “Republicans,” explained ABC’s Jonathan Karl, “are working out the terms of their surrender.”
If this is Republican surrender, I hope I never see Republican victory.
To understand how upside down the current media analysis is, you need to go back a couple of years. In 2011, with Republicans threatening to provoke a debt default, President Obama signed the Budget Control Act of 2011, which cut government spending by $917 billion over 10 years. The agreement also created a congressional “supercommittee” charged with finding additional cuts. If the committee failed to do so, cuts totaling $1.2 trillion over ten years would kick in automatically at the end of 2012, via a process called “sequestration.”