The Cato Institute’s Dan Mitchell says both parties won the debt debate while the American people lost. So why the left-right opposition I noted in today’s column?
The hard-core conservatives are upset that the deal is mostly smoke and mirrors on the spending side and that there may be a tax-increase trap on the revenue side.
The hard-core liberals, by contrast, are angry that there are any spending cuts, even ones based on Washington math. Moreover, they want higher tax rates on upper-income taxpayers today, not a supercommittee that may or may not follow through on soak-the-rich policies in the future.
We’ll just have to pass the bill to see what’s in it, so they say.
