Bank on this... NO SPENDING CUTS WILL BE MADE...
(Perhaps something token...but nothing real)...
Here's why...
With the economy in a deep depression...it is economic suicide to cut spending at this time... FURTHERMORE...the states and cities are going into collapse mode...and this will depress the economy even more...
So...
Congress simply can not afford to cut spending at this time... It would sink the economy into an even deeper depression... And go down in history as a huge mistake...
Additionally...EVEN NAMING THE CUTS IS OUT OF THE QUESTION. Republicans simply don't have the guts to name real cuts... It would be political suicide...and any cuts would hit the Teabaggers the hardest...!
So the Republicans have a Hobson's choice...Political suicide or Economic suicide...?
They will choose neither... The US economy is very very damaged...structurally... There is very little that can be done that will not cause another collapse...
Some tax hikes on the looting rich and international capital would be the only rational approach...but that is likely off the table...
I really pity the Republicans in Congress...they have reclaimed ownership of a very very deeply depressed economy...and made some absurd promises to the public that simply can not be done at this time...
