There’s still something that doesn’t sit right with this trigger business. It doesn’t sit right that GOP would say yes to a $600 billion automatic defense cut if the committee fails, as they knew very well that they would consistently refuse a single dime raised in tax hikes. They knew the committee would fail. And they probably knew that a repeal would prove very difficult.
However – parts of Congress appear to be in panic:
Last summer during the debt ceiling hostage crisis, Obama appeared to be the loser, but yesterday Republicans woke up to the reality that they lost Big Time–that we were going to get $1.2 trillion in deficit reductions, with 50% of the cuts coming from the military and none of the cuts from Social Security and Medicare. The Congressional water carriers for the Military Industrial Complex are in a panic.
A repeal of Bush Tax Cuts and Defense increases in one move like this still sounds too good to be true.