Surrender
President Obama announced a debt ceiling deal last night that has been described by Paul Krugman asa disaster, and not just for President Obama and his party. It will damage an already depressed economy; it will probably make America’s long-run deficit problem worse, not better; and most important, by demonstrating that raw extortion works and carries no political cost, it will take America a long way down the road to banana-republic status.
Andrew Leonard gives further disturbing details about the deal in Salon:
The details of the deal are stark: at least $2.5 trillion
