On to the Next Manufactured Fiscal Crisis | Tad DeHaven | Cato Institute

On to the Next Manufactured Fiscal Crisis | Tad DeHaven | Cato Institute: "The Budget Control Act of 2011 — promised to reduce the growth in spending over the next ten years by $917 billion. In exchange, the president got to increase the debt ceiling by $900 billion. According to the House Republican leadership, the trade was a victory because the debt increase was smaller than the spending cuts. Of course, that’s nonsense. Not only were there no real spending cuts, the federal debt has proceeded to jump another $1.8 trillion since the president signed the bill less than a year and a half ago."

"not only did the Republicans not get any spending cuts, the deal they agreed to increased spending"

"Republicans and Democrats teamed up to save economic development subsidies, export subsidies, and several energy subsidy programs. In fact, the majority of House Republican voted to save the program that led to the Solyndra debacle."