Flashback: Will the Republicans get hosed again?

Today is Pres. Obama’s bipartisan summit to go long ball on debt and deficit reduction.

My bet: history will repeat itself and Republicans will get snookered again.

Remember the budget deal that averted the government shutdown last December?

Headlines said it would cut spending by $38 billion (with an “b”).

Turns out that the real impact was only $352 million (with an “m”).

According to the Washington Post:

Budget deal: CBO analysis shows initial spending cuts less than expected

A federal budget compromise that was hailed as historic for proposing to cut about $38 billion would reduce federal spending by only $352 million this fiscal year, less than 1 percent of the bill’s advertised amount, according to the Congressional Budget Office.

And, a mere 6 months after the agreement – that was supposed to hold until the end of 2012, Obama is walking back the full extension of the Bush tax plan and the tax-based stimulus provisions.

As the original Grandma Homa would say: fool me once, shame on you, fool me twice, shame on me.

* * * * *

Clever planning: The President shrewdly invited the GOP political hacks, but left Ryan, Coburn and Portman —  the only guys who understand the numbers – off the guest list.

I guess that a fact-free summit will go smoother

Also, the President scheduled the summit the day before another likely-to-be-dismal jobs report … hoping that the jobs report will get ignored.

Trust, HomaFiles won’t ignore it.

* * * * *

What to watch: I’m betting that most of the Dems “cuts” will be capping growth in spending (which isn’t a cut !) and the usual phantom attack on waste & fraud (how are we doing on the $500 billion of w&f that was supposed to come out of Medicare?).

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One Response to “Flashback: Will the Republicans get hosed again?”

  1. The “Mother of All No Brainers” … say, what? « The Homa Files Says:

    […] don’t forget: “A federal budget compromise that was hailed as historic for proposing to cut about $38 billion […]

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