Federal Budget A Bad Deal Benefiting Only Millionaires And Billionaires

 

A bipartisan budget deal to avert another government shutdown comes before the Senate this week. The vast majority of House members from both parties approved the two-year budget agreement last week in a 332-to-94 vote. It is being hailed as a breakthrough compromise for Democrats and Republicans. The bill eases across-the-board spending cuts, replacing them with new airline fees and cuts to federal pensions. In a concession by Democrats, it does not extend unemployment benefits for 1.3 million people, which are set to expire this month. To discuss the deal, we are joined by David Cay Johnston, an investigative reporter who won a Pulitzer Prize while at The New York Times. He is currently a columnist for Tax Analysts and Al Jazeera, as well as a contributing editor at Newsweek.

TRANSCRIPT

This is a rush transcript. Copy may not be in its final form.

AMY GOODMAN: A bipartisan budget deal to avert another government shutdown comes before the Senate this week. The House approved the two-year budget agreement last week in a 332-to-94 vote. The bill eases across-the-board spending cuts, replacing them with new airline fees and cuts to federal pensions. In a concession by Democrats, it does not extend unemployment benefits for 1.3 million people, which is set to expire this month. Republican Congressmember Paul Ryan and Democratic Senator Patty Murray called the deal a win for both sides.

REP. PAUL RYAN: I think this agreement is a clear improvement on the status quo. This agreement makes sure that we don’t have a government shutdown scenario in January. It makes sure that we don’t have another government shutdown scenario in October. It makes sure that we don’t lurch from crisis to crisis.

SEN. PATTY MURRAY: Our deal puts jobs and economic growth first by rolling back sequestration’s harmful cuts to education and medical research and infrastructure investments and defense jobs for the next two years.

AMY GOODMAN: That was Republican Congressmember Paul Ryan and Democratic Senator Patty Murray.

The budget deal is being hailed as a breakthrough compromise for Democrats and Republicans, but not everyone supports it. Democratic Congressmember Mark Pocan of Wisconsin said in a statement, quote, “At the end of the day, the bill abandons 1.3 million Americans who desperately need unemployment insurance, and does nothing to promote economic growth or job creation. Furthermore, the legislation is paid for on the backs of the middle class and military families, while not touching the wealthiest amongst us and allowing corporations to continue to benefit from tax loopholes,” he said.

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