Late last night, the President and Congressional leaders announced a debt-ceiling deal. The need for last night's so-called compromise was forced by Tea Party Republicans ready to risk the first default in American history, but they still might not vote for it. The President says he had no choice but to reduce the debt with drastic cuts and no revenue, so angry liberal Democrats might not vote for it either. It's a dynamic that doesn't create a deal so much as it creates a "ransom." If it does pass, the spending cuts might further slow the economic recovery. It won't create jobs, and it lets unemployment extensions expire for 14 million Americans. We hear about the terms of the deal and what might happen if it passes — or fails.
Will the Senate and Congress Pass the Debt-Ceiling Deal?
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Ezra Klein - Vox - @ezraklein, Clive Crook - Bloomberg View - @clive_crook, Jared Bernstein - Center on Budget and Policy Priorities - @econjared, John Berlau - Competitive Enterprise Institute, Neil Buchanan - George Washington University