Obama, Congress Must Reach Deal On Budget By March 1, And Then April 1, And Then April 20, And Then April 28, And Then May 1Submitted by dexterszyd on Mon, 03/04/2013 - 20:47
Obama, Congress Must Reach Deal On Budget By March 1, And Then April 1, And Then April 20, And Then April 28, And Then May 1
And Then Twice A Week For Next Four Years
WASHINGTON—With the dramatic, across-the-board sequestration scheduled to occur this week, the nation’s leading economists have warned that President Obama and Congress must come to a compromise on the budget by Mar. 1, and then again by Apr. 1, and then Apr. 20, Apr. 28, and—after Congress is once again unable to come to a comprehensive agreement to fully stabilize the economy—May 1, along with agreements twice a week, every week, for the next four years.
Experts say that without reaching a deal this Friday, the automatic $85 billion reduction in government spending will immediately slow the U.S. economy and impact thousands of middle-class citizens. Officials said the same exact thing will happen next month, the month after that, and the month after that if Obama and Congress fail to meet deadlines created by the preceding, incomplete deals.
“If the president and Congress are unable to reach a grand bargain by Mar. 1, what they will likely do is reach a set of 100 or so smaller bargains, all with their own deadlines, and all of which could potentially plunge the U.S. economy into a recession,” said Princeton economics professor Marshall Kahn. “So, the Mar. 1 deadline is absolutely crucial. Just like the one next month will be. And the 12 deadlines in May. And the bi-daily deadlines that will kick in during the summer.”
“Based on the way the president and Congress deal with one another,” Kahn added, “in 2014, there will need to be 4,562 budget deals.”
According to leading economists, should negotiations between Obama and lawmakers stall this week, Congress could vote on a resolution to extend the current deadline to May 1, which would likely cause vital cuts to public programs, and also combine the projected negotiations scheduled for May 30, June 4, June 5, July 8, 2014, and Mar. 12, 2042 into one seven-day-long meeting.
Other experts noted that even in the event of a deal, a clause in the Budget Control Act would inevitably lead to a total of 64 additional meetings between June and July, as well as a potential deadline creation deadline that would automatically kick in on Oct. 4 and would create 20 more deadlines that must be agreed upon by a Nov. 5 deadline.
“The fact is, lawmakers will need to deal with the scheduled automatic tax increases, which Republicans will challenge by calling for cuts to education and health programs like Medicare and Medicaid,” Wall Street Journal analyst Will Case said. “All of this will require 12 straight years of intense talks.”