Our U.S. elected representatives managed to stop throwing feces at each other long enough to come up with a debt ceiling deal everyone hates. While raising the debt ceiling through 2013 will prevent our nation’s credit rating from falling in the toilet, we’re collectively going to feel the tightening of our national belt.
The deal is all spending cuts, both in domestic and defense spending, which will be spread out over a decade. A SuperCongress (which I picture as a room full of Super Grovers, but with more grumbling and less awesome) made up of a team of 12 bi-partisan leaders will oversee the final list of what we’re cutting and when.
I was beginning to fear defaulting just so some in Washington could make a point (at the expense of EVERYONE IN THE COUNTRY. Ahem.), but our fearless leaders have managed to play nicely long enough to at least make a plan everyone agrees sucks, but will do in a pinch.
Votes were expected to happen today, so I’ll update this post when I hear news.
I, for one, am glad we don’t have to park the Washington Monument in Virginia to keep it from being repoed or say goodbye to my shiny new jobs and brand name groceries. I guess we’ll deal with the rest of the fallout as it happens.