12 Heavily Armed Gunslingers Standing in a Pool of Gasoline
Aug 03, 2011

The deed is done.  The debt ceiling deal has been signed into law.

Next up:  a super duper commission of 12 Members of Congress, evenly divided between Senate and House and Democrats and Republicans.

And each is going to be heavily armed in a very dangerous territory.

Either the Terrible Twelve – or is it the Terrific Twelve -- come to an agreement on $1.2 - $1.5 trillion (or more) in deficit reductions or else.

Or else, an automatic reduction, called sequestration in budget parlance, of $1.2 trillion goes into effect, cutting equally domestic programs and the Pentagon.

Republicans have been unanimous that “No New Taxes” be included in the agreement just approved or in the next round of negotiations.

Democrats are telling Republicans, you may have won the last round on taxes, but not the next round.