Is a 'grand bargain' on the budget deficit still possible?
President Obama is meeting with moderate Republicans in the hopes of salvaging a deal
After months of using his bully pulpit to pressure Republicans — a strategy that one White House ally has described as putting his opponents in between "Barack and a hard place" — President Obama has reportedly invited a handful of moderate GOP lawmakers to dinner on Wednesday night in a bid to reach a "grand bargain" to reduce the budget deficit. The olive branch comes less than a week after Congress failed to reach a deal to replace the so-called sequester, allowing $85 billion in painful, across-the-board spending cuts to begin taking effect. The administration still has hopes that it can enact a balanced deficit-reduction program that includes new tax revenues and cuts to entitlement programs — but will Republicans go along?
So far, some Republicans appear to be taking Obama's overtures seriously, according to Jackie Calmes and Jonathan Weisman at The New York Times:
Graham has publicly said he is open to raising $600 billion in revenue by closing tax loopholes, which is in line with the administration's proposals, as long as entitlement programs like Medicare and Social Security, which make up the lion's share of the deficit, are on the table. That stands in stark contest to the position of House Speaker John Boehner (R-Ohio) and Senate Minority Leader Mitch McConnell (R-Ky.), both of whom have rejected any new tax revenue. According to Democratic analysts, some Senate Republicans are not only keen on reaching a policy goal of reducing entitlement spending, but reaping political rewards, says Politico:
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
It's certainly true that Obama is handing Republicans a golden opportunity to cut entitlements, while providing them with political cover. "The key," writes Scott Galupo at The American Conservative, "will be how wisely Republicans use their leverage: Will they get something in return for it, or will they bludgeon themselves with the lever?"
However, many are understandably skeptical that the two sides can reach an agreement, since it would likely anger the Republican base. As Steve Benen at The Maddow Blog notes:
Indeed, some liberals think Obama is rewarding Republicans for their unwillingness to compromise. All Obama is doing, writes Brian Beutler at Talking Points Memo, "is acquiescing to the unchanging nature of the Republican Party."
At the very least, Obama's outreach could put to bed the idea that he hasn't offered any entitlement cuts, a common, erroneous theme of Republican complaints in the days running up to the sequester. That would help if Obama were ever to return to his "Barack and a hard place" strategy.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Create an account with the same email registered to your subscription to unlock access.
Ryu Spaeth is deputy editor at TheWeek.com. Follow him on Twitter.
-
'King's horses take free rein through London'
Today's Newspapers A roundup of the headlines from the US front pages
By The Week Staff Published
-
Is pop music now too reliant on gossip?
Talking Point Taylor Swift's new album has prompted a flurry of speculation over who she is referring to in her songs
By Richard Windsor, The Week UK Published
-
Nuclear near-misses
The Explainer From technical glitches to fateful split-second decisions, the world has come to the brink of nuclear war more times than you might think
By Rebecca Messina, The Week UK Published
-
Arizona court reinstates 1864 abortion ban
Speed Read The law makes all abortions illegal in the state except to save the mother's life
By Rafi Schwartz, The Week US Published
-
Trump, billions richer, is selling Bibles
Speed Read The former president is hawking a $60 "God Bless the USA Bible"
By Peter Weber, The Week US Published
-
The debate about Biden's age and mental fitness
In Depth Some critics argue Biden is too old to run again. Does the argument have merit?
By Grayson Quay Published
-
How would a second Trump presidency affect Britain?
Today's Big Question Re-election of Republican frontrunner could threaten UK security, warns former head of secret service
By Harriet Marsden, The Week UK Published
-
'Rwanda plan is less a deterrent and more a bluff'
Instant Opinion Opinion, comment and editorials of the day
By The Week UK Published
-
Henry Kissinger dies aged 100: a complicated legacy?
Talking Point Top US diplomat and Nobel Peace Prize winner remembered as both foreign policy genius and war criminal
By Harriet Marsden, The Week UK Last updated
-
Trump’s rhetoric: a shift to 'straight-up Nazi talk'
Why everyone's talking about Would-be president's sinister language is backed by an incendiary policy agenda, say commentators
By The Week UK Published
-
More covfefe: is the world ready for a second Donald Trump presidency?
Today's Big Question Republican's re-election would be a 'nightmare' scenario for Europe, Ukraine and the West
By Sorcha Bradley, The Week UK Published