As of right now (7/24/11), per Politico, Democratic leaders are putting together a medium deficit reduction package ($2.7 trillion) with no revenue increases. From my external perspective, it looks like they’re rolling over on their insistence on revenue increases in order to try to put together a compromise package that will be broadly acceptable (I welcome alternative interpretations).
This seems like a big deal to me – giving up on the revenue increases but still achieving a large scale deficit reduction – but the size of the font of the headline on NYtimes.com does not seem to reinforce my interpretation. Republican leaders are working on putting together a shorter term package.
Isn’t this a serious effort at a deal? If not, why not? As an idealist (but not an ideologue!), I am losing faith in Congress’ capacity to function at all.