Debt Deal is Meaningless

AP reports that the spending cuts proposed don't appear in any substantive way until 2014. By the rule I proposed in April, this agreement is a lie--the spending reductions are not real. The first announcements told me the reductions were going to be trivial: \$1T in 10 years=\$100B/year which is chicken feed for the feds. But if they aren't even going to kick in until 2014, they aren't real, they're only promises--and the lifetime of a Washington promise is less than one budget cycle.

They're not serious.