As markets await a final vote on the debt ceiling deal reached by Democrats, with President Obama as their chief negotiator, and Republicans huddled behind House Speaker John Boehner, experts on both sides of the ideological coin have come out against the new plan. Nobel laureate Paul Krugman, representing liberals, and Congressman Ron Paul, on the right, both have blasted the new plan for its false promises.
The new Obama-Boehner-Reid plan cuts the deficit by about $2.1 trillion by 2021, according to the non-partisan Congressional Budget Office (CBO). The first tranche of cuts will total $917 billion, coupled with a $900 billion debt ceiling increase; a special committee tasked with cutting an additional $1.5 trillion will be set up to get the rest of the task done by Thanksgiving.
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