A while back I wrote:
The way they will do it, is to cut spending in the future. Then, after they’ve been re-elected, there is a high probability that the cuts will be cancelled before they actually happen.
According to an excellent article by Will Wilkinson, that appears to be what has happened.
Unless the bill fails, which it might, it looks like our democracy will have raised the debt ceiling, didn’t really cut a thing, passed off responsibility for substantial deficit reduction to a “super committee”, which will either come up with a plan that does not bind the future executive and legislature or will trip a “trigger” that won’t go into effect until after the next election, and then, again, will go into effect only if the government of the future wants it to go into effect.
The piece is full of interesting facts, among them a graph depicting how federal spending will develop under the new bill. Hint: it’s not downwards.