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A good compromise leaves no one happy

by Adam Russett on August 1, 2011

Late Sunday, President Barack Obama announced that the end to the drama of the debt ceiling debate may be nearing an end, as party leaders finally came to a tentative agreement on how to cut spending while allowing the government to spend more in the future. Stocks around the world saw a significant gain as investors felt more confident that the world's largest economy wouldn't default on August 2, the deadline for the parties to reach a deal. 

Of course, not everyone is happy with the resulting agreement. Democratic leader of the House, Nancy Pelosi, has already voiced her concern over some aspects of the bill and claimed that some Democrats may not support it, according to The Guardian.

Far right members of the Republican party – namely, the Tea Party caucus – were also unhappy with some of the results. Even Obama proclaimed some of his own frustrations with the process.

"This process has been messy and taken too long," said Obama, the news source reports. "This compromise does make a serious down-payment on the deficit reduction we need, and gives each party a strong incentive to get a balanced plan done before the end of the year."

USA Today reports that while the Senate is likely to pass the deal, it will still have to go through Congress, where it may be met with more scrutiny. Some House Republicans don't want the ceiling to be raised at all, as one of their rallying mantras has often been that the United States shouldn't be spending money that it doesn't have.

One of the biggest points of contention in the future may be revenue increases through higher taxes on the wealthiest Americans, to which the Republicans are staunchly opposed.  

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