Counting the Days

There are officially only 17 more days to reach a compromise to avoid default. Both sides sound serious and has similar ideas but can't agree on some simple issues. Everybody does agree that no matter what the US will not default. In a press conference today Pres. Obama said that if they are running out of time. He also laid out what the Democrats and he are thinking of. It is a well-rounded plan and sounds most fair for everybody. They would like to take care of the problem for at least a couple years. While the Republicans plan would see this debate revisited in around a year. Obama would like to make small across-the-board cuts, including to defense. Also looking at payroll taxes and entitlements. This is besides raising the debt ceiling a little bit. He was also once again talking about revoking the tax cuts for the wealthy and close some big corporate loopholes. They are talking of around $4 trillion in cuts. The primary Republican plan seems to be for roughly a $2 trillion raising of the debt ceiling and $1 trillion in cuts. They also want all of taxes and tax breaks to remain as they are. Either way it seems like a compromise will be reached just in time. It is just a matter of how long whatever they do is beneficial.