How good is a $4 trillion “grand bargain”?

The administration is talking today of a possible ”grand bargain” with Republicans to cut as much as $4 trillion in spending over the next 10 years. It sure sounds impressive, until one realizes that according to the CBO (Congressional Budget Office) under the current budget projections, the debt is scheduled to grow by $10.5 trillion over the next decade to about $21 trillion. So $4 trillion, while certainly better than nothing (which is what the administration has given us to date), isn’t nearly enough to stop the hemorrhaging. In fact, spending has to be reduced and/or revenues increased by about $10.5 trillion over the next decade just to halt the debt increase, let alone pay any of it down.

But at least Washington politicians (under pressure from Tea Party Republicans) are now beginning to get real about the problem, even if they haven’t yet progressed beyond token proposals.

Whatever either party says, however much they spin any deal they make, however much political credit they try to take, in the end they have only succeeded when they stop the INCREASE in the federal debt. If they haven't done that, they haven't succeeded yet.