Total Farce: Real Spending Under Debt Ceiling Deal Actually Goes Up Next Year

Late last week, we were the first to correctly summarize what the bottom line of the so-called “debt ceiling deal” meant for the US, for future generations of Americans, and for the ridiculous melodrama gripping Washington: a -0.2% of GDP cut in nominal spending. That’s right: that 0.2% cut in spending is what all the brewhaha was over, a cut which will not only push total debt to $35 trillion by the end of Biden’s term,