PLEDGE NOW
The Nuts And Bolts Of The Debt Deal

Jacki Lyden in for Tom Ashbrook

Sifting through the details . What does it mean for the American way of life?

Speaker of the House John Boehner, R-Ohio, left, and Senate Republican leader Mitch McConnell of Kentucky, right, appear at a news conference about the debt crisis. (AP)

Speaker of the House John Boehner, R-Ohio, left, and Senate Republican leader Mitch McConnell of Kentucky, right, appear at a news conference about the debt crisis. (AP)

A debt deal is delivered, default averted, and the rhetoric may get dialed back. A bit.

Unpacking the deal after the political mash up in Washington is akin to being on a treasure hunt for pennies. The tight restrictions and eliminations placed on an anemic economy are, by many predictors, going to make life harder— but for whom?

$2.4 trillion in cuts — a down payment on the debt– could mean recession for the Average Joe and Jane. The Super Committee of 12 legislators being set up has an unclear amount of authority.

This hour On Point: the way forward.

-Jacki Lyden

Guests:

Major Garrett, congressional correspondent for National Journal.

Steve Bell, senior director of the Economic Policy Project at the Bipartisan Policy Center.

Dean Baker, co-director of the Center for Economic and Policy Research in Washington, DC.

From The Reading List:

  • ABC News: “While the United States may avert a default on its sovereign debt, the actual deal has yet to be approved and the spending cuts in the deficit reduction proposal are yet to be determined. The Congressional Budget Office said the tentative agreement, which the House approved Monday night, could cut $1.2 trillion over 10 years from the federal budget. “
  • Please follow our community rules when engaging in comment discussion on this site.
    ONPOINT
    TODAY
    May 27, 2016
    Riot police block off the Albuquerque Convention Center to anti-Trump protests following a rally and speech by Republican presidential candidate Donald Trump at the convention center where the event was held, in Albuquerque, N.M., Tuesday, May 24, 2016. (AP Photo/Brennan Linsley)

    Obama at Hiroshima. Turmoil at Trump rallies. Clinton’s emails, heating up. Sanders predicts a “messy” convention. Our weekly news roundtable goes behind the headlines.

    May 27, 2016
    In this Oct. 27, 2015, photo,  Big Muddy Farms, an urban farm in northern Omaha, Neb. is seen amongst residential homes. (AP Photo/Nati Harnik)

    Just in time for Memorial Day weekend, we’ve got top gardeners spilling the beans on how to grow everything.

    RECENT
    SHOWS
    May 27, 2016
    In this Oct. 27, 2015, photo,  Big Muddy Farms, an urban farm in northern Omaha, Neb. is seen amongst residential homes. (AP Photo/Nati Harnik)

    Just in time for Memorial Day weekend, we’ve got top gardeners spilling the beans on how to grow everything.

     
    May 27, 2016
    Riot police block off the Albuquerque Convention Center to anti-Trump protests following a rally and speech by Republican presidential candidate Donald Trump at the convention center where the event was held, in Albuquerque, N.M., Tuesday, May 24, 2016. (AP Photo/Brennan Linsley)

    Obama at Hiroshima. Turmoil at Trump rallies. Clinton’s emails, heating up. Sanders predicts a “messy” convention. Our weekly news roundtable goes behind the headlines.

    On Point Blog
    On Point Blog
    In The Garden, Mother Nature Makes The Rules
    Friday, May 27, 2016

    Executive producer Karen Shiffman explains why she turns to her garden for food, friends and natrual comfort.

    More »
    Comment
     
    WWII Vet Larry Kirby Reflects On American Values
    Thursday, May 26, 2016

    Looking ahead to Memorial Day, a World War II veteran looks back at the experiences that mattered to him, both in and out of war.

    More »
    Comment
     
    Gloria Steinem Explains Her ‘Bernie Boys’ Comment
    Tuesday, May 24, 2016

    Feminist activist Gloria Steinem explains why her apparent diss of female supporters of Sen. Bernie Sanders was anything but.

    More »
    Comment