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 5, 2016
    Detroit teachers march outside the district headquarters, Monday, May 2, 2016, in Detroit. Detroit Public Schools transition manager Steven Rhodes says 45,628 of approximately 46,000 students were forced to miss classes Monday as 1,562 teachers called in sick. The mass sick-out has forced the district to close 94 of its 97 schools. Detroit's schools are expected to be out of cash starting July 1. The state earlier gave the district $48.7 million in emergency funding to keep it open through June 30 as the Legislature considers a $720 million restructuring plan. (AP Photo/Carlos Osorio)

    Fixing Michigan- from Flint’s water crisis to failing schools in Detroit. Are state takeovers the answers or the problem?

    May 5, 2016
    BEING CHARLIE Common and Nick Robinson Photo by Fred Hayes (PALADIN Release)

    Director and actor Rob Reiner and his son, Nick, get personal in their new film “Being Charlie,” which takes on his son’s drug addiction.

    RECENT
    SHOWS
    May 4, 2016
    Leslie Stahl with her grandchild Jordan. (Courtesy: Leslie Stahl)

    Trailblazing journalist Lesley Stahl on her new book Becoming Grandma, and the joys, the science, the struggles, the evolution of being a grandparent today.

     
    May 4, 2016
    Republican presidential candidate Donald Trump is joined by his wife Melania, right, and daughter Ivanka, left, as he arrives for a primary night news conference, Tuesday, May 3, 2016, in New York. (AP Photo/Mary Altaffer)

    Results from the 2016 Indiana primary. Does it cement two pathways to the nominations?

    On Point Blog
    On Point Blog
    Devoured: We Are What (And How) We Eat
    Tuesday, May 3, 2016

    From chicken wings to kale smoothies, we look at what we eat, and how challenging it is to eat well in America.

    More »
    Comment
     
    ‘Embedded’: How Violent Gangs Are Terrorizing El Salvador
    Thursday, Apr 14, 2016

    NPR’s Kelly McEvers on her reporting in El Salvador for the podcast Embedded, and how gang killings brought San Salvador’s bus service to a halt.

    More »
    Comment
     
    That Cheap Dress On Facebook? It Isn't Worth It
    Monday, Apr 11, 2016

    Know those shockingly cheap clothes you see advertised on Facebook? There’s a catch.

    More »
    Comment