The grand bargain was an attempted political compromise during the 2011 budget debates in the United States Congress. Lawmakers were under pressure to pass a budget before automatic spending cuts known as sequestration took effect on August 4, 2011.[1][2] President Barack Obama advocated historic cuts to social security, Medicare, and Medicaid, in exchange for an increase in federal taxes on upper income individuals, with the goal of reducing the federal deficit.[3][4]
Moderates from both the Republican and the Democratic party were in favor of the compromise. However, the Tea Party faction of the Republican party firmly objected to tax increases, causing Republican Speaker of the House John Boehner to not support the deal.[3] The progressive faction of the Democratic party was opposed to cuts to social security and the social safety net. An effort to defend Social Security was spearheaded by independent Senator of Vermont Bernie Sanders.[5] Due to the opposition arrayed against it, the compromise failed.[6][7][8]
Among centrist pundits, hopes for the grand bargain lasted until the resignation of Speaker of the House John Boehner in 2015.[9][10]
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References
- ^ Evans, Garrett (February 10, 2016). "Showdown scars: How the $4 trillion 'grand bargain' collapsed". The Hill. Retrieved November 20, 2020.
- ^ Lancaster, LNP Media in; Murse, Pennsylvania our editorial process Tom. "Grand Bargain Definition". ThoughtCo. Retrieved November 20, 2020.
- ^ a b Grim, Ryan (September 8, 2011). "John Boehner Rejects Obama's Grand Bargain On Debt Ceiling". Huffington Post.
- ^ "Joe Biden's history of austerity". The Week. January 13, 2020. Retrieved November 20, 2020.
- ^ Jilani, Zaid (June 2, 2016). "Obama Wanted to Cut Social Security. Then Bernie Sanders Happened". The Intercept.
- ^ Bai, Matt (March 28, 2012). "Obama vs. Boehner: Who Killed the Debt Deal?". The New York Times Magazine.
- ^ Wallsten, Peter; Montgomery, Lori; Wilson, Scott (March 17, 2012). "Obama's evolution: Behind the failed 'grand bargain' on the debt". The Washington Post.
- ^ Newton-Small, Jay (July 23, 2011). "The Inside Story of Obama and Boehner's Second Failed Grand Bargain". Time.
- ^ Lawrence, Jill (September 26, 2015). "John Boehner resignation kills hope for grand bargain". USA Today.
- ^ Thrush, Glenn; Wheaton, Sarah (September 25, 2015). "Boehner and Obama: Caught in a bad bromance". Politico.
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This page was last edited on 23 April 2023, at 00:47