If Third Way is praising this, it cant be good

Hoyer Calls on Congress to Replace Mandatory Cuts with 'Big Deal'

– 4 hrs ago

House Minority Whip Steny Hoyer of Maryland this morning called on Congress to replace $1.2 trillion in automatic spending cuts mandated by law at the end of the year with a balanced package of deficit reduction akin to the grand bargain President Obama and House Speaker John Boehner negotiated unsuccessfully last summer.

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"Simply walking away from sequestration would be waving the white flag in the face of [the Congressional Budget Office's] projection of a dismal fiscal future. However, sequestration remains an irrational response. It was the blunt instrument established to force both sides to the table and keep them there.

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Third Way, a moderate think tank that works to foster "effective and emergent approaches to major problems," praised Hoyer for advocating a balanced approach and echoed the whip's concern about further congressional delay.

"There may never be a great time politically and in the election cycle to do a big deal. What we're doing right now is not working for our economy and it's not working," Jim Kessler, senior vice president for policy at Third Way, agreed. "Maybe it's a better time than we think."

http://news.yahoo.com/hoyer-calls-congress-replace-mandatory-cuts-big-deal-192240431--abc-news.html