Congress won't suffer pay cuts in sequester
I know it's the law but don't you think this dysfunctional gang of incompetents in Congress felt smug all along realizing that their pay couldn't be touched? Of course they did. And it just gets worse when House Speaker John Boehner accuses President Obama of being the one holding up negotiations. Obama has said from the beginning that when they came back to the table for this March deadline, the deal would have to be a combination of more revenue with spending cuts. Both the GOP and Dems were behind this plan when it evolved in 2011, primarily made necessary due to the fact that Republicans were perfectly willing to allow a debt default.
Although results of the sequester won't be noticeable right away, $85 billion has to be cut from the budget, and because the framers designed this mess to be so God-awful that no rationally thinking group would let it happen, they made the cuts specifically mandatory so there would be no possibility of a strategic approach. It is hard to believe that we have mature grown men and women in Congress. We don't.
Well anyway, the Congressional Budget Office says that even with all the tax cuts looming, the economy will still grow at an inflation-adjusted rate of 1.4% this year. Not enough to help economic recovery.