Ceiling Conclusion

While a compromise debt-ceiling bill is taking shape, its passage is not a done deal. Moreover, despite the heated rhetoric, the current compromise only shaves about 1.5% off the FY2024 spending as it utterly fails to attack the budget’s major cost drivers. If our politicians ever get serious about reducing the deficit it’ll require tax hikes, reductions to entitlements, and cuts to defense. Until then it’s all show and tell.