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-- lifts sequester cut on military
-- cuts pensions of Federal workers
-- ends benefits for long term unemployed
-- higher fees for air travel
Paul Ryan said it will reduce the deficit by $26 billion.
Total discretionary spending just above the Ryan budget.
So with no credible long-term inflation forecast, and therefore no credible long-term deficit problem, and everything promised by austerity proving just the opposite, we continue on the deficit cutting path.
And with little evidence that the private credit expansion is coming alive to pick up the slack of gov't in-order to keep positive growth numbers, things could turn ugly fast.