In this video blog, OK Policy Director David Blatt provides an overview of the deficit reduction agreement reached this summer by Congress and President Obama. The deal calls for close to $1 trillion in cuts to discretionary programs over the next ten yeas and additional automatic, across-the-board spending cuts if Congress fails to enact a further $1.2 trillion in deficit-reduction measures by January 15, 2012.
For more detailed analysis of how the debt deal might impact the federal budget, click here for an in-depth summary by Richard Kogan from the Center on Budget and Policy Priorities. Or, click here for a few succinct power point slides on the subject developed by OK Policy. An earlier blog post summarized some of the best analysis of the agreement.