A Tea Party Triumph

This is why the New York Times editors are so pissed off.

At Wall Street Journal:

If a good political compromise is one that has something for everyone to hate, then last night's bipartisan debt-ceiling deal is a triumph. The bargain is nonetheless better than what seemed achievable in recent days, especially given the revolt of some GOP conservatives that gave the White House and Democrats more political leverage.

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The big picture is that the deal is a victory for the cause of smaller government, arguably the biggest since welfare reform in 1996. Most bipartisan budget deals trade tax increases that are immediate for spending cuts that turn out to be fictional. This one includes no immediate tax increases, despite President Obama's demand as recently as last Monday. The immediate spending cuts are real, if smaller than we'd prefer, and the longer-term cuts could be real if Republicans hold Congress and continue to enforce the deal's spending caps.

I've been really thinking about that this last few days. So much of current political dealmaking in the end depends on who wins in November 2012 and beyond. Republicans positioned themselves well for the upcoming campaign, and with 1.3 percent GDP growth and unemployment sticky at 9.2 percent, there's lots of reason for the Times to be even more pissed. It's another case of projection, of course. Progressives are mad. So they lash out, despite their own home-grown failures. Keep an eye out this week for more heated rhetoric from the left. Republicans might stock up on some choice quotes to run later in political ads. Democrats are really sore at losing this round, all the more so since their strategy of do-nothing obstructionism turned out to be a disaster. And we've got a presidential election as on the ballot as well. Boy, things are shaping up very well for the reviled teabaggers conservatives.