As far I know, the lack of a deal means $100b in tax hikes and $100b in spending cuts out of a $15t economy, just over 1%. And the debt limit goes up $1.2t. I’m struggling to see what the big deal is. The deficit goes up $1.2t. Taxes are raised a minuscule amount, and spending is cut a minuscule amount. This is really small potatoes, in the overall scheme of things.
“the lack of a deal means $100b in ...”
What it means in the end is only part of the description. I can’t judge it without knowing how quickly it’s phased in. Do you know that? Does anyone? Is it specified at all?