I have always suspected that the Tea Party’s existence revealed a fundamental healthfulness of the American polity. Reading the broad outlines of the debt limit / budget deal in the
Hamburgers from sacred cows (Tea Party edition)
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ricardian ambivalence 
I am impressed that the Tes party advocates want policies that clearly do not work.
that should be clearly do not work
dunno what happened above
I am not entirely surprised by the mooted defence cuts (although the definition of defence has been significantly widened in “final deal”). Rand Paul types are not big on US’ power projection games. Old school isolationists me thinks.
Defence budget cuts would need to follow massive strategic rethink on the part of the US Mil. Specifically, TPMB has some good ideas. See here for funny quick overview of his ideas:
Also this:
http://www.nationalreview.com/agenda/273256/debt-ceiling-deal-less-meets-eye-josh-barro
“The deal includes a lot of spending cuts, but it’s important to understand how backloaded these cuts are. The headline figure is $2.5 trillion in cuts over ten years, but less than 1 percent of those cuts will come in FY 2012. The near-term fiscal changes are so small that they will matter very little for the economy. “
Wrong thread for last comment sorry.
I would have normally supported expenditure cuts rather than tax rises however Perrotti frorm the BIS found this to be untrue.