Grand bargain (United States, 2011) explained

The grand bargain was an attempted political compromise during the 2011 budget debates in the United States Congress. Lawmakers were under pressure to pass a budget before automatic spending cuts known as sequestration took effect on August 4, 2011.^{[1] [2]} President Barack Obama advocated historic cuts to social security, Medicare, and Medicaid, in exchange for an increase in federal taxes on upper income individuals, with the goal of reducing the federal deficit.^{[3] [4]}

Moderates from both the Republican and the Democratic party were in favor of the compromise. However, the Tea Party faction of the Republican party firmly objected to tax increases, causing Republican Speaker of the House John Boehner to not support the deal. The progressive faction of the Democratic party was opposed to cuts to social security and the social safety net. An effort to defend Social Security was spearheaded by independent Senator of Vermont Bernie Sanders.^[5] Due to the opposition arrayed against it, the compromise failed.^{[6] [7] [8]}

Among centrist pundits, hopes for the grand bargain lasted until the resignation of Speaker of the House John Boehner in 2015.^{[9] [10]}

Notes and References

1. Web site: Evans. Garrett. February 10, 2016. Showdown scars: How the $4 trillion 'grand bargain' collapsed. November 20, 2020. The Hill.
2. Web site: Lancaster. LNP Media in. Murse. Pennsylvania our editorial process Tom. Grand Bargain Definition. November 20, 2020. ThoughtCo.
3. Web site: John Boehner Rejects Obama's Grand Bargain On Debt Ceiling. September 8, 2011. Ryan. Grim. Huffington Post.
4. Web site: January 13, 2020. Joe Biden's history of austerity. November 20, 2020. The Week.
5. Web site: Obama Wanted to Cut Social Security. Then Bernie Sanders Happened.. June 2, 2016. Zaid. Jilani. The Intercept.
6. Web site: Obama vs. Boehner: Who Killed the Debt Deal?. Matt. Bai. March 28, 2012. The New York Times Magazine.
7. News: Obama's evolution: Behind the failed 'grand bargain' on the debt. Peter. Wallsten. Lori. Montgomery. Scott. Wilson. March 17, 2012. The Washington Post.
8. The Inside Story of Obama and Boehner's Second Failed Grand Bargain. Jay. Newton-Small. July 23, 2011. Time.
9. Web site: John Boehner resignation kills hope for grand bargain. Jill. Lawrence. September 26, 2015. USA Today.
10. Web site: Boehner and Obama: Caught in a bad bromance. Glenn. Thrush. Sarah. Wheaton. September 25, 2015. Politico.