Don't Believe the Media Fearmongering About Spending Cuts

If you read news coverage about the brewing battle over raising the debt ceiling, you might think it's a fight between demons and angels. On one side, you have Republicans who are willing to risk a default on the government's debt unless they get spending cuts that will starve people. On the other side, you have Democrats who, guarding the interests of ordinary Americans, want a "clean" increase in the debt ceiling with no cuts in spending.

None of this is accurate. The concessions sought by Republicans are relatively small...