“I’ll gladly pay you Tuesday for a hamburger today.”
Do you remember Wimpy from the old Popeye cartoons? If you do, then you know that’s exactly how he racked up all those free lunches -- with countless broken promises to actually pay for his meals.
Wimpy also must have been part of the congressional negotiating process that was tasked with coming up with a longer-term budget agreement to replace the temporary spending bill that is set to expire on January 15.
In a deal announced after the markets closed on Tuesday, the bipartisan committee agreed to increase discretionary spending by $63 billion over the next two years above the previous levels that were mandated by the Budget Control Act of 2011. If you recall, that was the law that allowed the debt ceiling to be raised and, in return, guaranteed $1.2 trillion in deficit reduction over the next decade -- otherwise known as “the…