In the article Wonkbook: The GOP’s dual-trigger nightmare, Ezra Klein explains:
Imagine if the Democrats offered Republicans a deficit deal that had more than $3 in tax increases for every $1 in spending cuts, assigned most of those spending cuts to the Pentagon, and didn’t take a dime from Social Security, Medicaid or Medicare beneficiaries. Republicans would laugh at them. But without quite realizing it, that’s the deal Republicans have now offered to the Democrats.
So now there are two triggers. One is an extremely progressive spending trigger worth $1.2 trillion that goes off on January 1, 2013. The other is an extremely progressive tax trigger worth $3.8 trillion that goes off on…January 1, 2013. If you count reduced interest payments, the two policies alone would reduce future deficits by about $6 trillion. That’s far more than anything the supercommittee came close to discussing. It’s distributed far more progressively than anything the Democrats have even considered proposing. And all that needs to happen for it to pass is, well, nothing.
…Democrats don’t seem particularly interested in pressing their advantage.
Of course that last sentence explains where it will all go wrong for the 99%. As the article explains there are many things for the Democrats not to like about the deal they have stumbled into. However, they should not fritter that deal away by trading for something that is not even as good. Past history shows this position won’t prevent President Obama and the Congressional Democrats from snatching defeat from the jaws of victory.