Reid unveils his debt limit plan

Senate Majority Leader Harry Reid’s just unveiled his own plan to resolve the debt limit impasse. His claims to have met all of the Republicans demands reminded me of one of those genie movies where the protagonist’s wish ends up being granted in way that technically meets his request, but not in the way he meant it.

Reid says his plan meets the Republican demand for a dollar for dollar trade off in spending cuts to debt limit hikes, and does so without raising taxes. Yet in reality, it doesn’t do anything to address the central complaint of Republicans or the rating agencies — i.e., the long-term debt problem driven by entitlement spending.