Editorial Board, New York Times:
The budget deal agreed to Monday night by Republican and Democratic leaders is modest by any fiscal measure. But it still counts as a big victory for common sense. For the past seven years, the Republicans’ goal has been to thwart President Obama at the expense of the nation’s economic and financial health. Of course, Republican hard-liners are not about to give up on that mission and are likely to oppose the deal. Fortunately for everyone else, they do not appear to have the votes to derail the package…
The deal also leaves for another day — another president and a future Congress — the most divisive and serious budget issues. The nation requires vastly more federal spending to meet the needs of a growing and aging population in the face of technological change, security concerns and educational and environmental challenges. More spending requires more taxes. Yet Republicans, including the party’s presidential candidates, continue to call for high-end income- and estate-tax cuts, while refusing to consider a financial transactions tax or other more modern ways to raise revenue.