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About: Grand bargain (United States, 2011)     Goto   Sponge   NotDistinct   Permalink

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The grand bargain was an attempted political compromise during the 2011 budget debates in the United States Congress. Lawmakers were under pressure to pass a budget before automatic spending cuts known as sequestration took effect on August 4, 2011. President Barack Obama advocated historic cuts to social security, Medicare, and Medicaid, in exchange for an increase in federal taxes on upper income individuals, with the goal of reducing the federal deficit. Among centrist pundits, hopes for the grand bargain lasted until the resignation of Speaker of the House John Boehner in 2015.