"So, in 2011, there was no government shutdown, no default on the debt, and no contractionary spending cuts passed for this year or next year. In addition, 2010’s stimulus measures were extended into the beginning of 2012, and unless Congress and the White House come to an alternative deficit-reduction solution over the next year, the dual triggers (the Super Committee spending cuts and expiration of the Bush tax cuts) will go off and we’ll see a deficit “deal” consisting of a bit less than $4 in tax increases for every $1 in spending cuts — and half of those spending cuts will fall on the Pentagon."
