01 Aug 2011
Apparently there's an agreement in place to raise the debt ceiling and cut spending - each by $2 trillion. The problem is the cut spending is only from future increases, so it's not a real cut but rather a decrease in the increase.
By putting it so far in the future, it's also like saying, "We're going to cut emissions 20% by 2021-22." Congratulations, but "we're" means "someone else, hopefully," so you're essentially saying, "Not my problem!"