Four things to read about Ryan-Murray

1. A simple summary. This is a good start before reading the opinion pieces.

2. Congressman Paul Ryan at National Review.

3. Megan McArdle says it is a better deal for Republicans than Democrats. I agree.

4. Kevin Hassett‘s 5 reasons a Republican would support this deal:

First, the deal is microscopic, so small as to amount to economic rounding error. Second, it reduces government pensions by changing an indexing formula, a method that might have a better chance of sticking than more straightforward reductions, making these future cuts more certain than most. And if the new indexing continues forever, then spending will drop in the long run by much more than it will increase over the next two years. Third, if House Republicans pass this, it will reduce uncertainty and help the economy. Fourth (though this weakens the previous point some), the deal appears not to lift the debt limit, so they can play that game again if they want to. Finally, assuming that the debt-limit increase is not going to lead to another showdown next year, this deal allows Republicans to talk about Obamacare all next year.

I have a longer piece with my thoughts on Ryan-Murray coming soon to National Review online, by my own political take (not from the NRO piece) is that getting the budget deal off the table will be helpful in 2014. The debt limit fight is still on for February, and getting the discretionary budget resolved now will make that a very clean debate about reforming entitlements. Second, Obamacare goes back to the front burner for the next 2 months, which is vital to making it right, let’s say.

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