Okay, so here’s the latest in the debt ceiling debate:
1) Republicans, led by Speaker John Boehner, have offered a deal that will raise the debt ceiling, put a cap on spending for the next ten years that might cut spending at some point in the future, and empanel yet another commission to suggest some more spending cuts. Apparently, all this “waste, fraud, and abuse” is so hard to find that we need another commission — did I mention this is another commission — to find it all. Neither Tom Coburn nor his website were available for comment, evidently.
2) Democrats, led by Senate Majority Leader Harry Reid, finally put a plan on the table. Their plan saves so much money that Harry Reid can’t even tell us how much it saves, though he did say we’re playing “a game of reality”, whatever that is. The plan does this largely by cutting programs that are already ending anyhow. The President reportedly likes this plan and his Mouth of Sauron called it “reasonable”.
3) President Obama will give a speech at 9 P.M. that will not have any actual proposals in it,. It will, however, scold all of us for not putting enough pressure on Congress to give him the plan he wants. Since he’s put forth no actual plan, however, we could be forgiven for wondering what that is. Well, outside of “compromise”. Here is where I note that the House Republicans did send the Senate a solution that two-thirds of all of America wanted, but Harry Reid and Barack Obama killed it without a second thought. Stephen Green gave the speech a quick Sober Pre-Live Blog and found it full of hoary talking points and more strawmen than the entire state of Kansas.
Right now, it’s hard to know where anyone who is not a Republican stands in the debate. Both the President and Harry Reid have zigged and zagged so much that I’m tempted to pull them both over and give them sobriety tests. Dan Collins thinks that maybe the President has decided to take some responsibility for the situation when he put the kibosh on an apparent bipartisan agreement, but who can tell? We probably won’t get a clear read on the situation until the President stops throwing tantrums and Harry Reid stops hiding from reality.
Category: The Economy and Your Money