Most people expect the ceiling to get raised. My understanding is that they are bound by the Constitution to not default on debt -
AFP: White House, lawmakers eye compromise debt dealSection four of the Fourteenth Amendment, known as the public debt clause, states that “the validity of the public debt of the United States, authorized by law … shall not be questioned.” The clause was included to prevent Southerners or their sympathizers from preventing payments owed to Union soldiers or their widows. However, the language goes beyond the narrow issue of Civil War debts.If Congress does not raise the debt ceiling, the United States will not be able to service its outstanding debt, that is, pay interest to bondholders. Congress would indicate it is unwilling to pay the public debt. Unwillingness to pay a debt has the same effect as an denial of the debt obligation, effectively a repudiation of the debt. source - Jonathan Turley
The blueprint, described last week by aides who warned it was still in flux, would effectively let Obama do so with just Democratic votes while letting Republicans oppose the move with political but few practical consequences.
The plan would also call for as much as $1.5 trillion in spending cuts over ten years and set up a special commission of lawmakers empowered to propose more cuts that would get streamlined congressional consideration.
A final deal was all but certain to exclude Obama's sought-for tax hikes on the rich and wealthy corporations, allowing him to run through 2012 on that broadly popular proposal.
4 comments:
These fools are determined to destroy what's left of the teetering recovery and throw us back into the hole of the Great recession. They'll do this and then astoundingly call for even more cuts to get out. Its like handing an idiot a shovel when he's in a hole and instead of grabbing hold and letting u pull him out , instead he insists that since shovels are for digging he'll dig his way out.
That is a good analogy. This is not the time for cuts, for layoffs, for shrinking anything.
We've said this before but the GOP is being ruthless here. They are seizing the moment and driving their crazed policy. They want the economy to tank so Obama loses in 2012, they want to preserve as much wealth as possibly and add to the super rich coffers, they also want to push their contempt of FDR AKA SSI etc. They could care less how many people will be ruined by these things. Its all god's work right. There is no difference between these people and the Sharia law they allegedly hate but apparently want to duplicate.
If Obama folds and gives the Retardicans everything they want he's toast. It will destroy the D party. He's a failed President at this pt. Over 9% official Un 3 yrs. into his term? A wrecked sinking economy 2 yrs. after the Recession ended ( on Wall st. and nowhere else.) His only hope is that the Retardicans nominate Michele or Sarah or some other crazy person.
I would agree.
I don't think the GOP goes with Bachmann or Palin. Palin has already been over-examined and we already know about her. Bachmann has not been put under the microscope - especially her husband. Funny thing, but 2012 would have been McCain's year.
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