Practically Delusional

|
July 29, 2011 7:08 a.m.

Just minutes after President Obama urged the parties to come together and avert this default crisis, things are actually going backwards in the House. And in pretty incredible fashion.

To secure enough votes from his own members for his plan, Speaker Boehner is amending it to basically turn it into Cut, Cap, and Balance Lite.

Here’s the key new provision that is apparently going to win enough GOP votes to pass the bill:The debt ceiling would be raised immediately but not by enough to get the government through next year. To get the second debt ceiling increase, House Republicans want a balanced budget constitutional amendment to pass both chambers first and be referred to the states.

Never going to happen, but that’s where we are. It makes you wonder if there’s any compromise plan that can get through this House. That’s why, even though my gut says there’s no way the U.S. is stupid enough to default, I still can’t see a clear, viable way out of this.

Latest Edblog
advertisement
Masthead Masthead
Founder & Editor-in-Chief:
Executive Editor:
Managing Editor:
Senior Editor:
Special Projects Editor:
Editor at Large:
General Counsel:
Publisher:
Head of Product:
Director of Technology:
Associate Publisher:
Front-End Developer:
Senior Designer:
SPECIAL DEAL FOR PAST TPM MEMBERS
40% OFF AN ANNUAL PRIME MEMBERSHIP
REJOIN FOR JUST $30