With just twelve days to go before the so-called debt ceiling deadline of August 2, Barack Obama has flip-flopped on his opposition to a short-term debt limit deal. This latest move comes after the Republican-controlled House passed its Cut-Cap-and-Balance bill Tuesday. Meanwhile, the so-called Gang of Six, three Democrat and three Republican senators, announced Tuesday that they have a new deal, also. However, all of the details are not worked out and it could be weeks before an actual bill could be drafted and voted on.
So, Obama, who has determined that the only way to get reelected is by focusing on his leadership, is now prepared to take a short-term deal while this latest monster is hatched. Obama himself has yet to put anything on the table in writing, which he views as being the proper way to act as a leader. He thinks America wants someone to lead from behind or the side lines. Obama certainly cannot run on his record, since he has failed at everything, especially in handling the economy and unemployment.
For more about how Obama will veto the GOP Cut-Cap-and-Balance bill, check out The Jawa Report. For more about just how bad this compromise Gang-of-Six bill is, read The Pirate′s Cove. For those who think the government can lift Americans out of poverty, Sister Toldjah has the facts and figures on how LBJ′s Great Society and War on Poverty actually made poverty more widespread. Over at Net Right Daily, they give the low-down on how the credit rating agencies may react to the various debt ceiling bills.
Meanwhile, Althouse updates us on what is going on in Wisconsin with the recall elections. Former Ambassador John Bolton has more criticism on the United Nations as reported at New Zeal. The latest terror threat warning about insider sabotage at nuclear and chemical plants is covered by Atlas Shrugs 2000. And finally, we have a piece at Patterico′s Pontifications about how Obama is defying political gravity.
How much longer can Obama defy gravity? Probably not much as the debt ceiling deadline, as well as the 2012 federal budget deadline approach. There will be plenty of posturing by both parties as Obama continues his tactic of leading without leadership. In the meanwhile, Obama flip-flopping on a short-term debt limit deal is a clear sign that he knows he is in trouble. The ramifications of his presidency being the first to suffer a bond credit downgrade would not only cause higher interest payments on the National Debt, but also impact most of the ′Blue States′ that are deep in debt as well. The winter of discontent is just starting, folks!