A reworked John Boehner debt ceiling plan will be voted on today in the House of Representatives. The question now is, will enough of the 87 Tea Party Congressmen go along and support House Speaker John Boehner. The tweaked plan calls for $917 Billion in CBO verified spending cuts and a $900 Billion increase to the debt limit. Senate Democrats, led by Majority Leader Harry Reid, are already threatening to squash the bill when it arrives in the Senate. With now only 5 days left to go before the August 2 debt ceiling deadline, will Democrats violate the 14th Amendment and deliberately default on bond obligations?
Boehner gathered the House Republicans yesterday and basically told them to get their “a**es in line” and back the bill. Wall Street responded to the chaos in Washington with the Dow Jones losing nearly 200 points, finishing the day down about 1.5%. The real test, however, is with the bond market. Sales of short-tern notes due right after August 2 were up as the bonds were being dumped as people fear not being paid.
Meanwhile, Barack Obama was unusually quiet yesterday. Perhaps the negative feedback from his ridiculous prime-time address to the nation has him thinking twice? So far, neither he nor Harry Reid have submitted anything in writing that can be voted on. Of course, this is normal as the Democrats have not submitted any budget bills for over 800 days. One wonders why they bother to show up at all?
Only House Republicans, led by Speaker John Boehner have put any debt ceiling plans in writing. The latest one would increase the debt limit by $900 Billion dollars, enough to fund Obama′s wild spending ways only until about February, 2012. The Tea Party caucus appears to be satisfied with Boehner′s $917 Billion in actual spending cuts, scored and verified by the CBO. Yet Senate Democrats led by Harry Reid and encouraged by Barack Obama vow to squash the bill, even though the August 2 debt ceiling deadline is only 5 days away. Democrats still Obama can use the 14th Amendment to arbitrarily raise the debt limit without Congressional approval, which goes way beyond the terms of the Amendment.
July 28th, 2011 at 5:52 am
Credit agencies have been clear that the problem is not merely the ceiling negotiations, but runaway spending and debt. (Something that MSM has conveniently under-reported.)
So maybe we need deeper cuts and tax reforms than this. But clearly we need more time to sort that out, and this bill does not add to the debt – assuming info is correct-; so I think it should pass.
July 28th, 2011 at 6:17 am
It will certainly pass the House. Hopefully, the GOP can use this bill to shame Obama and the Democrats into doing something constructive. But I wouldn’t hold my breath since Obama and the Democrats do not know how to be constructive at all.
July 28th, 2011 at 8:11 am
Harrys will pass the senate but not the house. Boeners will pass the house but not the senate.
Meanwhile those two are in limbo cap n trade will get voted on by the senate and pass ?
Who knows
July 28th, 2011 at 8:13 am
Krauthammer and McCain basically have said the same thing. Whether or not you like their politics or opinions they’re right.
The ceiling will get raised, its just a matter of terms involved
July 28th, 2011 at 9:51 am
The Tea Party is a monster out of control!
Some horrible liberal moonbat said this:
“Unfortunately, Congress consistently brings the government to the edge of default before facing its responsibility. This brinkmanship threatens the holders of government bonds and those who rely on Social Security and veterans benefits. Interest markets would skyrocket. Instability would occur in financial markets and the federal deficit would soar.
“The United States has a special responsibility to itself and the world to meet its obligations. It means we have a well-earned reputation for reliability and credibility — two things that set us apart in much of the world.”
July 28th, 2011 at 10:07 am
“The Tea Party is a monster out of control!”
You guys are a focking riot.
Two years ago, a year ago,you were all saying the Tea Party would never amount to anything, was just a gnat on a dogs balls and that they and Sarah were blips not to been seen ever again shortly.
Now they’re this huge monster.
Kinda like Bush being this huge idiot except when hes the mastermind behind sending a 21 member coalition to war in Iraq based on lies or being the diabolical genius behind 911.
The only consistency is your idiocy
July 28th, 2011 at 3:15 pm
Tea Party is the only group holding Congress and Obama accountable for their irresponsible spending. The left hate the Tea Party because finally citizens are saying no more stealing from the present generation and the future generations. The left for the first time in 90 years are being exposed as the blood suckers they are. The Media never told the truth about the left because they are the left.