Saturday, July 30, 2011

Another Day Older.And Deeper In Debt

++The overseas papers are now openly commenting that the United States has lost its mind and raising grave doubts about whether America can actually be allowed to lead the world's economies as we have. Still the largest world economy, the United States is seen as suffering a self-inflicted wound and a political system beyond dysfunctional. The Republicans gamble to play chicken with the debt ceiling for the first time in American history has finally triggered revulsion from Europe and China and India. Can you imagine now if a Republican were actually elected President in 2012? Goodby our residual international influence.

++Yesterday's frolics continued into today. The clock is now literally running out. With the Senate cloture rules and the GOP's willingness to filibuster a bill to raise the debt ceiling for the first time in American history,we may not get to the point of a bill being passed by the Senate and then the House in time. All of this has to be done by Wednesday 12:01 A.M.

++Speaker Boehner only got his 218-210 win yesterday by attaching the most improbable call for a Constitutional Balanced Budget Amendment on the bill. The second debt ceiling vote would only occur if Congress had approved this. Since two-thirds of the Senate would be needed to pass such an amendment, reality would tell almost anyone it was impossible.

++The Boehner bill was almost immediately tabled in the Senate by a 59-41 vote.

++Then we were treated to the news that Mitch McConnell wouldn't negotiate with Harry Reid and wanted Reid to submit his bill last night so he could filbuster it.

++Today the House wanted to get even--remember the United States is supposed to default on its debt in a few days. The House voted on the Reid bill under "suspension rules", which means it would need two-thirds to pass. The House's own bill couldn't do that. So Reid's bill went down to defeat.

++Meanwhile 43 Republicans in the Senate signed a letter to Harry Reid calling his bill unacceptable. This all means that Republicans are threatening a filibuster unless it is renegotiated. The actual bill contains budget cuts already approved by Republicans and no new revenues. Actually, the bill with a few tweaks can add the necessary Republicans to make it to the floor.

++President Obama in his weekly address lamented the House's waste of time and days passing something they knew the Senate and the White House would not accept. But the President's talk about the compromise he would want is something that passed by over a week ago.

++President Obama summoned Nancy Pelosi and Harry Reid to the White House as of the writing of this post. And somehow and somewhere Joe Biden and Mitch McConnell claims that a deal can be done.

Stay Tuned.

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