Monday, May 16, 2011
The day of reckoning is near
We hit the debt ceiling today. What's congress going to do about it?
From WSJ.online -- The U.S. government is expected to hit the $14.294 trillion debt ceiling Monday, setting in motion an uncertain, 11-week political scramble to avoid a default.
The Treasury Department plans to announce Monday it will stop issuing and reinvesting government securities in certain government pension plans, part of a series of steps designed to delay a default until Aug. 2.
The Treasury's moves buy time for the White House and congressional leaders to reach a deficit-reduction agreement that could clear the way for enough lawmakers to vote to raise the amount of money Congress allows the nation to borrow.
President Obama and speaker Boehner are playing a dangerous game of chicken here. I have a feeling Boehner will blink first. The media and all Americans receiving handouts will blame the republicans no matter what causes a default. Obama knows this and it'll give him the backbone to stand his ground.
If it comes to republicans caving in to Obama and voting to raise the debt ceiling in exchange for winking democrats' promises to dramatically cut spending, then any republican who voted to raise it should be kicked out of office in 2012. I don't care if it's their first or tenth term, if they vote to increase debt without concrete, ironclad spending cuts, they don't deserve the seats they hold, and we'll find somebody who does. Besides, I think Obama is going to win in 2012 anyway so we may as well have a pure group of conservatives with whom to do battle.