Welcome back my friends to the show that never ends. Come inside, the show’s about to start guaranteed to blow your head apart… Emerson, Lake & Palmer
Here we go Folks! The fools on the hill are at it again! With the federal government set to hit its debt ceiling at the end of this month and begin defaulting on its obligations, we are still awaiting the passage of a bill to raise the debt ceiling and end the threat. After October’s GOP standoff and the subsequent shutdown of government you’d think Congress would have acted already, but no-o-o-o, they’re still playing their little game of “Let’s Make a Deal.”
The GOP has suggested several measures as attachment to passage of the Debt Ceiling Bill, the most recent being the attachment of a bill to restore cuts in military pensions. President Obama however has made it quite clear that he will not negotiate on raising the debt ceiling. If an agreement isn’t reached soon the federal government will begin to feel the effect as soon as this Friday when the Treasury Department will no longer have the authority to issue bonds as necessary to pay the government’s bills. In a matter of weeks the government cash flow would stop completely and the U.S. would begin defaulting on some of its debts. Sound familiar? Yep, it’s like deja vu all over again.
Sounds like more of the same doesn’t it? But this economic train wreck can be averted. Just last Thursday things seemed to be progressing nicely up on the hill. So much so that Speaker of the House John Boner, I mean Boehner promised publicly that “We’re not going to default on our debt,” and that the debt cap would be raised. Not only that but he even suggested that the debt bill to be voted on might be a ‘clean’ bill meaning it wouldn’t contain any GOP conditions. Really? no strings attached? Now wouldn’t that be special! But is the House Speaker talking out of his butt again and making a promise as empty as the heads of most of his fellow congressman or does he mean business this time?
As we all know things can change quickly on the hill and usually do but this time around it appears that the Speaker is for real and means business! Today he announced that the House would be voting on a “clean” debt limit bill sometime tonight! What? A no strings attached piece of legislature from this bonehead Congress? Really? As hard as it is to believe, it appears so.
With this announcement the Speaker pretty much threw what has been known as the “Boehner Rule” right out the window! The “Boehner Rule” holds that any increase in the debt ceiling be attached to spending cuts of equal size. Not this time around my friends. What a frickin’ surprise! I’m stunned. Can Boehner really be putting the good of the country ahead of his parties agenda? Has he perhaps seen the error of his ways? I doubt it. Boehner’s a smart politician who’s been in the game long enough to know how its played. This move averts potential disaster for the country and puts his party in a favorable light. One thing they don’t need is more bad press. Believe me this unconditional bill doesn’t mean unconditional surrender to Obama and the Democratic Party. I’m quite sure Boehner has some other reason for his capitulation? What that may be I have no idea but I’m sure in time we’ll all find out. Until then one can only wonder…