10.16.2013

REPUBLICANS ARE LOSING THE DEBT CEILING DEBATE

The president and Dems are damaged, but the Republicans are in complete disarray.

john boehner, speaker, boehner
Speaker John Boehner (Creative Commons)
By R James Towe james@sollicitus.us

As the fog began to clear on Wednesday morning, the spineless wing of the GOP was closing in on a deal. A capitulation to Harry Reid and the president. The Senate put forth a debt ceiling extension, income verification for Obamacare subsidies and maintaining the sequester. 

All of this squabble achieved enforcement of income verification when applying for Obamacare subsidies. Incredible.

The Republicans are cowering with tails tucked firmly between their legs.

Calling the Republican leadership, especially in the Senate, spineless is giving these men and women the benefit of the doubt. I wonder if they have any ideological feelings left in their souls on healthcare and the debt ceiling? It's obvious that political expediency dominates.

The cries of default and economic meltdown are tactics to drive fear into the public.

The truth: a default would be unlikely. The definition of a 'default' is the frightening moment that U.S. bond holders are not paid interest by the federal government on their investment. That indeed would be very damaging for the world economy. It would likely lead to a deep recession and America, as an investment 'safe haven', would be irreparably damaged.

Other areas of the government would be reduced or eliminated before a default. The world economy would not collapse on the morning of October 17.

America's debt is where the real fear should lie. 

Not enough Republicans and practically no Democrats have the passion to do anything substantive about the debt situation. Holding firm might have pushed the president into negotiation. Senator McConnell and Speaker Boehner couldn't display a united front. McConnell has hung Boehner out to dry and Mr Boehner's speakership is in serious jeopardy.

Just remember, the feds are stealing your money. Tax increases and government borrowing don't make your life better. In fact, your children will experience a lower standard of living than you enjoyed. They will be paying the abusive debt we created.

But I must ask, is the American public engaged enough to care? Anyone there?