Obama still insists on a debt ceiling deal that goes beyond the 2012 election and Speaker John Boehner has newly offered a deal to, what else, raise the debt ceiling for only six months, so as to embarrass the President and gain political advantage later on during the 2012 election cycle.
Now, that’s responsible governing.
And Tea Party spokesman Eric Cantor is in favor of the short-term proposal, apparently saying to the GOP House caucus that Obama’s insistence on a long-term deal is “purely political and indefensible, ” according to The Wall Street Journal.
Problem is, as Think Progress points out, Eric Cantor opposed such a short-term deal just a short term ago, saying, “Putting off tough decisions is not what people want in this town.”
The Keystone Kops were more competent than this bunch of GOP “leaders.” By the way, it has now been more than 200 days since the House Republicans took over, promising jobs, jobs, jobs. They haven’t even offered a jobs bill, let alone produced a single job outside of Grover Norquist’s TV-booking secretary.
Meanwhile, feeling left out, Senate Majority Leader Harry Reid (and former Speaker Nancy Pelosi)—who agree that Boehner’s short-term offering is a “non-starter“—offered yet another proposal:
In an effort to reach a bipartisan compromise, we are putting together a $2.7 trillion deficit reduction package that meets Republicans’ two major criteria: it will include enough spending cuts to meet or exceed the amount of a debt ceiling raise through the end of 2012, and it will not include revenues. We hope Speaker Boehner will abandon his ‘my way or the highway’ approach, and join us in forging a bipartisan compromise along these lines.”
There you have it. In order to protect Social Security and Medicare and Medicaid beneficiaries from ravenous Republicans, as well as preserve the turtlish economic recovery, if not the economy itself, Democrats are willing to concede game, set, and match to the Republicans.
Except that the game, set, and match in which Republicans in the House appear to be interested involves the very social programs that Democrats vow to protect—with support from large majorities of the American people.
Related to all this is Teresa Tritch’s post on Saturday in The New York Times, which featured these two graphs, a study of which will reveal “How the Deficit Got This Big,” the title of Tritch’s piece:
Finally, as the world turns, foreign markets were down as the U.S. appears to be ungovernable, gold—the currency of uncertainty—hits a record high, and the so-called safe haven paper currency of choice is decidedly not the U.S dollar, at least today, for obvious reasons.
Once upon at time, before the advent of the Tea Party, the following was true:
When the world is in turmoil, investors have usually had one automatic response: Put money into dollars, viewed as the global safe harbor.
What does the world do when the turmoil is in the home of the ultimate safe haven for investors?
Well, no one is panicking yet, but the clock is ticking. Either today, after trading in the U.S. begins, or sometimes this week, Wall Street will send a message to the GOP: Stop the madness.