The Hill reports this morning that House Democrats plan to submit a bill tomorrow that abolishes the debt ceiling, “saying uncertainty surrounding the hikes causes unnecessary pain to the economy.”
Holy Moses – no limit on the debt? Obama will go berserk spending money. $2 trillion in benefits for all the illegals grandfathered in as U.S. citizens. Another $2 trillion for Carbon Trading and Carbon Caps. Add $2 trillion in infrastructure stimulus to pump up the unions. And that’s just by March 1st.
It’s the same old argument, from the drive-by Democrats. All this bluster over using the debt ceiling to finagle budget cuts will panic the markets and wreck our fragile economic recovery.
A year ago, if I wrote up a screenplay about all this lame drama and submitted it to Hollywood, they would have laughed in my face and blacklisted me forever as seriously delusional. Hollywood, no less – the masters of deception, the cretins of catastrophe, the dealers in doomsday.
Egad, the credit agency Fitch’s just yesterday warned the U.S. Treasury they will downgrade our credit even if the debt ceiling debacle is avoided. THEY WANT LONG TERM SOLUTIONS, and long term solutions equal a serious and meaningful effort to reduce our annual $ 1 trillion deficit.
Granted, I realize this latest bill posed by House Dems is just a clever tactic to shock us all with the extreme case. (It worked!) This will get wall-to-wall coverage, (the markets will panic, too) everybody will freak out; then when Obama comes back and tactfully asks for a mere $10 trillion extension in the debt ceiling over the next four years, everybody will breathe a sigh of relief and gratefully give it to him.
Pheewwww. Did we dodge that bullet or what?
Back to the credit agencies. “Back to realville,” as Rush Limbaugh would say.
The conservatives aren’t manufacturing this debt ceiling issue into a big deal. All the credit agencies are. They gave us a pass 2 years ago when Congress passed the sequestration bill as a show of faith that we mean business about lowering our out of control spending.
Now that we’ve reneged on sequestration, the credit agencies are disinclined to grant us any more slack. You miss your credit card payment one month, they stick you with a penalty fee then agree not to notify the credit folks, if you ask real nice. You miss it again, and you pay the fee, and your credit takes a hit.
Obama and the Democrats expect Fitch’s and Standard & Poor’s to cut us some slack again? Sure, two years ago the Dems brow beat the rating agencies, shellacked them with hate speech – cowed them into accepting sequestration instead of bona fide cuts – that was then; this is now, after endless months of wrangling that only netted $4 billion in debt reduction with the New Year’s Day resolution bill.
24 hours into the new year Congress approved a $10 billion Sandy relief bill. Just yesterday they approved another $50 billion for Sandy relief, almost all of which is 100% USDA certified prime grade pork.
Hey, Fitch’s reads the news, too. Their bean counters are following all of these shenanigans.
The Dems just lost us that much more credibility with this spurious, ridiculous bill.
Okay, Mr. Obama. It’s your turn to add insult to injury.
Make us look even worse.
That’s what you do.
