Speaker of the House John Boehner has been working hard on his new debt deal, now finally getting the numbers right to have it actually cut more than the ceiling would be raised. But despite all of his hard work, and a scheduled House vote on the deal later today, he’s still not sure if he has enough votes to actually pass it.
There are a few other remedies to the situation, of course. Many are still arguing that Obama should invoke the 14th amendment, declaring that it’s unconstitutional to default on our obligations. However, if he does that, Congresswoman and presidential hopeful Michele Bachmann says that would “make him a dictator,” and her congressional buddy Steve King already threatened impeachment. Another suggestion is that the U.S. Chamber of Congress could sure for damages, forcing the ceiling to be raised that way.
Or, they could just have a clean vote and raise the ceiling. You know, like they did over and over again under George W. Bush.
Why does it seem like the threat of default and the economic costs — many of which the country is expected to absorb anyway since the late resolution means creditors are likely to drop the bond rating regardless of action being taken in time — not matter that much to a large faction of Congress? I guess you have to look a little closer at who is making money off the stalemate. Some of the biggest Tea Party vote blockers are the ones doing the most fundraising off of the debate itself. It’s hard to take someone’s word that they are acting in good faith in negotiations when they’re stuffing the coffers while a deal is on hold.
So when will we see the results of the Boehner debt deal vote? Well, not until markets close, to minimize impact.
That doesn’t bode well at all, does it?
Photo credit: revisorweb