Wednesday, July 13, 2011

Looks like Republicans are balking on holding the economy hostage

This is a good thing:
For sheer cynicism it’s hard to top McConnell’s latest bright idea, which is essentially to pass legislation that will give the Obama administration the power to raise the debt ceiling, subject to a 2/3rds over-ride by Congress. The practical effect would be to raise the debt ceiling while allowing Republicans to vote “against” doing so with impunity.
Yes, it's a cynical ploy to make Obama look like a bad guy for raising the debt ceiling (to pay for a budget that Congress passes, of course). But it's a total cave on all the policy concessions they were trying to extort from Democrats by holding the economy hostage and threatening to let the US go into default.

I'm glad to finally see some movement on this.

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