I am not sure what the news means, the republicans say they are confident an agreement can be negotiated, and the democrats say they think it is unlikely.
The senate bill has been sent back to the house for the house to act on. They can refuse to consider it as the senate did with their bill, they can pass it, or they can amend it and send it back to the senate for approval.
Just for the sake of discussion suppose they append “Cut, Cap, and Balance” to it. The senate can not refuse to consider it; after all it is their bill.
It has come out that the government won’t really renege on its debts if the debt limit isn’t raised. The US government bond rating may be lowered if nothing is done to improve the likelihood that the US won’t welsh on its debts at some point. The bond rating may be lowered whether the debt limit is raised or not.
The republican bill called cut cap and balance contained the changes that would have preserved our bond rating, but the democrats didn’t want spending limited, and that bill would have limited spending. The democrats are willing to see our AAA bond rating down graded rather than have limits placed on government spending.
The democrats have hoped that the crisis created by their refusal to act on any republican bills would put the republicans at such a disadvantage they would be forced to pass the worthless senate bill to prevent financial Armageddon.
All the republicans have to do is make the changes required to turn the senate bill into good legislation and send it back to the senate. The democrats will then have the crisis they created in their hot little hands.
Well that would play really good down here in Panama City, Florida. I really hope the republicans have something like that in mind.
We do desperately need to limit government spending. A long time ago a congressman was talking about the vast sums of money the congress was spending, and he said something like; “You spend a billion here and a billion there and pretty soon you are talking about real money”.
Today they are talking about spending a trillion here and a trillion there. Friends that is real money; it is such a vast sum we normal people can’t imagine how much money it really is. If congress doesn’t limit government spending they will be back next year asking for four or five trillion more. Come on republicans earn your pay.