Debt Limit: Going Backward

We will not get an increase on the debt limit prior to the deadline.  David Kurtz explains why at TPM:

Just minutes after President Obama urged the parties to come together and avert this default crisis, things are actually going backwards in the House. And in pretty incredible fashion.

To secure enough votes from his own members for his plan, Speaker Boehner is amending it to basically turn it into Cut, Cap, and Balance Lite.

Here's the key new provision that is apparently going to win enough GOP votes to pass the bill:

The debt ceiling would be raised immediately but not by enough to get the government through next year. To get the second debt ceiling increase, House Republicans want a balanced budget constitutional amendment to pass both chambers first and be referred to the states.

Never going to happen, but that's where we are. It makes you wonder if there's any compromise plan that can get through this House. That's why, even though my gut says there's no way the U.S. is stupid enough to default, I still can't see a clear, viable way out of this.

29 July 2011