The Debt Ceiling Last-Minute Two-Step
Byron York reports that there may be a two-stage solution to the debt ceiling, and one that doesn’t appear to involve any promises from Democrats to cut spending later if we raise taxes now (the Wimpy deal, though not with hamburgers):
House Republicans are finishing work on a new proposal to resolve the standoff over the debt ceiling. The proposal, set to be finished and crafted into the form of a bill by Sunday, will be in two parts. The first will combine a short-term increase in the debt ceiling with spending cuts. The second will lay the groundwork for a longer-term increase in the debt ceiling coupled with far-reaching deficit reduction.
Of course, to your average lefty, “deficit reduction” means higher tax rates, but we can hope that the House GOP continues to stand firm on that and instead works for real spending cuts with perhaps the removal of some deductions so that the Democrats can claim at least a small victory.
I’m also not sure what they mean by a short-term increase… I sort of hope they mean to have this issue blow up in Obama’s face right around election time next year if he and the Democrats don’t actually work on a reasonable deal in the interim.
We’re going into the 9th inning, but this game isn’t over yet by a long shot.