In perhaps one of the most brazen demonstrations of incompetence and lack of concern for one’s nation from a government leader we have ever seen, John Boehner has devoted the last few days to pass a bill which had zero chance of becoming law, as opposed to seriously working to prevent a crisis next week. Boehner got his bill passed and, as expected, the Senate voted it down. The Senate has also been searching for a deal which could pass:
Senate Democratic and Republican leaders are having intense discussions to come up with a bipartisan solution for raising the debt ceiling.
Senate Majority Leader Harry Reid (D-Nev.) told reporters that he needs ideas from Republicans sometime Friday if Congress is to meet the Aug. 2 deadline.
A Senate GOP leadership aide said the two sides have until early Sunday morning to reach an agreement.
The two sides are discussing trigger mechanisms that could be used to build bipartisan support. Such triggers would force Congress to carry out another round of deficit reduction before the 2012 election.
At the moment, it is difficult to see them reaching an agreement, but perhaps Republicans will be more willing to compromise when we get down to the last minute. The failure of Boehner’s bill might at least serve the purpose of allowing them to argue that they had no choice but to accept a compromise Senate bill to prevent economic catastrophe. On the one hand, one would think that country club Republicans aren’t anxious to see their investments wiped out. On the other hand, the Tea Party members who have been pressuring Boehner don’t show any signs of ever facing reality.