» They could be broke by September 2012: On top of that, they expect to default on a key health care pension plan payment (which forces them to pre-pay for workers’ future health benefits decades in advance) — of $5.5 billion.
boehner’s bill falls short: After a chaotic day of vote-whipping, vote-delaying, and vote-switching, John Boehner has decided to postpone the vote on his debt ceiling bill. Despite multiple assurances that it would be brought to a vote before tomorrow, at the end of the day, Boehner didn’t have enough votes to ensure the bill’s passage (and he wasn’t going to embarrass himself by introducing a bill that was sure to fail). In an unusual alignment, conservative Tea Partiers and House Democrats all pledged to vote against the bill, albiet for different reasons. While the legislation has virtually no chance of passing the Democratic-controlled Senate, Boehner’s ability to shepherd it through the House is seen by many as the first real test of his leadership abilities. If he doesn’t eventually pass it, there’s a good chance he’ll (eventually) be deposed as Speaker. But it’s not over yet—sources say Republicans plan to tweak the bill a bit, and re-introduce it tomorrow. source
The Republican House that failed to raise the debt ceiling would somehow escape all blame. Then Democrats would have no choice but to pass a balanced-budget amendment and reform entitlements, and the tea-party Hobbits could return to Middle Earth having defeated Mordor.John McCain • Ripping the Republican Party on the Senate floor. He later derided House Republicans’ approach to the debt-ceiling discussions as “the kind of crack political thinking that turned Sharron Angle and Christine O’Donnell into GOP Senate nominees.” source (via • follow)
I’ve reached my limit. This may bring my presidency down, but I will not yield on this.President Obama • Toward the end of a budget meeting with Republicans. It’s not clear what policy he won’t yield on, but from the texture of the debate thus far, we’re guessing it’s the inclusion of revenue increases in the deal to raise the debt-ceiling.source (via • follow)
The full consequences of a default — or even the serious prospect of default — by the United States are impossible to predict and awesome to contemplate. […] The Nation can ill afford to allow such a result. The risks, the costs, the disruptions, and the incalculable damage lead me to but one conclusion: the Senate must pass this legislation before the Congress adjourns.Ronald Reagan, circa 1983 • Regarding legislation to raise the debt limit. This guy seems like a flaming liberal, doesn’t he? Oh wait, maybe not. source (via • follow)
That would be a financial disaster, not only for us, but for the worldwide economy. I don’t think it’s a question that’s even on the table.Speaker Of The House John Boehner • Commenting on the looming necessity to raise the U.S. debt ceiling, all the way back in late January. See how quickly things change? Seriously, though, the above statement is almost certainly Speaker Boehner’s true opinion on this issue. The fact that he’s now trying to game some more political leverage out of it is unsurprising, as it’s very similar to the way he handled last month’s budget battle. Greg Sargent has a pretty astute take on this — that Boehner knows failure to raise the limit is unthinkable, but wants to push this debate as close to the eleventh hour as possible, hoping that will make it easier to convince members of his own party that he got all he could out of the White House. Sounds about right to us. source (via • follow)
That would be a financial disaster not only for our country, but for the worldwide economy.Speaker Of The House John Boehner • Appearing on Fox News Sunday, the Speaker waded into the debt ceiling issue, seeming to suggest that to his mind, failure to raise the limit would be unthinkable. The nature of Boehner’s unabashed candor is very surprising, considering the Republican voices who have recently toyed with the idea of voting against raising the ceiling. This may be an early example of the internal struggle between establishment Republicanism and their new Tea Party cohorts. source (via • follow)