Given all I have said against Obama’s great capitulation, I hold out one hope that I almost dare not speak. Obama cannot say it, but who will care if i do?
Maybe Obama is playing the Republicans like a fiddle.
I took heart by reading the story tonight White House Debt Talks Make Little Progress on the ABC web site of all places.
I’ll give you a few quotes and try to explain why they might be hopeful signs.
Monday morning the president will hold a news conference on the matter, making his case to the American people about why tax rates for wealthier Americans and corporations need to be raised as part of a deficit reduction package of at least $4 trillion over the next decade.
Maybe he really does understand the Robert Reich “Aftershock …” hypothesis. Maybe he is about to explain it to the nation just as I have been repeatedly touting it on this blog.
A Democratic aide familiar with the process said that Boehner “put on the table letting the Bush tax cuts for the wealthy expire and banking the revenue and then he bailed. The speaker couldn’t take the heat from the Republican caucus.”
Maybe the speaker really knows it , too, and he is quaking in his boots. Did I see a tear in his eye?
A senior aide to the speaker said Boehner told the leaders that he still “believes a package based on the work of the Biden group is the most viable option at this time for moving forward.”
These are the talks that Eric Cantor walked out on. According to Cantor, he and the Speaker are on the same page. Looks like the Speaker is straying from the reservation. Maybe he sees how he is about to be rolled and wants to go back to the previous offer. Too late, sucker!!
Sources said that during the meeting Obama pointed out that Republicans appeared to be walking away from reducing the deficit and Boehner told him he can’t go for the big deal because there is not time to do it and no path to gain enough support to pass it through the House.
Maybe we’ve got one team playing “Good cop, bad cop” against another team who is using the same tactic. I am not sure I have ever seen the game played where both sides are using this tactic.
“Democrats continue to put entitlement reform on the table, but Republicans are still refusing to take yes for an answer because of their ideological adherence on [tax] revenues,” the aide said.
Has Obama got the Republicans on the run? Could it be that Obama is more Machiavellian than we ever dreamed. Maybe putting the entitlements on the table was all a ploy. It was so devious that he couldn’t even let his allies know? He was the good cop on the Democrats side and Pelosi and Reid played bad cop?
One can only hope. 14th Amendment here we come. Maybe Obama was just kidding when he said that path was off the table so that he could reel them in really good.
July 11, 2020 10:00 AM
It just occurred to me that using his 14th Amendment powers might not help the country as much as I had hoped.
See Obama, GOP back to where they started: The debt ceiling for this quote from the Secretary of the Treasury.
Now, on August 2nd, if Congress hasn’t acted, we’re left with the cash we have and the cash we’re going to take in. And every week, starting the week of August 2nd, we have to go out and finance roughly $100 billion in maturing obligations of the government.
If you were a bond investor, how would you feel about the risk of buying bonds that were created under a legal doctrine that was sure to be challenged all the way to the Supreme Court?
After adding the above postscript, I read the OpEd piece, Don’t wave Constitution in debt’s face in The Boston Globe.
It makes the same point as my postscript above. It also gives some background to the 14th Amendment clause:
“(t)he validity of the public debt of the United States . . . shall not be questioned,’’
The author of the OpEd piece, Juliette Kayyem, suggests a different way to use the 14th Amendment language.