The only “faction” that controls whether to default, remains president of the United States.
Conservatives should be happy that Speaker John Boehner will agree to a short-term raising of the debt limit while insisting that President Barack Obama and the Democrats compromise over a continuing budget resolution to end the government shutdown.
Not because the former removes the specter of an actual “default”, but rather because it removes any plausible Democratic Party or media (but I repeat myself) allegation that a Republican refusal to raise the debt ceiling could be the cause of any downward market activity before or after the Obama Treasury Department-declared deadline of October 17.
Calling President Obama and Speaker Boehner for safety net. If Lame Duck doesn’t break fall; after crash, dial 1-80O-bam-acare or estate tax lawyer.
America went over the fiscal cliff years ago
I’ve never bungee jumped or sky dived. Heck, since that candy apple leapt out of me at age 12 on the downswing of the roller-coaster at the Piedmont Interstate Fair, I’ve settled for such thrills on the Travel Channel; but I hear that many Democrats experienced the euphoric weightlessness of space when casting their recent vote for four more years. I hear its akin to the feeling of security a lobster feels while lying in a temporarily lukewarm pot of water on the kitchen stove while guests in the parlor await the main course.
Many Republican voters thought the American lobster, that had lain in the warmth of Bush-Pelosi-Reid deficits, would suddenly arouse with hopes of survival after being doused with Obama’s scalding hot and stimulating Obamacare waters, tripled deficits and doubled gasoline prices. Instead, while many John McCain voters indulged a tea party and helped fire Pelosi; class envy or despair trumped too many of their old American dreams as they sat on their butts rather than take a chance that Mitt Romney would return America to the pre-Obama nirvana that was Clinton-Gingrich work requirements for welfare.
It seems now that many Obama-Biden voters that voted to re-hire those that couldn’t fix the mess left by President George W. Bush in “only” four years (I hear mother Barbara performed the job thousands of times in less than four minutes, but I digress), somehow think that “it” can be fixed in just four more weeks by a Lame Duck Republican House if only it would heed the “obvious mandate” from the American people and reinstate some of those same Bush tax cuts (aka Taxmageddon) etc:
1. The payroll tax reduction passed in 2010 will end.
2. The temporary tax rates passed under President Bush will lapse.
3. Obamacare’s taxes will come due.
4. The Alternative Minimum Tax will expand to many more taxpayers.
5. Extended unemployment benefits will expire.
6. Some $78 billion in federal spending will be sequestered.
7. Medicare “doc fix” will expire.