The New York Times is reporting that “Boehner and Obama Nearing Deal on Cuts and Taxes.” We can only hope this is accurate.
It is difficult to understand the debate in Washington over the debt ceiling. After all the debts that are being debated are those that have already been created. Congress made the commitments and now wants to renege on their promise to pay back the money owed. At the same time the country is continuing to borrow more money even though there is little chance that the nation can repay the money already borrowed. It’s mystery why anyone would continue to buy bonds and treasury notes when the country cannot live within its means. Still they do buy those bonds and at interest rates that are remarkably low.
So President Obama says he is agreeable to cutting government spending by $4 trillion over the next decade but the Republicans are saying no to that deal because they do not want to raise the debt ceiling. The president looks like the reasonable guy in the room and the Republicans look foolish. Perhaps it’s the gadfly, Grover Norquest, who has them in knots. After all he has not been elected to any office. Perhaps it was the promises of new GOP members of congress that has them tied in knots. At the end of the day those new members along with other conservative congressmen seem to prefer putting the nation’s AAA financial rating in jeopardy than living up to the government’s commitments.
In a way this foolish debate is like the scariest roller coaster I have ever ridden. Every once in a while someone does fall off. Is that what is going to happen to the United States? I am gripping the bar they bring down as I seat myself on the coaster. I am asking, why did I choose this ride? Wasn’t there another more fun thing to do in the carnival?
Coast Contact 