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Posts tagged: default

Heading for disaster anyone?

Good morning, Netizens…

 

Quoting the National Journal, Congress doesn't want voters to conclude lawmakers are all “posh and shiny” and just spent their summer “ramming it to the rest of us.” Oh? Given the chaos and mass pandemonium of the last few days, it certainly sounds that way to me. Neither the Republicans nor the Democrats seem to have a viable plan to stop the national economy from going into default. Instead of appearing to be the author of a last-ditch bill to prevent default, House Speaker John Boehner seems to me to resemble a political form of endangered species.

 

Last night, as the Republican House sent their proposed bill to the Senate, which was voted down within a short period of time, as expected. According to the Associated Press, those who voted the bill down included Republicans Justin Amash (Mich.), Michele Bachmann (Minn.), Jason Chaffetz (Utah), Jeff Duncan (S.C.), Tom Graves (Ga.), Tim Huelskamp (Kansas), Steve King (Iowa), Jim Jordan (Ohio), Connie Mack (Fla.), Mick Mulvaney (S.C.), Ron Paul (Texas), Steve Southerland (Fla.), and Joe Walsh (Ill.).

 

Senate Majority Leader Harry Reid (D-Nev.) states the Senate has a plan. The Senate now plans to strip Boehner's bill of its content and replace it with language crafted by Reid which, if it works, would be a compromise that would avoid default… maybe.

 

As the clock ticks down toward Tuesday's deadline, it still remains to be seen whether or not the Congress can avoid default. Some members of the Republican Tea Party members are going so far as to suggest that the government defaulting on their obligation to pay our nation's bills is badly overrated; that it would not create the pandemonium that some sources suggest. Nothing could be further from the truth according to economists. A default would be economic mayhem, and we, the People, would end up in serious financial hot water.

 

Meanwhile, back at the White House, it does seem my earlier observation, that President Barack Obama is playing chicken with Republicans. In chicken, there is only one winner.

 

We owe the money and we need to pay our bills, not default on them. Then we need to have a long talk about how to never get in this situation again. Of course, this is my opinion and mine alone. Yours may differ.

 

Dave

Are we playing chicken here?

Good morning, Netizens…

 

Have you ever played chicken with another driver before? My personal high priestess of correct thinking always told me playing chicken was a total waste of resources, regardless of whether or not I won. I believe Harry Reed and the Republicans are now playing chicken with various portions of our entire economy. The House Speaker John Boehner even went so far as to hold a closed-door meeting with President Obama, and attained slightly more than nothing.

 

Boehner and Obama each took their verbal shots at one another in rare prime-time addresses to the nation last night. Obama stated, in part, “…once again, the economy will be held captive unless they get their way.” while Boehner countered with “The solution to this crisis is not complicated.” “If you’re spending more money than you’re taking in, you need to spend less of it.”

 

As the white picket fences on each side of the economic road fade into a blur over the next week, someone will have to compromise with their political counterparts or we will be facing certain financial disaster in the form of default, something both parties have stated would be a catastrophe.

 

In the age of the Internet and television, the two sides are moving faster and faster, but never flinching from the respective positions they espouse. They've both got their feet on their accelerators full-blast, their eyes locked firmly on the goals of politics and roaring toward one another.

 

Who will swerve at the last minute, thus avoiding certain economic breakdown? This is a game of chicken, remember?

 

Dave

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