Debt Ceiling Summary

[mr715]

Is an accurate summary of the debt ceiling mess:

Tea party reps demand budget cuts. That, coupled with their own desire to undermine a Democratic President, causes them to refuse to increase the President's credit, in possible opposition to the Constitution. This was a routine procedural vote allowing payment on bills for services provided. They refuse to yield - we need budget cuts, and taxes cannot be increased. Obama holds talks trying to convince GOP leadership to accept a plan consisting of HUGE budget cuts, and including provisions that injure social security, Medicare, etc. The GOP refuse because Obama's plan has "revenues". Democratic leadership in Congress reject any plan that will poach social security.

GOP leadership crafts a plan in opposition to Obama's, which is a bandaid and includes some harsh cuts and no tax reform. It fails in caucus and so Boner amends it to include some provisions tying it to balanced budget amendment to the US Constitution - Democratic leadership in the Senate craft a plan that brings us closer to a balanced budget by ending the wars in Afghanistan and Iraq along with relatively small program cuts. Democrats in the Senate can kill any plan passed by the House and GOP leadership in the Senate will not resist efforts to raise the debt ceiling.

Is this where we are? We are either getting a clean raise or President Obama will invoke the 14th ammendment. This is the 19th time I've predicted the death of the republican party. Think this time it'll happen?