The President of the United States will address the country tonight about Congress’ refusal to raise taxes as part of a solution to get the U.S. deficit under control. Will Barack Obama be a big weenie or will he chew bubblegum and kick ass and be all out of bubblegum? He needs to do the latter.
From The New York Times:
The president’s decision to intervene comes after House Republican leaders pushed for a vote Wednesday on a two-step plan that would allow the federal debt limit to immediately be raised by about $1 trillion and tie a second increase next year to the ability of a new joint Congressional committee to produce more deficit reduction.
But top Senate Democrats called the proposal a “non-starter” and said they would advance their own plan to reduce the deficit by $2.7 trillion and raise the debt ceiling until after next year’s elections, saying it met the conditions that Republicans had laid down during the ongoing debt fight.
“We’re about to go over a cliff here,” Senator Harry Reid, the Nevada Democrat who serves as majority leader, said Monday afternoon as he outlined his proposal.
What a mess.