Astonishing: Boehner Revives ‘Cut, Cap And Balance’

David Kurtz on the TPM Editor’s Blog:

Here’s the key new provision that is apparently going to win enough GOP votes to pass the bill:

The debt ceiling would be raised immediately but not by enough to get the government through next year. To get the second debt ceiling increase, House Republicans want a balanced budget constitutional amendment to pass both chambers first and be referred to the states.

Un-fucking-believably full-blown bat-shit crazy. Read here about how Reid plans to deal with this in the Senate. For the first time since this whole folly began, I am beginning to believe we really, truly will see the United States default on its debt for the first time ever. You say no? Then tell me how we get from here to there.

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  • Bryan  On Friday July 29, 2011 at 3:28 pm

    The President will have to use one of the two Constitutional methods to increase the debt ceiling, i.e. the 14th amendment or the platinum coins. That is the only way out at this point, and he should do it sooner, rather than later.

    The debt ceiling was imposed when we were still on the gold standard, but became irrelevant when we shifted to a fiat currency.

    • Steve  On Friday July 29, 2011 at 8:18 pm

      Bryan, Boehner managed to craft a bill that the House would pass, but to no one’s surprise, the Senate promptly killed it. “I stuck my neck out a mile,” said Boehner; I’m sure the Teabaggers will be happy to chop it off for him.

      I have read about both the solutions you mention, and even such an Obama-praising legal scholar as Laurence Tribe has said the 14th Amendment method would work. All we can do is hope Barack finds his balls and does one of those things in a hurry… I’m not looking forward to the possibility of my retirement being spent in poverty!

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