I suppose it would be more accurate to say that the public has caved on the debt ceiling. They did that when they re-elected President Obama. So America will continue her slow, sad decline.
House Republicans on Monday moved to extend U.S. borrowing authority until May 19, setting a timeline for the next phase of budget wrangling between the White House and Congress.
The bill to extend borrowing, which was introduced by GOP leaders Monday and is expected to be approved by the House on Wednesday, would suspend the debt ceiling until May 19, allowing the government to issue new debt to pay bills. At the end of that period, the debt limit would be increased to reflect the new amount of total debt incurred.
The $16.4 trillion debt ceiling has already been reached, and the Treasury Department has said it could run out of ways to keep paying all the government’s bills by mid-February. Congress has voted to increase the debt limit dozens of times, but the debates about how to increase borrowing authority often are political, and many Republicans this year have said they would require large spending cuts in exchange for a vote to raise the borrowing limit.
I saw Zero Dark Thirty last night, about the raid to take out Osama bin Laden. Terrific movie. And this morning, I’m thinking that although Obama ultimately couldn’t destroy us, we can certainly destroy ourselves.