|"Don't worry, the idiots will buy it"|
That plan called for what Obama said were spending cuts of about 2.5 trillion over ten years together with a rise to the debt ceiling sufficient to take the country until just after the 2012 election.
The House Republicans have an alternative bill that has a little over a trillion in spending cuts.
Neither bill has any tax increase of any sort. Of course, Obama spent most of his speech calling for tax increases that he has already abandoned by endorsing the Reid bill.
Now the President seems to have changed his mind. President Obama has announced that he would veto the House GOP bill were it to reach his desk. That is really amazing. According to Obama himself, the difference between the two bills is that the Reid bill pushes the next debate about the debt ceiling out for longer. Indeed, the Reid bill conveniently pushes the issue out past the next election, while the GOP bill does not.
Both bills end the current "crisis" that Obama says will lead to a default by the USA. Both bills allow the government to get back to dealing with more usual matters. Both bills would restore the world's faith in the USA and its economy. But Obama is threatening to veto the GOP bill because it would force him to address the issue again in the middle of his election campaign.
|"The important thing here is to push this out past the election"|
It is hard to think of a more cynical and despicable exercise of presidential power. President Obama is putting his own well being ahead of that of the country.
This is shameful, but not completely unexpected from a President who is a narcissist and an egotist, and who puts his own political needs above the needs of the nation.
The President's "solution" for the debt crisis is simply to kick the can further down the road. At least until he can be reelected.