Yesterday at 8:40 PM President Obama announced that a deal had been reached among party leaders, to raise the debt ceiling. It’s a lot to get your hands around and while, I think it will pass, there is always the chance of lawmakers crossing their arms and saying no.
The deal allows President Obama to raise the debt ceiling but not raise taxes, it also allows for additional raises if further cuts are identified. A special SUPER COMMITTEE will be formed ala Voltron/Avengers that will find an additional 1.2 trillion in cuts. Now, here is the interesting part…there are these triggers that come into play, that if not met, will force cuts across the board (including medicare and defense).
That is a bare bones, waiting at the bus stop, explanation. There are a lot of numbers being thrown around.
The early economic response has been positive, after President Obama’s announcement last night, Asian markets immediately started moving upwards. American markets are still sluggish but, that could change after the deal is approved.
Now the politics in all of this.
No one likes this plan, in fact, the far right and far left will probably hold their nose while voting for it or vote against it altogether. The far right says there aren’t enough cuts, and the far left sees this as caving on Obama’s part. The leadership in Congress have admitted they don’t like it.
If anything, the SUPER COMMITTEE (yes, I’m doing that on purpose) opens the door for another stand off, and see what happens if triggers start cutting entitlement or military pay because, a deal couldn’t be made. There will craziness…
Anyhow, lets see if this thing passes. I believe it will and lawmakers will be kicking and screaming all the way till the President’s pen hits the paper. This is pre-game skirmish before election season kicks off.
We should all hope this thing passes, it’s time to stop running. The election is not going to be won or lost 15 months before election day. Lawmakers, get this done!
Rep. Alan West to vote “YES” on debt ceiling deal
Rep. Debbie Wasserman-Schultz to vote “YES” on debt ceiling deal
Sen. Marco Rubio to vote “NO” on debt ceiling deal
Sen. Bill Nelson to vote “YES” on debt ceiling deal.
Rep. Corrine Brown likely to vote ‘NO” on debt ceiling deal.
Candidates for U.S Senate George Lemieux and Adam Hasner would vote “NO” on debt ceiling deal.
Rep. Dan Webster to vote “YES” on debt ceiling deal.
Rep. Bill Posey to vote “NO” on debt ceiling deal.
Rep. Dennis Ross to vote “NO” on debt ceiling deal.
House vote on debt ceiling deal scheduled for 6:45.
Representative Gabrielle Giffords (D-Arizona) returns to Washington to Vote “YES” on debt ceiling deal. Giffords was the victim of the shooting tragedy in Tuscon last January.
Debt Ceiling Deal passes in the House at 7:06pm will go to Senate tomorrow