Have you guys heard about the debt ceiling? Yeah, it’s in the news. Almost everybody wants to raise the debt ceiling, but they want to do it their way. Let’s listen to Remy Munasifi speakin da truuf about da debt ceilin’:
Here’s the deal – there’s something called the Boehner plan, which is the debt-cutting plan thought up by that tea party dude who cries all the time. At first, he was like: “Yeah, I’ll vote to raise the debt ceiling by $900 billion but you need to cut $1.2 trillion over the next decade.” Then he started on rewrites because it appears not all G.O.Peeps will get on board.
Harry Reid has his own plan too, which involves raising the ceiling $2.7 trillion, and cutting spending by the same amount over the next 10 years. But chances are good the Senate will drop-kick it.
The government has until next Tuesday to raise the debt ceiling, currently at $14.29 trillion. After that, it’s default time and a probable ratings downgrade.
Most officials think that both Boehner and Reid’s plans won’t pass both houses. Obama will veto them anyway.
There’s talk among certain Republicans that they won’t vote to raise the limit unless they get a balanced budget amendment. Good luck with that one.
What we have here are Democrats accusing Republicans of playing politics with the debt limit issue without any concern for the chaos a default would cause, and we have Republicans responding by saying they have a “mandate.”
As for possible tax increases, well no Republican wants that.
I really haven’t been following this debt limit crap. I’m glad the Prez went on YouTube to help explain things.