“nobama can do anything he damn well pleases...until someone stops him. This marxist/socialist/anti-Free-America thug will just what he pleases to do. Just who is going to stop him?”
One truth seems to be emerging.
That truth is:
The Republican party is NOT going to “stop him”.
If not them, who?
Just askin’....
Everyone needs to quit hyperventilating about this. Congress, and Congress alone, has the authority to issue the debt of the United States. The debt ceiling is just their way of saying, “you’re authorized to issue debt up to the following amount.” Until they increase that amount, the President has no authority to exceed it, nor does the Treasury Secretary.
Conceivably they could buy some time by playing games with the Federal Reserve holdings, or maybe even with the debt previously issued to the social security system (though this is not public debt), but ultimately it’s up to Congress, i.e., the House of Representatives and the Republican majority, to increase the debt limit.
My money is on Obama caving and agreeing to a pretty significant reduction in the next Continuing Resolution. Until we get a responsible Senate again, that is a Republican one, we are not likely to get a formal budget, so all we can do is keep whittling away at the current budget as determined by the last Continuing Resolution.
What we aren’t going to get is higher taxes. That would be Republican hari-kari in the present environment. With the next election almost certain to be totally about fiscal responsibility, this is not 1994 redux. At least that’s how I see it. The grownups aren’t yet back in charge, but they have at least recovered the checkbook from the children.