Meanwhile, Senate Majority Leader Harry Reid said he is working on a plan to raise the debt limit by $2.7 trillion, coupled with an equal reduction in projected future spending. In a concession to Republicans, he said that plan would not include tax increases, but that the new debt level would last through the 2012 elections.In other words, he'll glady pay us tomorrow for a hamburger today. Our President, on the other hand, has threatened to veto any short-term debt deal.
President Barack Obama will veto any plan that fails to raise the U.S. debt ceiling through 2013, his chief of staff, William Daley, said Sunday.The question I have to ask myself, is why the Democratic Senate and the President want to avoid a short-term deal, are insisting that whatever deal they make last until 2013, and aren't willing to enact the Republican plan that will extend indefinitely? Oh, I get it. They have to stand for re-election in 2012. So, this is politics, not fiscal prudence. This is all about the looming elections, not anything to do with the well-being of the United States.
How utterly transparent.
UPDATE** It looks like Reid pitched a bipartisan plan to the President and the President said no.
A Republican aide e-mails me: “The Speaker, Sen. Reid and Sen. McConnell all agreed on the general framework of a two-part plan. A short-term increase (with cuts greater than the increase), combined with a committee to find long-term savings before the rest of the increase would be considered. Sen. Reid took the bipartisan plan to the White House and the President said no.”If this is true and Congress had agreed on a plan, then our President owns the debt-ceiling crisis. It's all his.