The “leaders” – Boehner, McConnell, and Reid told Obama they have a deal. Of course, Obama jumps up and down and tells the world, “We have a deal!” And the Asian Markets jump up and down too. The Nikkei and Hang Seng opened strong on the news. Hell, I even got excited for a second.
Is this really our cue to cheer? It still has to pass Congress. So basically, no. Or not yet. Michelle Bachmann already says she’s going to vote no. I don’t understand why the hell not? This deal is all cuts, no revenue. Nancy Pelosi says she has to look it over with her caucus first. I understand why. This deal is all cuts, no revenue.
There is a deal, but in no way is it done. The Tea Party wants way more cuts. The Democrats would like to see some revenue too. But all that shouldn’t be tied to the debt ceiling.
The whole point is that we can’t default on our obligations. We have to raise that debt ceiling. It’s not about being able to spend more, but pay for the stuff we already bought. The Tea Party doesn’t see it like that. They see it as an opportunity to use it as leverage to get what they want. I guess that’s one way to do it. Being ready to slit your country’s throat to get your way.
So, when should we break out the champagne? August 3. Either to celebrate or cry into our flutes.