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Lawmakers Fiddle as Debt Deadline Burns (Update 2)

Posted on Jul 31, 2011
Flickr / Center for American Progress Action Fund

Senate Majority Leader Harry Reid came up short in trying to break a Republican filibuster on Sunday.

With the deadline for raising the federal debt ceiling staring lawmakers in the face, Congress continued to struggle Sunday to find a way out of the morass. Majority Leader Harry Reid tried but failed to break a Republican filibuster holding up a vote on his proposal in the Senate.

Given that the rich—whose voice carries a lot of weight with these politicians—stand to lose enormous amounts of money in the stock market if a default occurs, it’s curious that we are not hearing more from them in the mainstream media. —ARK

Update: Lawmakers are reported to be closing in on a deal, the specifics of which are sure to please no one.

Update 2: Leaders from both sides of the aisle agreed to a deal on Sunday that would, according to president Obama, cut spending by $1 trillion over 10 years.

Los Angeles Times:

The Senate failed to advance debt-ceiling legislation moved by Senate Majority Leader Harry Reid, even as lawmakers say progress is being made on a final agreement that they hope can pass before the Aug. 2 deadline to avoid a federal default.

The vote, initially planned for late Saturday, ultimately proved inconsequential, with leaders working to agree on terms of a new plan. The Senate could return to vote on it Sunday evening if an agreement is reached.

“We’re cautiously optimistic,” Reid said earlier of talks with his Republican counterpart, Mitch McConnell of Kentucky.  But he added: “As we know, one problem can stop the whole agreement from going forward.”

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By ardee, July 31, 2011 at 4:00 pm Link to this comment

Just a note to once again express my puzzlement at the control Republicans have over our legislature. Whether in the majority or in the minority they find a way to get their way.

I do not applaud this certainly, as I find them about as repugnant for their narrow focus and out of touch extremism as I do the Democrats for their abysmal inability to formulate coherent policy or rise to any occasion.

The Party of No vs. the Party of No Clue.

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By prisnersdilema, July 31, 2011 at 1:27 pm Link to this comment

The debt crisis is another faux crises created to prevent liberals from creating a jobs
programs, and thus rescuing Americans financially, or rather funding the middle class.

It’s really an austerity program, to keep squeezing the middle class, and protect wealthy
conservatives and glutinous corporations from new taxes, why the continue to send jobs

In the end it will stall any recovery which will lead to a conservative call to “privatize” ,
sell off resources, like water sources, to once more placate the Right. Of corse gutless
Obama will readily comply.

He will also get the blame when no jobs magically appear, and since he sold out his
base,he will be faced with dim re election hopes. If he cared about his country he would
not run again. So democrats can support a man or women who has guts enough to
stand up to the right, instead of appease them.

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By doublestandards/glasshouses, July 31, 2011 at 12:26 pm Link to this comment
(Unregistered commenter)

They’re a bunch of drama queens.  They will rush to make a last minute deal so they can praise each other for being responsible.  It’s a foregone conclusion that entitlements will be slashed and that there will be no tax increases.  Republicans rule and they’re willing to shut down the government to prove it.  Senate (majority) democrats won’t mind their new headquarters in the basement of the capitol building.
Republicans may let them out once in awhile for good behavior.

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By TDoff, July 31, 2011 at 12:12 pm Link to this comment

What if ‘god’ sent a big bolt of lightning reverberating through the Halls of Congress this weekend, a bolt of lightning that caused all the Congressfolk to come to their senses? And recognize reality?

Do you suppose that as they all became aware of what a bunch of arrogant, ignorant, incompetent, doofi they were, they’d all pack up and go home, hoping their families or significant others or favorite pets would forgive them?

And thus prove their irrelevance, as the world went on without them?

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