“Dead on arrival” has been too oft repeated these past few months as a Republican House, a Democratic Senate, and a Democratic President have yet to see eye to eye, working towards the communal goals of “We the people…”
GOP Majority Leader Boehner was forced to delay a vote on his bill because of his inability to present the statistics behind the budgets of his resolution. First promising an estimated $1.2 trillion in cuts of Government spending, the Congressional Budget Office published that the Boehner’s resolution would only deliver $850 billion. Moreover, Boehner’s attempt to portray Reid’s plan as an “accounting gimmick” has clearly been reciprocated towards the conservative side of the boxing ring. The extent to which Boehner’s failure ranges is illustrated by the lack of backing from more than a dozen House Republicans, five GOP Senators, and naturally the majority of the Democratic party. Already being characterized as a “timid” resolution, the recent developments have only furthered the erosion of Boehner’s hyper-partisan stance on his ow bill, as well as his constant verbal attack on Senate Majority Leader Harry M. Reid.
Some Republicans have challenged the Treasury’s warnings, arguing that the economic impact of cutting off the Treasury;s borrowing power would be limited. Clearly the inability of the American to support federal health-care, retirement benefits, military salaries, and military payments is not a considerable consequence for the conservatives. Rather than focusing on reality, people have turned their hopes towards the Federal Reserve in an inexplicable hope that they will bailout Congress. The truth is, the Federal Reserve must focus on the integrity of American currency. When a central banks monetizes the debt it often loses its credibility as being politically independent and the value of the currency falls, leading to high inflation. Consequentially, the credit rating agencies would have further grounds to downgrade the AAA rating of the US and the government would be forced to increase tax to cope with high levels of inflation.
I want to eliminate any expectation that the Fed through any mechanism could offset the impact of a default on the government debt” – Ben S. Bernanke, Federal Reserve Chairman
In regards to the Nevadan Democrat, Reid, the efforts taken by the Democrats to present a balanced resolution to appease both Obama and Republicans has yielded in slim substantial results for the future of the US. Based on reports, the main problem Republicans like Mitch McConnell have with the liberal bill is that the bill relies on funds from “winding”down wars in Iraq and Afghanistan. So saying, Reid has taken the initiative to collaborate with both Boehner and McConnell to develop a potential compromise but the leaders remain divided over the size and duration of an increase and the mission of a debt-reduction committee that each measure would create. Instead, Reid has taken actions to work with both aisles on Boehner’s plan, adjusting it to Obama’s interests but White House budget director Jacob J Lew had stated clearly that, “there is a lot in Speaker Boehner’s plan that we do not like and actively oppose.”
With the clock ticking and efforts towards solutions coming to their final gasps, the plan developed by Reid and fellow Democrats seems to have a more realistic chance of providing a long term solution. Efforts towards a plan created by a GOP speaker that could not present his facts correctly does not seem as an effective means of spending America’s time. There will be no perfect solution to the growing crisis because of the divergence of interests that exists in the US, and will always exist. The American government must focus on creating a more perfect union, rather than focusing on just a perfect union.
Although the plans being offered by Democrats and Republicans are exactly that, plans skewed by political bias, the attacks on both plans have left elements of bipartisanship as the only available means for forward movement. Observing the attention and hype that is heaped towards any and all developments (I, as a blogger, am I victim to this), the American government has fallen victim to moving for the sake of moving: backwards or forwards, right or left; the roads are all ending in a drop. The will of the people has been demonstrated, 40,000 calls per hour were made to the Capitol, all of them heeding President Obama’s national address. Expectations have risen and fallen but there are still expectations from within and without America that will bring about the construction of a bridge over the impending drop.