The facts about the debt ceiling haven’t changed. There are less than two weeks left until Congress walks the Treasury Department off a cliff. And there is still no clear legislative path to avoid that outcome.
House Speaker John Boehner — who has repeatedly insisted that default is not in the cards — said as much on Tuesday.
“You know, there are … lots of ideas out there from Democrats and Republicans,” Boehner told reporters. “But guess what? None of them have a majority.”
President Obama had a plan. It can’t pass the House.
House Republicans have their Cut, Cap and Balance bill. It can’t pass the Senate.
And on Tuesday, the bipartisan Gang of Six revealed its own debt reduction plan. Obama lent his support. The market rallied. Members of the Senate expressed an unusual amount of enthusiasm for the plan.
But that doesn’t mean this is a done deal. Far from it.
The plan hasn’t been written in legislative language, and the Congressional Budget Office hasn’t weighed in.
As former Treasury Secretary Larry Summers said: It’s “more a plan to have a plan rather than a plan.” And Sen. Dick Durbin, a member of the Gang of Six, said the plan is “not ready for prime time.”
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article courtesy of CNNMoney.com
