Economist Keith Hennessey, who has been writing extensively on the debt ceiling negotiations, writes, "I support the Boehner bill and hope House Republicans will vote to pass it." Here's Hennessey's reasoning:
- It cuts spending and it doesn’t raise taxes. That is an improvement over current law.
- There is nothing in the bill that I dislike. That’s a rarity.
- It is better than the Reid bill, which is the next most likely alternative to become law if the Boehner bill fails.
- It tees up this battle again in 4-6 months, providing another opportunity and keeping the pressure on to cut spending.
- It creates a process that keeps our underlying fiscal policy problems front-and-center for the foreseeable future rather than punting them into 2013.
- I can see no viable alternative strategy to enact a stronger bill.
Hennessey acknowledges (and even principally agrees) with a lot of the conservative criticism that's been directed toward Boehner's plan. But "those conservatives who oppose the Boehner bill," Hennessey writes, "don’t have a viable strategy to enact such an improved bill....I think it is a mistake to oppose a bill that improves on current law if you don’t have both a better policy and a strategy to achieve it."
Whole thing here.