debt ceiling

Speaking in the Rose Garden at the White House Tuesday afternoon, President Barack Obama tepidly praised Congress for passing the debt limit deal that he said will “avert a default that would have devastated our economy.” The president called the bill an “important first step” in reducing the deficit.

Much to the frustration of the press corps and the country at large, President Obama went nearly a year without giving a press conference at a time when the country was in a rather precarious state economically and politically. Lately, however it seems that Obama has decided that the debt ceiling debate is the time to reengage -- no doubt the looming campaign has something to do with this decision.

The debt ceiling deal will pass the Senate early this afternoon. No suspense there. But the vote will be worth watching for another reason: Three Republican Senate sources tell TWS that senators who vote against the deal will be ineligible to serve on the so-called “supercommittee” for deficit reduction that the legislation creates.

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I’m glad for the long-suffering John Boehner. I respect those who stood with him and their attempt to do the right thing as they saw it. I hope the deal—for as long as it lasts—turns out to benefit the country and advance conservative principles. I will curb my annoyance at those who triumphantly want to claim it represents “a fundamental change in governance.” I hope the deal proves to be a step in the right direction.

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Keith Hennessey: "Quick summary of the Budget Control Act"

Paul Krugman: Suddenly, Default Doesn't Seem So Bad

New Yorker: "Getting Bin Laden"

I understand the debt ceiling deal is probably going to pass. I’m not even comfortable unequivocally urging members to vote against it, given all the real loyalties and future relationships and competing responsibilities actual members have to deal with. And I’m not sure I’d urge anyone to vote against it if he were the 51st or 218th vote, because I don’t know that one could adequately manage, either in the real world or the political one, the consequences of “default.”

Can the debt deal pass the House of Representatives? House speaker John Boehner has said he believes he has the votes from the Republican caucus, and Steny Hoyer, the Democratic minority whip, says he can deliver 80 to 100 votes from his side of the aisle.

Anyone considering opposing the debt ceiling deal will be accused of being ... not just a hobbit (!), but also a totally irresponsible full-faith-and-credit-of-the-U.S.-government defaulter. Not so—if the anti-deal position is not pro-default.

So, anti-dealers could:

Here’s the situation with respect to defense spending, which Speaker Boehner fought for yesterday, with some (very limited) success:

I’m pretty much where Mitt Romney is on the deal to raise the debt ceiling: On the one hand, it “opens the door to higher taxes and puts defense cuts on the table.” On the other hand, “I appreciate the extraordinarily difficult situation President Obama’s lack of leadership has placed Republican Members of Congress in.” Net: “I personally cannot support this deal”—but, as is implied by the tone and brevity of Romney’s statement, I wouldn’t denounce members of Congress who support it.

We’ve learned a lot from the fight to attach spending cuts to the debt limit increase. Here are five of the lessons: