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Monday, April 18, 2011

Consequences, Ctd...

April 18th, 2011

A number of readers responded to my piece on today's S&P warning. Most agreed that the Friday afternoon vote in the U.S. House on Rep Paul Ryan's (R-WI) Path To Poverty was a primary factor. Many were correct in taking me to task for neglecting to mention the very dangerous game-playing by Republicans with regard to raising the debt limit ceiling leading up to the vote and continuing through the weekend. Some noted dryly that the Ryan plan itself would require raising it to well over $19 trillion from it's current level of $14.3 trillion. This does seem to render the rabid opposition to an increase by so many of the Path's supporters absurd. Particularly that of Rep. Ryan.

More than a few also thought it was a terrible omission on my part to look at Friday's vote as the last straw without the context of these revelations...
From Politico 4/13/2011:

"House Speaker John Boehner (R-Ohio) has had conversations with top Wall Street executives, asking how close Congress could push to the debt limit deadline without sending interests rates soaring and causing stock prices to go lower, people familiar with the matter said."

Speaker Boehner seems to have implied it's all a game. There are few examples of just how un-serious the GOP is that come close to this. However, one reader brought this gem from Investors Business Daily to my attention; The House GOP seems not to have reconciled the fact that Ryan's plan would be illegal under the equally fabulist Balanced Budget Amendment recently passed by their Senate counterparts.

Our national adventure in decline continues...

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