After not posting for two weeks I can see we are no further along in solving this manufactured debt crisis then when I last wrote about this. Now we are getting down to the wire. The question is, "Will we have a deal before midnight on the last day?" Probably!
In the past the debt ceiling was approved by the House as a routine procedure with both Democrats and Republicans participating in the process. The present situation has been solely created by the Republicans in order to draw attention to the issue of reducing the debt, an issue they would like to run on in 2012. Why this issue? Because they are trying to go back to what they once were known for, fiscal responsibility.
The truth is that since 1980 (31 years) they have had the presidency for 20 years and they have never balanced the budget or created a surplus. They increased spending without raising the correct amount of revenue to pay for it. During this time after 8 years of the Democratic presidency under Bill Clinton the Democrats were able to balance the budget and create a surplus but then we had 8 more years of George Bush who accelerated spending at an exorbitant rate. He allowed financial institutes to play risky games with their customers money resulting in the biggest recession since the 1929 Great Depression. All of this has been placed in the arms of a new president, Barrack Obama.
Now the Republicans are trying to redeem themselves, counting on the short memories of the electorate. They are trying to show voters how they are willing to stand on their new found principal of reducing the deficit while insisting on tax cuts for themselves and their rich friends. If these tax cuts come to fruition they will be felt by the middle class and poor. This is a risky game of brinkmanship they are playing that may well backfire in the polls during the 2012 election, not to mention sending the already fragile economy into another tailspin.
One thing that is certain, is that Tuesday will tell all what our future outcome will be!