As I wrote in a previous post, the White House has vowed to veto the third plan presented to him by House Republicans if it doesn't extend U.S. borrowing power into 2013. How convenient. For months, we've been hearing Obama fear monger and stress the importance of the U.S. paying its bills, however, once again Obama proves he only really cares about one thing: himself.
Republicans have offered Senate Democrats and the White House two plans, with a third coming this afternoon. The first two were swiftly killed by Harry Reid in the Senate and the third will most likely meet its death upon arrival in the Senate because it will be a two part plan. The first part being a short term debt increase because as Boehner said, it is not possible to get a long term deal done in 9 days before the Aug 2. thanks to democrats' "no-plan," "reject everything" strategy. If the President was really concerned about default and the markets crashing, he would sign a short term budget deal, that includes $800 billion in revenue through tax reform, and then come back to the negotiationg table to come up with a long term debt plan. Unfortunetly, this isn't the case as Treasury Secretary Timothy Geithner, Harry Reid and Nancy Pelosi are trying to save their dear leader from demise on November 2, 2012.
House Republicans have consistently pushed for $4 trillion in spending cuts over the next ten years, which is the same number President Obama's own bi-partisan debt commission suggested. Republicans aren't pushing for anything outside of what Obama's own advisors have suggested. The President needs to decide where he stands, with himself, or with the American people, who supported the second republican plan of Cut, Cap and Balance 2-1.