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Friday, January 18, 2013

'It Appears That the Strategy has Worked'

Brad DeLong:

Jake Sherman:

House Republicans plan debt ceiling vote: House Republicans will vote next week on a bill that would raise the nation’s debt ceiling for three months and stop pay for members of Congress if the Senate doesn’t pass a budget, GOP officials said Friday…. It’s also a shift from House Speaker John Boehner…. But Boehner isn’t retreating on the debt ceiling without conditions; He’s framing this as a way to force Senate Democrats to lay out a budget…

Twenty-seventh Amendment to the United States Constitution:

No law, varying the compensation for the services of the Senators and Representatives, shall take effect, until an election of Representatives shall have intervened.

Everybody in the House and Senate now knows that this Charles Krauthammer-John Boehner "no pay for the Senate unless it passes a Budget Resolution" condition is unconstitutional.

But Jake Sherman does not tell the readers of Politico. Why not?

Why oh why can't we have a better press corps?

Paul Krugman:

Not With A Bang But With A Whimper: When you’re wrong, you’re wrong. I thought that by ruling out any way to bypass the debt limit, the White House was setting itself up, at least potentially, for an ignominious cave-in. But it appears that the strategy has worked, and it’s the Republicans giving up. I’m happy to concede that the president and team called this one right.
And it’s a big deal. Yes, the GOP could come back on the debt ceiling, but that seems unlikely. It could try to make a big deal of the sequester, but that’s ... not good, but not potentially catastrophic, and therefore poor terrain for the “we’re crazier than you are” strategy. And while Republicans could shut down the government, my guess is that Democrats would actually be gleeful at that prospect: the PR would be overwhelmingly favorable for Obama...
The key point to remember here is that Obama achieves his main goals simply by surviving. Above all, health reform gets implemented, and probably becomes irreversible.
A good day for sanity, all around.

I'm finding it hard to convince myself that this ends the era of the manufactured crisis, it's difficult to believe that Republicans won't regroup and strike again when they get the chance. But that's the thing, short of creative steps not yet on the radar, it's hard to see when a chance will come that isn't likely to backfire in the ways described above (or here).

    Posted by on Friday, January 18, 2013 at 12:53 PM in Budget Deficit, Economics, Politics | Permalink  Comments (76)


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