The Tea Party displays the power of a sizable extremist faction to reject bipartisanship and impose its demands at any cost, in this case jeopardizing the nation's credit rating and overall economy, with ominous future implications.
Senator Rubio's recent speech on Social Security was political fun and games. If we take it as serious analysis and policy prescription, millions of Americans and the economy would pay a terrible price.
Never have I been as disappointed as I am now in over 40 years of serving in the House of Representatives. Our nation's financial system is on the brink of collapse as we approach the Aug. 2 deadline to raise the $14.3 trillion debt limit.
The current debate has, for the most part, lacked the balance seen in the blueprint by largely insisting that all deficit reduction be achieved through spending cuts. The reality is that smart deficit reduction must address our lack of revenues as well.
Matalin and Reagan debate whether a) the GOP risks political suicide by refusing the Pay-Your-Bills Ceiling increase and b) should we care if Bachmann gets headaches or just gives them? Also, is Warren winning? Murdoch?
At some point this week, stock and bond markets will begin to start swooning, and the usual wise guys will begin making high-risk bets at the expense of financial stability as a whole. Obama will be revealed to be holding more of the cards -- if he starts playing his hand well (for a change).
Even if Eric Cantor were abducted by aliens, there's no way Congress could pass the Gang's plan to solve the debt crisis before Aug. 2. But the Gang's resurgence adds to mounting public pressure on House Republicans to end their self-isolating intransigence on taxes.
Since one third of retirees are almost completely dependent on Social Security, any cuts will seriously be felt. But the Gang of Six obviously have made the decision to cut Social Security and they are not going to let any relevant evidence stand in the way.
The chained CPI, a change in the inflation formula that would result in cuts to Social Security, VA benefits, Supplemental Security Income (SSI), and other benefits, as well as increases in revenue, has been on the table in deficit talks for months.