Debt Ceiling Debate: Much ado about nothing

I wish I could get excited about the ongoing debt ceiling debate. Unfortunately, while they talk a good game, the Republicans’ supposedly draconian plans (according to Harry Reid and Barack Obama) is weak tea indeed.

The reality is that Speaker Boehner’s newest plan only purports to cut $1 trillion over the next 10 years. None of that is specific or immediate. Considering that recent deficits have been over $1 trillion annually, even this plan, which is sure to be vetoed by Obama, is supposedly too radical. The reality is that it will continue the current deficit spending unabated and, since one Congress cannot force a future Congress to adhere to its will, there is no reason to believe that the $1 trillion will ever materialize.

The recent past hardly inspires confidence. Remember the deal that kept the federal government from being shut down? The good news is that Republicans have control over spending. All they need to do is refuse to pass any legislation that spends more than we have revenue to cover….