Terry Connelly is dean emeritus of the Ageno School of Business at Golden Gate University and is frequently quoted on business, financial, and economic issues by Bay Area local, as well as national, news media.
It is clear that the House GOP contains a sizable faction that will not vote “Aye” on any debt ceiling lift, even Boehner’s bill, their own Speaker. It is also apparent that republican votes would be needed to avoid a filibuster by somebody or other (DeMint?) on Reid’s bill. Therefore, no bill can pass either house without votes from both parties. the only question that remains is will they be able to do it before a market crash, or, like in TARP, only after the market meltdown “proves” that they have to do it. There was no Tea Party in 2008, so best guess is that the markets probably will have to force the issue this time, too: unless Boehner gives in on a one-step process, and then the House will pass a bill with plenty of Democratic votes and the Tea Party bloc will be marginalized.
Filed under: Uncategorized, Debt Ceiling; Boehner; Reid; Tea Party
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