Obama the Terrible and Biden the Jester. The deal is set. The “negotiations” are a masquerade. The announcement has to be made in July to save Wall Street any chance of the jitters and of course to convince the gullible that “negotiations” really occurred.
Praise the lord and hallelujah, Barack Obama’s gonna stick it to ya. He’s so wily, with a face all smiley, he’ll flash those teeth when he’s about to screw ya.
The same posturing occurred during the stimulus and health insurance “negotiations.”
So the scene is set. Act 1 is about to come to a close. Act 2 follows with Obama claiming that he was forced by Republicans into an untenable position and that he acted to save the nation from economic turmoil.
I don’t know what the potential for this scenario is, but it seems to me Obama could declare a national emergency if the debt ceiling isn’t raised and proclaim the actions of reckless Republicans a grave threat to national security which they most certainly are. He would then need the cooperation of the Fed and the feckless Republican Ben Bernanke – an Obama appointee – to buy bonds issued by Treasury.
As commander in chief he would be invoking his constitutional duty to protect the security of the country while at the same time fulfilling his oath to defend the Constitution.
Such actions might cause Wall Street to pout and as such would be wholly unacceptable to Obama and to the Street’s employees at Treasury and in Congress. It seems to me though that if Obama was capable of bold action he could win a huge political victory over the debt issue.
It is not to be however. Even if the scenario is feasible it is unlikely but it’s a thought if only wishful thinking.
Read the article by Dean Baker at the Smirking Chimp.