Just when you thought that Congress and the White House had come together to solve complex, long-term fiscal issues relating to the United States' massive debt load and dwindling tax revenues, reality reappears and the two political parties begin squabbling over the same issues.
As we reported several months ago, House Republicans and the Obama administration had hammered out a deal that, in exchange for a debt ceiling "suspension" until May 19, certain spending cuts would be enacted. But with that date right around the corner, conservatives, liberals and all the politicians in between are jockeying to assign blame for yet another pending national debt default.
House Speaker John Boehner fired the first salvo this week, as he announced a draft law that would allow a debt ceiling breach for certain obligations, most notably foreign holders of Treasury bonds. Known as the Full Faith and Credit Act, it would cement America's commitment to paying her bills on time, even if it comes at the expense of checks to military personnel or retirees receiving Social Security.
Predictably, President Barack Obama and Congressional Democrats are accusing Boehner of throwing the less fortunate under the bus rather than coming back to the negotiation table. However, this action is firmly in line with comments made by the Speaker following the conclusion of the so-called "fiscal cliff" debate, when the Ohio Republican stated in no uncertain terms that the time for deal-making was over.
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