Only hours before the debt limit deadline, Congress finally passed a temporary measure to avoid default. The plan was approved 81 to 18 in the Senate, and 285 to 144 in the House. The Continuing Appropriations Act funds the government through January, suspends the debt limit until February, and directs both parties to agree on a long-term budget by December 13th. After two weeks of Tea Party hostage-taking, Republicans only got a continuation of the sequester and an Obamacare income-verification rule in exchange. But, they caused serious harm to our nation in their effort to extract more demands.
Because of the standoff, our nation lost at least 900,000 jobs, our economy lost at least $24 billion dollars, and our national credit rating is once again on the brink of being downgraded. After both chambers approved the legislation, President Obama made a short statement. He praised Congress for passing the measure, but said, “We've got to get out of the habit of governing by crisis.” However, the temporary measure that Congress passed could simply have scheduled the next one.
Senate Minority Leader Mitch McConnell said that the deal “is far less than many [republicans] hoped for, quite frankly, but it's far better than what some had sought. Now it's time for Republicans to unite behind other crucial goals.” Presumably, those goals include trying to dismantle Obamacare, and slash the budgets of other social net programs. In addition to the economic consequences, the debt-limit standoff produced record-low approval ratings for Republicans, so it's unclear why they would want to have the same fight over again. The American people want to see Congress move on to working on ways to improve our nation, and stop this governing-by-hostage-taking.
The Thom Hartmann Program weekdays 3 PM to 6 PM on WWRL 1600.