Obama to Address US = Debt Ceiling

BBC News: Reports that President Obama is to address the US tonight on the US debt ceiling crisis. It seems from reports in the US that the President wanted the air time to go over his talking points and support the Democratic Senate plan. It has been noted that the plan by Senator Harry Reid might not even get the sixty votes in the US Senate to get a vote and would fail in the House, the White House has stated the following on the Reid plan, “ Now, faced with the “my way or the highway,” short-term approach of the House Republicans, Senator Reid has put forward a responsible compromise that cuts spending in a way that protects critical investments and does not harm the economic recovery. All the cuts put forward in this approach were previously agreed to by both parties through the process led by the Vice President. Senator Reid’s plan also reduces the deficit more than enough to meet the contrived dollar-for-dollar criteria called for by House Republicans, and, most importantly, it removes the cloud of a possible default from our economy through 2012. The plan would make a meaningful down payment in addressing our fiscal challenge, and we could continue to work together to build on it with a balanced approach to deficit reduction that includes additional spending reforms and closing tax loopholes for corporations, millionaires and billionaires. Senator Reid’s plan is a reasonable approach that should receive the support of both parties, and we hope the House Republicans will agree to this plan so that America can avoid defaulting on our obligations for the first time in our history. The ball is in their court. ”. Folks the Oval is playing chicken, the Reid plan main point is to get the debt ceiling off the agenda of 2012, the Republican plan is two stages, raising the debt with cuts up to end of 2011 and then have another vote in 2012, this would be a nightmare for the Oval, the Obama Chicago Re-Election Committee would have PR nightmare in selling another debt raise. The chickens have come home to roast for POTUS, his economic plan has failed to reduce unemployment, now at 9.2%, the point of ObamaCare was to reduce the costs of health care in the US, the reverse has happened, costs are sky high. Hubris is when someone thinks their IT, the STAR of the show, the problem is in movie terms if you last movie flops and the public turn against you, it either you change or have a different career. POTUS might find in 2013 that he has to go back to being a Law Professor, being a Carter Mark 2 will not be fun for Obama, hubris can be fun to watch sometimes.