This looks like a labor negotiation. There is, as always, a "crazy person" on the other side. This time, the "person" is in fact a large group of tea party Repubs. Obviously the markets would be screaming if investors didn't know that a sham was being perpetrated. Who funded the tea partiers? Why is John McCain participating? Duh. CNN, and other major media are falling for it -- hook, line, and sinker.
Obviously the goal here is to have a "last minute" deal in the house. Boenher can then hold things up until the final few hours.
And then, in order to achieve a deal w/ Reid and the White House, he will insist on tax cuts (and more corresponding spending cuts). Because - after all - the "crazy Tea partiers" will not allow anything else.
So-o, let's see, the Repubs would've: (1) gotten Obama to put Soc. Sec., Medicare and Medicaid cuts on the table; (2) obtained a resolution that involves no tax increases of any kind (including "tax expenditures"); (3) forced Obama to reconsider the whole issue this fall/winter; and, finally; (4) gotten a lowering of tax rates (top individual rate, top corp. rate, and/or cap. gains).
Boenher is risking his speakership? Oh c'mon. It's so obvious what they're doing. And if the high-rollers in the business community weren't behind them, why aren't the markets going nuts? This is the oldest set of tricks in the book. "The 'crazy people' are making us do it." And if they aren't appeased, they'll insist on repealing the Affordable Health Care Act, defunding the EPA, or something else. "Mr. President, will you let us default?"
In return, a fig leaf such as: continuation of the Soc. Sec. tax reduction (or something like that) will be offered.
I love watching CNN. They seem to actually believe that there is a legitimate disagreement in the Repub party. Uhm, no. It's just the "crazy person" in a labor negotiation. If it were just CNN that was falling for this narrative, it would be funny. But it's not.