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House Majority Leader Eric Cantor speaks at Northwestern University's Kellogg School of Management in Evanston, Illinois, October 28, 2011. REUTERS/John Gress (UNITED STATES - Tags: POLITICS)
Eric Cantor holds the GOP's debt limit default threat between his hands
House Majority Leader Eric Cantor:
The first step to fixing this problem is to pass a budget that reduces spending. The House has done so, and will again. The Democratic Senate has not passed a budget in almost four years, which is unfair to hardworking taxpayers who expect more from their representatives. That ends this year.

We must pay our bills and responsibly budget for our future. Next week, we will authorize a three month temporary debt limit increase to give the Senate and House time to pass a budget. Furthermore, if the Senate or House fails to pass a budget in that time, Members of Congress will not be paid by the American people for failing to do their job. No budget, no pay.

As I wrote earlier, this short-term thing doesn't really make any sense at all, but take a moment to appreciate just how far Republican demands have fallen.

They started off demanding adherence to the Boehner rule—one dollar of cuts for every dollar of debt limit increase. That would have meant cuts to Social Security, Medicare, and Medicaid.

Now, they say they'll postpone their debt limit default threat for another three months ... to force the Senate to pass a (non-binding!) budget resolution. And if the Senate doesn't act? Congress won't get paid. Oooh, scary.

But whatever the Senate does, you can bet the debt ceiling will go up. Because it has to.

10:06 AM PT: Fun point by MadRuth: Eric Cantor managed to force himself to say "Democratic Senate" (not "Democrat Senate"). Now that is a concession.

10:14 AM PT:
House says there will be no 'long term' debt-limit deal without Senate passing budget.
@ByronYork via HootSuite
Haha, yeah, okay, whatever guys. Sure.

10:22 AM PT: You know, I'll bet Sean Duffy is really freaking out about the pay threat. Maybe he should retain counsel, because if Cantor does cut Congressional pay, Duffy could file an interesting lawsuit contesting the action,  citing the 27th Amendment.

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