Wednesday, May 25, 2011

Debt Ceiling Charade: Vote to Fail Next Week

by Bill McBride on 5/25/2011 11:49:00 AM

Stan Collender writes: Not A Surprise: GOP Plans Vote On Debt Ceiling Bill Next Week

House Republicans announced yesterday that they would bring a "clean" debt ceiling to the House floor next week. ... by allowing members to vote against it now, the leadership will also be making it easier for some of them to vote for a debt ceiling increase later this summer.
The theater of the absurd. Otherwise known as politics.

And from the WSJ: Geithner Dismisses Debt-Ceiling Debate as Political Theater
U.S. Treasury Secretary Timothy Geithner Wednesday dismissed as political theater a House vote on the debt ceiling that is expected to fail, and said Congress would ultimately raise the limit this summer.

“Right now this is all theater. Beneath the theater you are starting to see people work together,” Geithner said
The key point is the vote next week is meaningless and the debt ceiling will be increased this summer.