The House Republicans have decided to kick the can. Obama has won. It was an easy victory.
There will be another can-kicking on May 19.
The Republican party is devoid of either brains or backbone.
The prophet Isaiah called Egypt’s Pharaoh a broken reed. “See, you trust in the staff of this broken reed, on Egypt; where on if a man lean, it will go into his hand, and pierce it: so is Pharaoh king of Egypt to all that trust in him” (Isa. 36:6). That description applies well to John Boehner. Warning: do not lean on a broken reed.
There will be no fight. The Republicans in the House are not ready to threaten the shutdown of the U.S. government. That is the only threat that carries weight.
The on-budget deficit will grow. Politically, this is irresistible. There will be no showdown at the OK Corral.
You may ask: “How long can this go on?” It can go on for a long as there are buyers of U.S. debt at low rates. Therefore, it will go on that long.
When rates rise, the Federal Reserve will step up to the bat. It will buy the debt with newly created digits. At some price, meaning at some rate of price inflation, the Boehner-Obama team can continue to kick the can.
Boehner claims that the Republicans’ plan — there is a plan? — will balance the budget in ten years. Yes, my friends, in just ten short years Dr. Boehner’s sure fire, secret formula elixir will perform miracles. Tired blood? It works! Receding credit rating? It works! In short, trust him.