It seems that the debate over the debt limit is finally coming to a close and our lawmakers are attempting to earn their salaries by actually working together for a few days. My not-so-secretive distaste for politicians aside, I’m glad that some agreement was made.
A couple of concerns:
- The showdown is not over, only the leaders have agreed to the deal, now they have to obtain majorities in both houses (a non-trivial feat, especially with those fickle Tea-Party representatives) and produce a tolerable bill for the president to sign.
- Even if we avoid default we are not protected from a downgraded credit rating since our total debt is absurdly high (I will go in-depth into my feelings about the debt in another post).