25 July 2011

It’s obvious that everyone tries to avoid the blame. The largest impediment on the way to a long-term debt limit extension comes from the Republican-controlled House. Almost all House Republicans also signed a public pledge not to raise taxes for any reason. Of course, one of the main reasons for that is the future 2012 re-election (members of the House must be re-elected every two years).
President Obama will also run for re-election in 2012 and he really doesn’t want the campaign to fail because of the country’s borrowing limit problem.
Last Sunday, Obama met Senate Majority Leader Harry Reid and House Minority Leader Nancy Pelosi, to discuss the progress report.