than anything I have heard out of D.C. for the last three years.

The impass is more about how to bring spending discipline and get the financial house in order so we don’t go off the deep end, like Greece. Democrats would rather just go on doling out the cash with trillion dollar deficits, and by not raising the debt ceiling, the Republicans can get them to the table and make them cut. No matter what, the debt ceiling will have to be raised because it will take a multi-year effort to do all the things necessary to clean up the mess, like clean up the tax code so there is some sanity in revenue collection, in addition to cutting.

Raising revenue by raising tax rates is really just a red herring. The historical average of tax collection regardless of rates is ~18% of GDP. And of course, collecting that level of revenue isn’t going to be happening any time soon because the economy is such a mess. Even if the govt could manage to sqeeze out an additional percentage or two, it would be of little consequnce to the magnitude of the unfunded liabilities – hardly worth mentioning at all. The Dems are just trying to score points by forcing the Republicans into a corner and the only way out is to torque off their base and raise taxes. Really, the Dems have nothing to lose than they haven’t already all but lost and they have time on their side. They can just wait it out until the Republicans have to blink and leave them holding the bag of woes either way.

If you ask me, I don’t think these critters in DC are going to be able to solve this problem. Eventually, we’re going to have to have the States call a convention and get it worked out that way. And its simply because there’s no way to abridge government power with a BBA. The power is why there is a spending and debt problem because they simply are not good stewards of it; which I’m pretty sure is why the Founders denied it that kind of power. The abuse of it will continue in ways that do not involve direct expenditure, which is likely worse than debt, at least in the order of liberty. Of course that’s assuming that the hole in H.J. Res. 1 manages to limit spending and debt at all. It would not have done anything for the mess we have if we had it as early as 2002, and wouldn’t have stopped the bailouts, stimulus, or ObomneyCare. WIth that in mind, I hope that you all are reading the documents associated with the “Cut, Cap, Balance” pledge before signing it.