The Hill News

Math has never been my strong suit, but even for me, the crisis gripping the nation and the world is easy to understand. The Republicans, who control the House, are holding raising the $14.3 trillion debtcceiling by Aug. 2 hostage to cuts in government programs, including Medicare, Medicaid and Social Security, of equal amounts to the increase, and accomplished with no increase in taxes. The Democrats, for the most part, are willing to go along, except they’d like tax increases on the rich to alleviate some of the cuts to programs that affect their constituencies. 

And Democrats are mindful of President Obama’s bottom line that whatever bill comes to his desk for his signature must increase the borrowing limit enough to free him from having to worry about its rearing its alarming head until after he’s reelected in November 2012. The Republicans, on the other hand, want to hurt Obama’s chances at a second term, so they want a stopgap plan, cuts in lots! of programs, no taxes, but designed so the president will have to revisit the debt-ceiling issue before the 2012 presidential election.

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