After yesterday's commotion between the two parties, you think if can't get worse, but it does. Debt Ceiling talk is finally reaching Wall Street with a 200 point drop Wednesday, when news came that House and Senate proposals were short of their goals.
And if hat isn't bad enough, Reid and 53 Senate Democratic members, including two independents, sent a letter to Boehner that they will vote their bill down.
If the bill passes today Reid will either vote it down or send it back for amendments. Boehner needs 217 votes to pass his bill. There is still time to get the bill to the President, but will Reid kill the bill is the question?
Both bills have the additional joint member committee, which has an up side and a downside. This committee can cut spending, but it can also raise taxes. Giving the Congress a new credit card, to raise taxes, without a filibuster or an amendment.
Reid's plan has cuts $2.2Trillion in ten years, but a large amount of this is the ending of the wars in Iraq and Afghanistan. Republicans call this a "gimick" rather than a tax cut.
Or after all this will the President veto Boehner's bill if it passes anyway. Or worse yet use the 14th Amendment declaring the debt ceiling void.
All in all this week and next can be one tail spin after another and could continue until Congress goes on vacation in two weeks.
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