Lawmakers who vote to let tax cuts lapse for millionaires would not be violating an antitax pledge, says a group led by activist Grover Norquist. House Speaker John Boehner has put forward such a bill, stirring fury of other conservatives.
Fitch Ratings, a leading credit ratings agency, warned Wednesday that the US is likely to lose its top-notch debt rating if lawmakers cannot agree to a solution that prevents the economy from going over the 'fiscal cliff' at the end of 2012. Fitch Ratings called the resolution of the fiscal cliff and an increase in the debt ceiling 'pressing issues.'
Yes, another debt-ceiling debate is looming, and the Senate's attempt to deal with the issue Thursday involved complex legislative machinations that appeared to backfire on Mitch McConnell.
President Obama wisely wants to resolve the looming crises with the debt ceiling and the 'fiscal cliff ' now. If he can't strike a debt-ceiling deal, he has another option: Bring out the Constitution, whose 14th Amendment states that the 'validity' of US debt 'shall not be questioned.'