The PJ Tatler

Debt Limit Talks Collapse. Again.

According to this breaking news from the Washington Post, the debt limit talks have, once again, collapsed and

House leaders are now working with Senate leaders to craft an alternative plan to raise the federal debt limit, but so far they have not reached agreement on a way to meet an Aug. 2 deadline and avert a potentially major fiscal crisis.

President Obama continues to sing the same song as before.

Speaking at a town hall meeting at the University of Maryland in College Park, Obama told a largely supportive audience, “We can’t just close our deficit with spending cuts alone.” That would mean senior citizens would have to “pay a lot more for Medicare,” students would have trouble getting education loans, job training programs would be trimmed and there were be “devastating cuts” in medical and clean-energy research, he said.

“If we only did it with cuts, if we did not get any revenue to help close this gap . . . then a lot of ordinary people would be hurt, and the country as a whole would be hurt,” Obama said. “And that doesn’t make any sense. It’s not fair. And that’s why I’ve said, if we’re going to reduce our deficit, then the wealthiest Americans and the biggest corporations should do their part as well.”

Presumably, the “ordinary people. . . . and the Democrat Party country as a whole” need to preserve the Medicare Mess, keep student loans as they are until the education bubble finally bursts regardless of the consequences and promote expensive clean-energy research more than jobs.  Surely, that will solve our problems.  Not.