While the political name calling continues, it was rather evident that Speaker Boehner, Senator McConnell, and the President were ready to ink a "Grand Deal" while far from perfect would have potentially cut $400 billion a year in government spending, and add revenues to the tune of potentially $200 billion a year.
With an annual government deficit of approximately $1.4 trillion, a $600 billion reduction in that deficit would have nearly cut our deficit in half. Moreover, Friday's S&P's downgrade of America's credit rating would have almost certainly been avoided as confidence about the U.S. getting it's financial house in order would have been been reassured.
Despite, actual compromise seemingly taking place at the top-levels of government, it was the rank and file House Republicans that nixed this "Grand Deal." Some Republicans in the House openly spoke as if default was just what the Country needed if the President would not yield to raising the top tax bracket back to the old Clinton rate of 39.6% from today's 35%.
When one thinks that a pithy 4.6% rise in taxes for the richest of the rich took the entire economy into a near man-made collapse, it's not hard to be completely disgusted with Washington.
Let's get down to the real take away from this blog. The President failed us this past week. And, it was for the third time in less than a year. And, this time it was the greatest failure of his Administration.
Allowing a minority to control the majority is exactly what government was setup to prevent. The President, did not come on the air stating "I want a tax increase, these tax loopholes closed, $4 trillion in spending cut, or I will veto it."
Had the President taken this hard line, Republicans would have folded. The American people would have liked to see the President show some backbone instead of being again pushed around like a spineless, empty suit.
Mr. Obama, didn't do that.
George W. Bush, Bill Clinton, Ronald Reagan, and most especially Richard Nixon would have never let one house of Congress act in this manner. This President did.
Now I ask myself, if the President can't control one small part of the House of Representatives to achieve his goals, how will he achieve anything?
His first two years of a completely Democratic government were easy. Now that government is split, Mr. Obama has no idea how to maneuver.
Divided government is a good thing. It prevents one party from completely hijacking the country into say invading Iran. Remember 2003-2005? It was very close to happening (courtesy of then Vice President, and heart-attack marvel of modern medicine Dick Cheney).
Republicans have made it their goal to unseat the President next year, and due to the President's lack of leadership, conviction, and frankly balls, it may just happen. Only 10 months ago I was sure the more than unimpressive hodge-podge of Republican candidates (Palin, Romney, Pawlenty, Bachmann, Gingrich, etc.) were doomed to a Presidential loss. Now I'm not so sure.
One thing I am sure about is that Obama may very well have lost the 2012 election. While I believe the President is a better campaigner by an order of magnitude than President, campaigning may still not be enough to save him in 2012.
Today's disgusted B-Word.