Thankfully, the Boehner bill passed (as expected) but by a relatively close margin 218-210 and 7 abstentions .
Most of the debate was the normal political hoo-ha, but Boehner’s speech was emotional and hard hitting.
Boehner said in part:
“I stuck my neck out a mile to try to get an agreement with the President of the United States. I stuck my neck out a mile. I put revenues on the table,” Mr. Boehner said, his voice rising.
“I’ve offered ideas, I’ve negotiated,” Boehner said in closing debate on his bill. “Not one time, not one time did the administration ever put any plan on the table. All they would do is criticize what I put out there.
“I stuck my neck out a mile to try to get an agreement with the President of the United States,” Boehner continued to grumbling among Democrats. “Hey, I put revenues on the table i order to try to come to an agreement in order to avert us being where we are. But a lot of people in this town can never say yes.”
Boehner closed his remarks by thundering: “This House has acted. And it is time for the administration and time for our colleagues across the aisle… put something on the table! Tell us where you are!” (if you cannot see video below click here)
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Good News, Moody’s the major ratings service least likely to downgrade US debt announced:
Moody’s Investors Service said today it expects the U.S. will get to keep its Aaa credit rating, “albeit with a shift to a negative outlook,” provided Congress and the White House can work out a deal to avoid missing payments to U.S. bondholders.
Moody’s launched a review of the U.S. credit rating on July 13, as the fight over how to raise the current $14.3 trillion federal borrowing limit was starting to heat up. Moody’s review will finish when the debt limit is extended “for more than a short period of time,” the company said. That line gives some ammunition to Democrats and President Barack Obama, who have said any debt deal should lift the borrowing cap through the end of 2012.
Moody’s also offered a definition of “default” – which could be of some comfort to conservative lawmakers who have said that action on the debt ceiling isn’t strictly necessary by the Treasury’s Aug. 2 deadline.
“What would Moody’s consider a default? We do not consider delayed payments for obligations other than debt service to be a default.” In other words, President Barack Obama could make good on his warnings that Social Security checks wouldn’t go out, and that wouldn’t constitute a “default.”
It would have been much better if that announcement came from Standard and Poor’s which is the credit rating service most likely to downgrade US debt.
Bottom Line: Senator Reid, your dice