Thursday, February 16, 2012

New Republican banking crisis

The country already knew the Republicans and banks were a bad combination. Now Bloomberg reminds us
U.S. House Speaker John Boehner said 78 days ago that lawmakers could “take to the bank the fact that” a payroll tax cut extension “will be paid for.”

That resolve fizzled yesterday when he agreed to support a deal that would add about $100 billion to the budget deficit.
Rep. Boehner's insolvent banking also extends to his signature highway bill.
Speaker John Boehner (R-Ohio) on Tuesday moved to split up a major House transportation bill as Republicans looked to smooth its passage over objections from the right and left.

GOP leaders announced that the $260 billion highway bill would come to the House floor this week in three pieces, using a procedural maneuver that would allow the bill to be recombined after each component passes.

...While Republicans argued that the move adhered to the party’s commitment to transparency, it also served as an acknowledgement that Boehner was having trouble cobbling together the votes to send the bill — one of his top priorities — to the Senate. That effort was complicated further on Tuesday with the release of a Congressional Budget Office (CBO) report finding that the GOP legislation would leave a $78 billion hole in the highway trust fund.
Don't worry though, Rep. Boehner has successfully guided the House in the last month to vote against an increase in the debt ceiling that these new measures will require.