I was listening to Arthur Laffer on Fox News and, whether you agree with his Reagan-era curve he made perfect sense on how to resolve the debt limit imbroglio. Pass both the Boehner plan and the Reid plan and then have Congress reconcile it by splitting the middle. The Boehner plan raises the debt limit by almost $1 trillion; the Reid plan raises it by slightly more than $2 trillion. So, agree to raise the debt limit by about $1.5 trillion or somewhere there, get this fiscal problem finished and let the battle continue in 2012.
There are several Tea Partiers, among them Rep. Jason Chaffetz, who want to kill the Boehner bill and try to implement Cut, Cap and Balance. While resolve can be admirable, it doesn’t really work when you turn into Don Quixote. Even conservative economist Thomas Sowell understands this. He writes: “Is the Boehner legislation the best legislation possible? Of course not! You don’t get your heart’s desire when you control only one house of Congress and face a presidential veto.
“The most basic fact of life is that we can make our choices only among the alternatives actually available. It is not idealism to ignore the limits of one’s power. Nor is it selling out one’s principles to recognize those limits at a given time and place, and get the best deal possible under those conditions.” (Read)
Republicans have already bucked the DC establishment by managing a debt plan that avoids taxes. President Obama will not veto a compromise bill comprised of what is on the table.