So the debt limit increase is history -- signed, sealed, delivered. You think the markets would be rejoicing?
Not hardly. The stock market tanked today. Moodys has lowered the US outlook to "negative" on the debt, and the fears of "double dip recession" are everywhere (I never believed the recession ended).
So this all assures that Obama will be a one-term President?
I'm not so sure.
Call me cynical, and I could be wrong about this but I have an uneasy feeling that the feckless GOP leadership--namely John Boehner and Mitch McConnell--played into Richard Milhous Obama's hand.
It's been noted that Obama has never brought a plan of his own to the table--he didn't need to.
He was able to get what he wanted....a higher debt limit cap. Obama got something else from Boehner and McConnell--a club called "bad economy."
Yes....come later this year and in the months leading up to the 2012 election, Obama will blame the Republicans for his bad economy, and he will point to this debt deal as the reason, because it did not raise taxes on "wealthy corporate jet owners." He will cite (as liberals have done) that the Clinton tax increases led to the prosperity in the 1990s (which isn't true), while the Bush Tax Cuts led to the collapse of the economy (not true either).
He'll get away with it too. The media is basically the stenographers for the Obama 2012 campaign and will not hold him accountable for his lies. The Left will have no where else to go, and the GOP will do nothing put play defense.
As I said, Obama didn't need a plan. This was his plan....a crisis imposed for purely political reasons, and the Republican leadership were suckered in.
Like I said, I hope I'm wrong, but I have a bad feeling about this.