Saturday, 30 July 2011

Update: Debt Debacle - Talks go backwards as potential U.S. Sovereign Default deadline looms

Last week, we wrote about the standoff between House Republicans and the President in coming to a resolution to the debt ceiling issue. Well, turns out, almost one week on and not only has there been little to no progress on the issue, but it seems like the discussions have taken a step back from resolution.

While the bigger stories last week rested on the hopelessly unproductive debate between House Speaker John Boehner and Barack Obama, the main story of this week is that of Boehner trying to chalk out a plan that can get the support of fellow Republicans. Seriously Mr. Boehner, one week you're trying to negotiate a solution to to the debt crisis with the President and the next, trying to figure out what your (and your party's) stance on the issue is?

Happily, the great negotiator John Boehner managed to get the support of his party on a revised version of the bill yesterday, filling the American people with hope that the issue will be resolved. Or at least, it might have done if the Senate had already stated plans to shelve it and the President already stated that he would veto the bill should it pass through the Senate. What was the point in even voting on that bill?

It is startling how a political system can be so depressingly inefficient that it allows someone to waste everyone's time just to prove that he has the support of his own party. And seriously Mr. Boehner, how unpopular must you have to be (or how ludicrously blockheaded must the members of your party have to be) for you to even fail at proving that easily.

In another startling step back, President Obama addressed the nation in all seriousness and requested that the American people "make themselves heard". Seriously, Mr Obama? You are, in all seriousness, with a completely straight face, requesting that a group of people, most of whom cannot find Russia on a map, inflict their opinions on a matter of great economic significance and complexity to the government? A government that even with the backing of brilliant economic advisers is going backwards when it comes to averting a sovereign default of their nation.

In another hilariously depressing and ironic newsbite, China's government finally got the opportunity to turn the tables on the U.S., calling it "dangerously irresponsible" the same week a train derailed near the Chinese city of Wenzhou killing 39 people.

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