There are a lot of reports out there about what’s happening with the debt-ceiling negotiations:
- This report, if true –that Speaker John Boehner, Senate Minority Leader Mitch McConnell and Senate Majority Leader Harry Reid agreed to a two-stage plan which Reid took to the White House, only to have President Obama reject it — reflects poorly on Obama.
- Reid is now working on his own plan to raise the debt ceiling by $2.7 trillion (has anyone else noticed the figure has gone from $2 trillion to $2.4 trillion to now $2.7 trillion?) and cut spending by a commensurate amount, with no tax increases.
- It seems the chief result of the “Gang of Six” plan, so far, is to embolden Obama to increase by half what he wants in higher taxes.
It appears Obama is now the lone holdout at this point on two key elements of a deal: whether taxes have to rise, and whether a two-step process is acceptable.
Reid, by deciding to work on an all-spending-cuts-no-tax-hikes plan, is essentially — ahem —