It is political suicide to fold at this point, an almost certain guarantee of the end of the Conference’s ability to negotiate effectively with the president, and a disaster on so many levels –for the country, for the party and for the patient– that it is hard to imagine the GOP agreeing to it.
Jack Lew made up the “October 17th is doomsday” as a talking point every bit as believable as Susan Rice’s Benghazi-video line of a year ago, and the GOP cannot be stampeded by the stupidity of the argument that the world ends on 10/17.
Pimco’s head Bill gross, Mr. Bonds, dismissed the idea of a Treasury bill meltdown today, and I rank his credibility about, oh, a thousand times higher than any of the POTUS’ gang-that-handled-Syria-so-well.
“Gross said the odds are 1 million to one that the U.S. will not default on its debt, but that doesn’t mean the threat isn’t affecting markets,” CNBC also reported.
If the president really believed that the equivalent of an economic nuclear bomb was about to go off, would be be acting this way –performance art for the hard left of his party?
The GOP Conference with a few very vocal outliers –see the interview with Charlie Dent below– is very unified by all reports, and the Speaker not at all inclined to cave. To negotiate, yes. Cave, no. It would be very hard –perhaps impossible– to sell anything except perhaps a day or two extension as other than a cave.
Ditto any “deal” that gets in return a promise of future tax reform, or a “framework” or anything else that doesn’t actually change conditions for Americans. A repeal of the Medical Device Tax is the barest of minimum wins, but a real win. So too would be a delay of any time in an individual mandate that cannot be complied with in any event. Sequester relief for the DOD can also always be defended as in the national interest.
But a fold? It would be a long time repairing the careers of anyone who signs on to that –if ever.