2011-12-30

The failure of the Tea Party?

Obama Waits Before Asking for Increase in Debt Limit
The budget agreement of Aug. 2, which broke that deadlock, has made it highly unlikely that Congressional Republicans could block an increase in the debt limit through the 2012 election. Since signing legislation to codify that agreement, Mr. Obama has already obtained two increases totaling $900 billion.
Still, House Republicans, who led the battle over the debt ceiling, are likely to seize the opportunity to condemn further borrowing and vote against the increase even if they cannot block it. By agreeing to the request for a delay from Senate and House leaders, the White House in effect is giving lawmakers the chance to weigh in without having to cut short their vacations. The delay also insulates the White House against accusations that it sought to push the increase through while Congress was away.
The Tea Party rose up for many reasons. Underlying the movement and Occupy Wall Street is declining social mood, but the chief stated goal of the Tea Party was spending and the deficit. Now the deficit is set to soar with only lip-service from politicians. Nevertheless, social mood is drifting lower and voters will take out their anger at the ballot box. Whether 2012 is the year of real change remains an open question, but 2012 will be more volatile than 2010, for sure. If Obama wins, the GOP will take control of Senate and hold the House, ensuring at least 2 more years of gridlock and pushing major reform out to 2016.

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