The attempt at compromise over the debt ceiling between the House of Representatives and the President failed this evening. House Speaker Boehner informed everyone that he is no longer working with the President to arrive at settlement to the ceiling for the government's debt ceiling, he is going to work with the Senate and try to reach an agreement with them. The President asked him to call him this afternoon, however the Speaker did not return the call.
This past two-three weeks of negotiating between these two entities has been for naught. The Republicans have signed a Taxpayer Protection Pledge, initiated by power broker Grover Norquist in 1986, and they are not going to back down. The two main sentences from the document are:
"ONE, oppose any and all efforts to increase the marginal income tax
rates for individuals and/or businesses; and
TWO, oppose any net reduction or elimination of deductions and credits,
unless matched dollar for dollar by further reducing tax rates."
The Republicans have 236 Representatives and 41 Senators who have signed the Taxpayer Protection Pledge. Because the House of Representatives has the only power to initiate all money "bills", winning the majority of seats in the past election gives them the power to initiate the bills and carry the House of Representative. However, the President and the majority of the Senate are Democrats and are in power in their areas (Presidency and Senate). The ability to pass a "bill" takes all three entities, the House, the Senate and the Executive branch or Presidency. So, even though the Republicans are walking around like a bull in a china shop, everything they do is an EMPTY EXERCISE without the other two entities voting with them. The Republicans did similar exercises during the Clinton years and even during the Bush years. They want to seem larger than life. This latest EXERCISE is going to cost them big time, it will cost them the Presidency in 2012 and the Tea Party seats in the House, as well as leadership positions in the House. Boehner is too worried about what he thinks the Tea Party members are going to do. Grover Norquist Tax Payer Protection Pledge