the Green Lantern Left / Firebaggers

Atrios links to Naked Capitalism

Yves, at Naked Capitalism isn't too impressed with all the posturing about raising the credit limit. 

Budget Brinkmanship is Baaaaaack by Yves Smith

So hang tight for way too much unnecessary melodrama over the next month. It’s another round of watching the two parties play chicken, with each posturing that it won’t be the one to steer out of the impending crash. The fact is that Obama really wants his Grand Bargain. All of this high drama is necessary for him to pretend to his base that he was forced to do what he’s been trying to do for years: sacrifice old people since he perversely believes that “reforming” Social Security and Medicare will get him brownie points in the presidential legacy ledger. This staged impasse is hard to take it as seriously until there’s evidence that this iteration of budget farce really is different from its predecessors.

Smith links to Joe Firestone at New Economic Perspectives

So, Sam Stein thinks the zombie “chained CPI” lives again, and Ezra agrees, but also thinks that the Republicans will not agree to that unless they get the deals they want. So, once again, the right wing, through their intransigence, may save us from President Obama’s continuing insistence that seniors must suffer now, and future seniors must suffer as well, for the sake of an illusory long-term debt/insolvency problem that doesn’t really exist, and that he can dispel at any moment by minting a $60 T coin.

Meanwhile, the four Versailles “progressives” on this panel laugh at the stupidity of the Republicans who are marching to the doom of their party, while refusing to call attention to the fact that this “funding” crisis, and the previous ones since 2010 were and are all kabuki, since the President could and still can dispel the illusion of possible insolvency any time he chooses to use the power Congress has given him to mint that coin. The big $60 T one; not just the timid TDC.

All sounds too facile* to me. Obama can propose entitlement "reforms" and make compromise noises without having to compromise or makes those reforms. He hasn't cut entitlements in previous budget deals. As DeLong blogged, the deficit won't be a problem for at least the next three Presidential terms.**

The sequester is bad enough.

The Big Budget Battle the GOP Has Already Won by David Dayen

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*Appearing neat and comprehensive by ignoring the complexities of an issue; superficial.

**or until the Republicans blow it up again and/or the next bubble pops.