1) A debt ceiling extension will indeed be passed by the House, likely today.
2) Over the weekend, or Monday at the latest, the Senate will also pass a bill, it will come out of conference and basically please nobody.
3) Obama will sign it even though he doesn’t like it and will say he’s doing it just so he can be the grown-up in the room.
4) Our credit rating will be downgraded anyway, because it’s not a matter of Moody’s and S&P being upset that we’re not allowed to borrow enough (what sort of dolt would think that’s the problem?), but because Washington isn’t serious about bringing the debt down in the first place.
5) Obama will, when we lose our rating, blame it on the deal that he’ll remind us all he held his nose to sign, and thus by implication point the finger at the Tea Party and the GOP as a whole. ‘After all,’ his reasoning will go, ‘I had to sign something, and this is all those lunatics would give me.’ Forget that he had no plan, offered no specifics, and spent the summer criticizing instead of leading.
6) The pliant press will allow the president to get away with it.
After that, the crystal ball goes hazy. Guess it’s up to us at that point.
-Nick (ColoradoPatriot, from HQ)