by Andy Hoffman, MilesFranklin.com:
Assuming last night’s “budget deal” is ratified – which is no gimme at this point – it represents a new low in Congressional ineptitude and irresponsibility. Brain-dead MSM outlets are trumpeting how the “deal brings stability to the budget”; but in reality, it represents the final nail in the coffin of a Congress shirking its responsibility to rein in spending – just as the Fed has done via unprecedented debt creation, inflation expansion, and income equality. In my mind, the only reason a deal emerged was to avoid a second government shutdown in three months’ time; as without it, the same political horror show witnessed in October would have played out again in January. With one major change of course; i.e., the effective termination of the “debt ceiling” via largely ignored fine print in the Continuing Appropriations Act of October 2013, empowering the President to veto any future attempt to cap the national debt – with the only way to override it being the virtually impossible scenario of 2/3rd majority votes in both the House and Senate. In other words, October 17th’s “penultimate deal with the devil” has been succeeded, as I predicted, by the ultimate finance-busting deal yesterday; assuming, of course, it becomes law.
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