Obama has lost it altogether

Last night, president Obama told the nation that he supported the Reid plan for raising the debt ceiling. That plan called for what Obama said were spending cuts of about 2.5 trillion over ten years together with a rise to the debt ceiling sufficient to take the country until just after the 2012 election. The House Republican leadership has an alternative bill that has a little over a trillion in spending cuts, a debt ceiling rise of the same amount and the appointment of a commission to come up with further cuts that will allow a further rise to the debt ceiling. Neither bill has any tax increase of any sort. Of course, Obama spent most of his speech calling for tax increases that he has already abandoned by endorsing the Reid bill.

Now the other shoe has dropped so to speak. Obama has announced that he would veto the House GOP bill were it to reach his desk. That is truly amazing. According to Obama himself, the difference between the two bills is that the Reid bill pushes the next debate about the debt ceiling out for longer. Indeed, the Reid bill conveniently pushes the issue out past the next election, while the GOP bill does not.

Both bills end the current "crisis" that Obama says will lead to a default by the USA. Both bills allow the government to get back to dealing with more usual matters. Both bills would restore the world's faith in the USA and its economy. But Obama is threatening to veto the GOP bill because it would force him to address the issue again in the middle of his election campaign.

It is hard to think of a more cynical and, indeed, despicable exercise of presidential power. Obama is putting his own well being ahead of that of the country. It is shameful.