We’re back to the Balanced Budget Amendment, the same one Senator John McCain told his fellow Republicans cannot pass. In an effort to get his debt-ceiling bill through the House, at least, Speaker John Boehner is now adding stipulations for a second increase in the debt ceiling.
NBC News reports that those stipulations include that new spending cuts be greater than $1.6 trillion, and that the Balanced Budget Amendment has already gone to the states. Since the House and Senate almost certainly can’t pass the amendment at all – let alone by the necessary supermajority – Wall Street and Main Street and the whole darned world would get to face this impasse again a few months from now.
But it apparently pleases the Tea Party caucus, so until the Senate votes it down, the Boehner plan is the flavor of the day.