As Adam Bitely, Editor in Chief of NetRight Daily, reports:
Harry Reid has said that he will get this measure passed in the Senate and Obama has said he will sign it if the measure comes to his desk. Republicans have suspended the debt ceiling on the hope that Democrats will side with them on adopting a budget that will lead to balance within 10 years–which is incredibly unlikely.
Or, put another way, if Boehner and friends believe this will pressure Obama to cut spending, the New Yorkers have a bridge to sell them! The bill passed 285-144 with the ‘help’ of 86 Democrats, and opposed by 33 members of the shrinking fiscal conservative faction of the house GOP.
Bill Wilson further referred to this cowardly action as “A step towards total capitulation” on the debt ceiling.
Since the Feds are already buying up to 90% of Treasury bonds, this becomes just one more warning signal, urgently flashing in the hope that we pay heed before our currency collapses – See my analysis here.