Above the fold

Oh, Snap

By: boom booms room staff on

Back in November 1980 Roberto Duran and Ray Leonard were in Round 8 of their rematch for the Welterweight Championship of the world.  Duran, known as Hands of Stone, stunned the boxing world by quitting in the middle of the round, uttering “no mas,” meaning no more.  Leonard’s flash, panache, and right hand beat Duran into submission.

Fast forward to today and many Americans feel like Roberto.  No more they say when it comes to expanding our bloated national debt.  Joe Biden and Kevin McCarthy went a few rounds themselves before pounding out a deal to extend the debt limit and spending more money but supposedly less than they would have otherwise.

It’s inaptly named the Fiscal Responsibility Act(FRA).  Remember the Inflation Reduction Act that didn’t have anything to do with reducing inflation?  New Bills coming out of the government are keeping pace with bills that are due from previous Bills that caused this circular reference.

The FRA, unlike the rematch of Hands of Stone v Sugar, allows both sides to claim victory.

But ringside, aka Capitol Hill, the judges are grumbling.  Will there be enough yes votes this week in the House to get this through?  Twenty Republican conservatives(about the same number as there are left in the House) are publicly hands down like Roberto’s were 43 years ago.  No mas spending irresponsibly they said.

This bill allows the debt to rise another 4 trillion from 32 by 2025.  Got that?  But that might not be enough to garner the far left.

“The Republicans did not win any major concessions on spending,” Rep. Pramila Jayapal, D-Wash., chair of the 100-member Congressional Progressive Caucus, said on a call with reporters Tuesday.  Could someone ask Rep Jayapal if that is a good thing or a bad thing for this country?

Cori Bush said she is undecided but is “leaning no” on the debt ceiling bill “As somebody who was a food stamp recipient, there is absolutely no way I can see myself green-lighting something that will take food from people’s mouths.”

Cori Bush Supporting Another Worthy Cause
The Congressional Budget Office said that the changes to work requirements for food stamps, officially known as Supplemental Nutrition Assistance Program (SNAP), actually increase the cost of the program by $2.1 billion over the coming decade. The net result is more individuals qualifying for SNAP benefits and a higher price tag, the CBO said.  Oh, snap, Cori.
Rep. Debbie Dingell (D-MI) stated that communities are worried about the clawback of COVID money in the debt ceiling bill because “they thought they had until 2024 to spend that money.” And that she has been telling communities, “If you need that money, you should be spending it now.”  BLM is more fiscally responsible than Dingbell Dingell.
Rep. Alexandria Ocasio-Cortez told reporters on Tuesday that she will vote against the bill to lift the debt ceiling as well.  She gave no reason, but she’s above it all really anyway.
And, low and behold there is Speaker McCarthy’s slippery hold on to the speakership position, the championship belt,  at stake here.  He sold his soul to get the spot and now he sold his party down the street to strike the deal some say.  The threshold for a “motion to vacate the chair” is just one member, down from a standard of five put in place under former Speaker Nancy Pelosi.
All the while, the stock market is watching this carefully.  A “no mas” vote would send the indices tumbling down like where Roberto was going in round eight if he didn’t quit.
The government needs a standing eight count and some smelling salts ASAP.