I watched Obama’s speech tonight, followed by John Boehner.  My primary reaction was:  “is this really the best we can do?”  Please!  While I thought Boehner was better than Obama the reality is that both stunk.  Obama gave a campaign speech and was primarily interested in fixing blame on everyone else.  It was just plain awful.  On the other hand, Boehner didn’t exactly dazzle.  Why is it that we can’t seem to find a single Republican who can speak coherently?  At a minimum he should have reminded people of how much Obama increased the deficit since taking office.  He should have pointed out that if Obama spent the same amount of money that Bush spent during his last year in office, the deficit would be trillions of dollars less than it is today and there would be no need to discuss raising the debt limit.  He should have closed with a reminder that in 2006 every Democratic Senator, including Barack Obama, voted against raising the debt limit.  Then he should have quoted Obama:

   The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.

 He could have drove a stake in his heart by saying Senator Obama said:  “Americans deserve better!”  We agree, which is why Republicans cannot and will not support raising the debt limit without a firm, no nonsense commitment to cut spending. 

 Boehner could have put Obama even more on the defensive by pointing out that Obama has increased spending at a level unprecedented in the history of the United States. 

 Who knows how this will play out.  Even CNN did not exactly give Obama a glowing review.  The standard group of KoolAid drinkers will continue to inhale.  The real question is whether or not independents will buy this nonsense.  If they do, Obama may get thrown a debt increase life line he does not deserve.  But ultimately it won’t matter.  It will just delay the day of reckoning and unless we stop spending, that day is coming sooner rather than later.  We are already technically insolvent and if we don’t cut expenses default is probably inevitable.

 In the ultimate irony, the people putting pressure on the U.S. to get its finances in order are the same people who failed to do their job with regard to the financial meltdown.  A lot of those companies, including Fannie Mae and Freddie Mac that melted down from toxic subprime mortgages on their books had AAA credit ratings from Moody’s and Standard & Poors.  Frankly, in my personal experience, by the time either of these rating agencies downgrades a company’s financial condition it is already too late.    

 Ultimately I don’t think either speech will accomplish squat.  Republicans are going to pass a short term increase in the debt limit.  Democrats are going to hold their nose and vote for it and Obama is extremely unlikely to veto it.  Nothing else really matters.

 TDM