The Tea Party is probably the loudest and most dangerous fringe in U.S. politics today (and that’s saying a lot — both sides have some really whacked-out fringes). But this just shows that the real power in the Republican party is, was, and always be big money. And big money won’t let a debt default happen, because it could be very expensive for them.
Congress is patting itself on the back for something it didn’t even do. Surprise, surprise…
It’s not exactly right to say that congressional leaders cut a deal last night. Rather, they learned that they didn’t have to cut a deal. The Federal Emergency Management Agency (FEMA) realized it could stretch its resources through the end of the week, which happens to be the end of the fiscal year (yeah, fiscal years end in September). Since Republicans and Democrats have already agreed to a baseline level of funding for the agency in the next fiscal year, there was no need to reach a deal on the funds this week. But let’s be clear about what happened here: It’s not that our legislators averted a crisis. It’s that the crisis averted itself.