This has got to be one of the sadder chapters in the Republican Party. House Republicans, unhappy with what Senate Republicans and Democrats were crafting, decided to unilaterally draw up their own bill, and for good measure, they added some anti-birth control language in it. Of course you know what happened: Everyone rejected it, including Tea Party Republicans.
Just the fact that they unilaterally drew up their own bill -- thanks to Darrell Issa -- with the expectation that they could entice Democrats to sign onto it, was ludicrous. But again, they live in this echo chamber of punditry that absolves them of false equivalence and terrible logic. (They really ought to stop listening to their own voices and open up to what the rest of the world thinks of Republicans.)
But as I said previously, even if there's a bill drawn up and approved by the Senate, don't expect House Republicans to approve it. In fact, the Senate plan might not ever come up for a vote in time, if Ted Cruz pulls a filibuster.
I don't know where all the optimism is coming from, considering the history of actually going over the fiscal cliff, and oh-by-the-way government is shut down. Yet somehow, markets and the media all seem to believe in the fantasy world where Republicans have a change of heart. I am of the persuasion that some diehard Tea Party Republicans from deeply red states will simply not give this fight up.
There might be some good news though: The shutdown has saved some money in the short term, leading some to believe that the Treasury will still have enough operating cash for an extra week or two. Understand, that's not really money saved, per say, but temporary cash flow changes that won't work after two weeks.
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