Here’s a cheerful thought as Congress remains deadlocked over the debt ceiling and the hours tick away toward default: Senator Ted Cruz (R-Tex.), who basically forced the shutdown and whose own private polls have convinced him that it has been a glorious success, at this point could probably force a default and global economic calamity on his own—if he were so inclined.Businessweek
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The real killer is that Senate rules stipulate there must be 30 hours of post-cloture debate, unless senators agree unanimously to waive it. Reid and McConnell would want unanimous consent to move quickly, but Cruz could refuse, thereby forcing 30 hours of debate.
As we've all seen with the filibuster dances in the past, there's 3 votes: vote to proceed to debate, vote to end debate, and the actual does-this-bill pass vote. In between each vote, Ted Cruz, or any other Senator, can insist on 30 hours of debate.
So, either Reid and Obama cave, and agree to a deal that can satisfy the most extreme Republican Senator; or any one Senator can force the nation into default.
Ted Cruz has pretty much painted himself into a corner. He can't NOT throw up every objection he can manage and retain his credibility with the Tea Party base that wants Obamacare GONE at any cost. If he folds, there's still Rand Paul, or Mike Lee, or maybe Marco Rubio decides now is his time to take up the banner of True Conservative, or Ron Johnson ...
Who, exactly, holds the title of Craziest Senator? Because any one of the candidates can push us through the debt ceiling. If you thought passing Obamacare was bad because everything had to pass the Lieberman / Baucus / Nelson gates, this is 15 times worse.
And there's no time for games.
And the Democrats must not cave, and they know it.
Prepare for a default. Suggest taking some cash out of the bank just in case, if you are fortunate enough to be in the position where you have savings.