The debate is likely to become contentious as "Some Republicans in the new Congress have said they'll seek to block an increase in the Debt Ceiling unless a plan is in place to significantly reduce federal spending and unfunded government liabilities on entitlement programs such as Social Security and Medicare." Your humble blogster's bluff detector has just gone off. Regardless of the sturm und drang, the political game of chicken will end with a hefty increase in the debt ceiling and the can will continue to be kicked down the road to the point of collapse wherein there will be no fools left other than the printers at Mr.Bernanke's Fed willing to bid on U.S. Treasury bonds.
Nevertheless, plan on hearing political speeches such as the following in the halls of the Capitol:
“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.”
The above are the words of Senator Barak Hussein Obama on 20 March 2006. Boys and girls; we are in DEEP doo doo.