Crapo: Debt bill is not 'sufficient,' but still an important step

The bill to increase the federal debt ceiling and cut the deficient does not go far enough to cut spending, Idaho senior Sen. Mike Crapo said this afternoon.

However, the Republican says he is leaning toward voting yes.

"We literally have changed the debate in America with this vote," Crapo told me in an interview.

The compromise bill, designed to prevent a first-ever federal government default, could reduce spending by about $2.5 trillion. Crapo is a member of the bipartisan Gang of Six, a Senate group that has proposed $3.7 trillion to $4.7 trillion in cuts.

While the bill does not cut deep enough for Crapo's liking, he said he was pleased to see a proposal that cuts the deficit without raising taxes. He also believes the bill has enough safeguards to deliver upwards of $2.5 trillion in cuts.

The House is moving towards a vote within the hour. If the bill passes the House, the Senate could take it up tonight. However, said Crapo, a vote is more likely to occur Tuesday — the drop-dead date for the federal government to raise its $14.3 trillion debt ceiling without risking default.

Crapo believes the bill has sufficient support in the Senate, but he says vote-counting is tricky on a proposal that has drawn sharp criticism both from the right and the left.

Well you are right

It isn't sufficient thanks to the GOP/Tea Party hardliners who mucked up the original proposals.

Liquidity VS Solvency

Now that the easy "Liquidity Problem" has been dealt with, perhaps some leadership will be shown with respect to the more difficult "Solvency Problem".

It's a good time to be rich

Say goodbye to the middle just got thrown under the bus.