It is time for both another downgrade to the US Credit rating and a blowout in spreads:
Republican and Democratic congressional leaders are weighing whether to delay automatic federal spending cuts until March 2013, according to a House aide and industry officials who were briefed on the discussions.
Proving that the promise to either reach a deal or cut spending was a lie should be cause for immediate downgrades to the US credit rating and a bond-market revolt.
It is clear that both of these are the only elements that will end this charade. It is also clear that when, not if, this happens the charade will end and the results will be ridiculously ugly.
But it is also necessary, because we have 535 cowards in Washington DC who are incapable of discharging their duty to the US Constitution and their oath of office, who are daily traitors to the duties of their job, and who simply cannot face the nation and tell them straight-up that the government cannot spend more than it can tax -- a simple matter of literal second-grade arithmetic.
There are small lies, big lies, and damned lies.
Congress is the repository of damned liars.
