Anyone who has turned on a radio in the last few weeks probably is aware that the U.S. is on the verge of loan default, with August 2 as the government’s deadline to strike a deal to raise the debt ceiling. Last week, the progress in negotiations between the Obama administration and Congress stalled when House Majority Leader Eric Cantor (R-Va.) broke off talks with Vice President Joe Biden.
Since then, House Speaker John Boehner (R-Ohio) has indicated that Congressional Republicans will not accept any budget proposal with tax increases, and the Obama administration refuses to move as far as many Republicans want on Medicare reforms and spending cuts.
With the debt ceiling currently set at $14.29 trillion and the U.S. Treasury department trying every financial wrangling trick in the book to keep the U.S. afloat, I can’t help but think of one of my favorite scenes in West Wing (episode 96). I have included the scene below, where the Republican Speaker of the House and President Bartlet reach an impasse in debt ceiling negotiations after three continuing resolutions…