Obama Caves on Vetoing Short-Term Debt Limit Increase

So what else is new? After all his tough talk and veto threats, President Obama is now willing to do what Eric Cantor proposed last week–sign a short-term increase in the debt limit. From Politico:

President Barack Obama would support a short-term extension of the debt limit if Democrats and Republicans reach agreement on a broader deficit-cutting deal but need more time to move it through Congress, White House Press Secretary Jay Carney said Wednesday.

The White House later clarified that the extension would only be for a few days. Like the Libya effort was only going to last a couple of weeks?

Obama is now pushing the “gang of six” plan which, as David Dayen points out, consists of a bunch of vague recommendations that would need to be fleshed out after the plan passes. Can you say “pig in a poke?”

Back to Politico:

The president has repeatedly told congressional leaders that he would veto any short-term debt extensions, saying once that the country is not a “banana republic” that can live in constant fear of default.

Carney said the president’s position on that point has not changed.

“We are not wavering on the president’s absolute assertion that he won’t sign a … series of provisions that temporarily or in a limited fashion raise the debt limit,” Carney said, because it is bad for the economy and sends the wrong signal to the world.

Obama would not sign an extension “without an agreement on something big, a firm commitment on something big,” Carney said.

Yeah, right. Let’s face it. The President is a wimp, and the Republicans know it.

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