Boehner's Market Signals? Did August 2nd Just Become Tomorrow?

dollars pic.jpgUnbelievable.  The scripting of this high stakes drama between House Speaker John Boehner balancing the White House on one side and the never compromise, never surrender Tea Party on the other keeps getting better and better.

Reports have emerged that House Speaker Boehner told his caucus that their team needs to "provide a positive signal on a plan to avert a U.S. default by tomorrow." 

That's right, by the time markets in Asia open tomorrow.  That's right, Sunday in DC is pretty much Monday in Asia -- and the roller coaster of financial shocks could start if Boehner doesn't get his act together.

Instead of August 2nd being the debt default deadline, Boehner's tactics and now his statement to his own troops have created market expectations that will either be met -- or be disappointed, possibly creating a real sell-off in American treasuries.

Perhaps he should have thought about that before he stormed off.  In John Boehner's verbal duel with Obama yesterday, he said that he had taken the same oath of office as the President and had the same responsibilities as the President.  But the powder keg he is flirting with -- and I believe it is all misguided theater designed to keep the GOP on the evening, morning and mid-day news -- could blow up because his management of his own caucus seems amateurish and weak.

If Boehner was worried at any point about sending "positive market signals", he might have started a lot sooner than this weekend.

Given that I could be wrong about this being well-orchestrated kabuki and that it all really could blow up, Boehner would demonstrate he had some political statecraft if he leaves the fuse with Eric Cantor when the economy goes off the rails.

Presented by

Steve Clemons is Washington editor at large for The Atlantic and editor of Atlantic Live. He writes frequently about politics and foreign affairs. More

Clemons is a senior fellow and the founder of the American Strategy Program at the New America Foundation, a centrist think tank in Washington, D.C., where he previously served as executive vice president. He writes and speaks frequently about the D.C. political scene, foreign policy, and national security issues, as well as domestic and global economic-policy challenges.

Would You Live in a Treehouse?

A treehouse can be an ideal office space, vacation rental, and way of reconnecting with your youth.

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register.

blog comments powered by Disqus

Video

Would You Live in a Treehouse?

A treehouse can be an ideal office space, vacation rental, and way of reconnecting with your youth.

Video

Pittsburgh: 'Better Than You Thought'

How Steel City became a bikeable, walkable paradise

Video

A Four-Dimensional Tour of Boston

In this groundbreaking video, time moves at multiple speeds within a single frame.

Video

Who Made Pop Music So Repetitive? You Did.

If pop music is too homogenous, that's because listeners want it that way.

More in Politics

Just In