(because the same teabaggers that elected them would replace them with someone else who probably understands economic policy even less than they do, and that's a frightening prospect). What are these right-wing Republicans to do? They are stuck between the wishes of Wall Street (their contributors) and the teabaggers (their base). That's The Devil and the Super Devil...But many of these right-wingers were nominated and elected by teabaggers, and they are terrified that giving in and raising the debt ceiling would be the end of their political career
They'll vote to raise the debt ceiling (they really have to eventually), but they are trying to soothe their base by pushing the idea of getting a balanced budget amendment passed. Bruce Bartlett, a policy advisor to President Reagan and Treasury official under President H.W. Bush, called the Republican plan "mind boggling in its insanity" and said this act of political posturing would be a huge mistake:
"In short, this is quite possibly the stupidest constitutional amendment I think I have ever seen. It looks like it was drafted by a couple of interns on the back of a napkin. Every senator cosponsoring this POS should be ashamed of themselves." Lol!
Here are the simple reasons why it's a stupid idea:
It will take forever to get an amendment enacted by Congress and approved by three-quarters of the states (that's the 50 STATES, THE ENTIRE 50 HAVE TO APPROVE THE AMENDMENT), if it can be done at all.
We are running a deficit of over $1 trillion for the the foreseeable future, can't really hop on the balanced budget bandwagon if we are nowhere near a balanced budget.
Saying no to PAYGO but yes to a constitutional amendment is like saying I’m starting a diet next Monday so today I’m going to eat a whole pizza followed by a tub of ice-cream. Knowing, of course, that “next Monday” is in fact a decade away, given the cumbersome nature of the amendment process.