BY DAN VALENTI

PLANET VALENTI NEWS AND COMMENTARY

(FORTRESS OF SOLITUDE, THE WEEKEND EDITION AUG. 25-27, 2017) — With both houses of Congress on “sleep mode” — out of town allegedly taking care of (ahem) “constituent business,” a euphemism meaning that the crooks are looking out for their own disgusting skins — the halls of the Capitol and the streets of D.C. have taken on a cicada-like lull, hummed into the doldrums while the nation slips toward the precipice.

No, THE PLANET doesn’t refer to possible nuclear war with North Korea (ain’t gonna happen) or the bid for political correctness to eradicate history with the brainless removal of Confederate monuments. No, it’s nothing that trivial. Rather, we have in mind the non-sexy issue of the country’s debt limit, set to expire Sept. 29. The bums in Washington won’t be back to business until after Labor Day, leaving a grand total of 12 working days in the gridlocked playpen to deal with the biggest item on the congressional to-do list.

The United States has never defaulted. Let that sink in. Never.

Will it this time? Likely not, though what used to be an automatic vote to raise the amount the U.S. can borrow has of late become a thriller. Based strictly on politics, Congress, which by law controls the amount of money the nation can borrow to pay its bills, has in recent years come perilously close to allowing a default. This time, with Democrats wanting to tar Republicans before next year’s mid-term elections and to throw high-and-tight to a President who loves to crowd the plate, there will be little motivation for the minority party to play ball with GOP colleagues on this most important issue. Anything could happen.

Q. Why is raising the debt ceiling important?

A. If the ceiling isn’t raised, the country runs out of money on Sept. 29. The gross domestic product largely comes to a halt and the trillions in outstanding loans Uncle Sam owes the world, with China as its largest creditor, go into default.

Q. What happens with default?

A. Ah, that’s the rub. No one knows, since its never happened before. At minimum, the country’s coveted AAA bond rating would be lowered. Stocks would enter a death spiral (ironically, setting up a great time to buy for those with discretionary cash). Interest rates would soar. A recession, even a depression, might follow.

Mitch McConnell, senate majority leader for the Republican-led Congress, holds the key. He needs to muster full support of his party plus be able to persuade ill-minded Democrats to take one for the team. The latter won’t happen without major concessions from the GOP. No doubt if that happens, the true cost of agreement will be decided in secret, likely buried in a bill that includes the non-peripheral “fine print.” Caveat emptor, baby. McConnell, whistling through the graveyard, says we shouldn’t sweat this: “There is zero chance — no chance — we will not raise the debt ceiling.” Don’t know about you, but the leader’s use of the double negative has us sensing trouble.

Before we break, let’s return to the second question above: What happens with default. A lot of pain, surely, but … but … perhaps that’s exactly what the country needs. A default would at least have the “benefit” of economically rightsizing the U.S.A.  “A goddamn good Depression” might be just the thing to get governments on all levels to finally cut needless spending and get rid of the colossal fat and institutionalized waster that hinders budgets at every level. THE PLANET would love to see this trickle down to the city level, as it will, only it will be a flood, not a trickle. That would allow taxpayers and honest citizens to finally regain the grip they once had on local government. We won’t, for obvious reasons, call it a “vibrant” grip.

Welcome to the Weekend. Let the fun begin. Keep it clean.

Have a great one, everybody.

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“Come out of the garden, baby. You’ll catch your death in the fog” — Davie Bowie, Diamond Dogs.

“OPEN THE WINDOW, AUNT MILLIE.”

LOVE TO ALL.

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