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At least he didn’t flip-flop. Mitt simply waited everyone out.

Boston, MA – Mitt Romney today issued the following statement on the deal to raise the debt ceiling:

“As president, my plan would have produced a budget that was cut, capped and balanced – not one that opens the door to higher taxes and puts defense cuts on the table. President Obama’s leadership failure has pushed the economy to the brink at the eleventh hour and 59th minute. While I appreciate the extraordinarily difficult situation President Obama’s lack of leadership has placed Republican Members of Congress in, I personally cannot support this deal.”

Better late than never, I suppose…..

Providing Democratic House Minority Leader Nancy Pelosi and Speaker John Boehner get thier Members in line, the next generation will have a little less debt. But, not a lot less and not a lot less anytime soon.

…The debt limit will be raised by the $2.4 trillion needed to allow the federal government to pay it’s bills through the 2012 election. But this does not mean that President Obama will be able to avoid the debt, or any of the other surrounding issues, in the election.

The deal supposedly cuts $2.4 trillion over ten years, but a quick reading shows that only $2.1 trillion of them are guaranteed to go into law, and less than 1 percent of them will actually occur before Obama’s current term is up. The plan calls for $900 billion in spending cuts from statutory caps on discretionary spending over ten years, but only $10 billion of those cuts are scheduled to occur over the next two years. The remaining $1.5 trillion in cuts is supposed to come from a “Super Congress” made up of House and Senate members pulled equally from each party.

This Super Congress will fail to come to an agreement. No Republican appointed to the committee will be able to agree to any entitlement reform that does not fundamentally repeal Obamacare. And no Democrat appointed to the committee will sign off on any reform that does. When the Super Congress fails to reach agreement, another $1.2 trillion in cuts will be triggered, at least half of which will come from defense spending. But these cuts are spread out over nine years and none of them occur before 2013. The triggered defense spending cuts are a completely empty threat.

So, America is saved from default and Washington can now concentrate on the economy, jobs and re-election. But, not in that order — of course.

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I will reserve judgment on the White House – GOP debit limit compromise until I see a finalized, written down DEAL.

But, you know, the damage has been done to the Obama re-election effort. The President has showed little or no leadership and voters are paying attention.

All of the machinations in Congress by Boehner, Reid and McConnell are lost on the average person. However, they realize someone is NOT doing their job and that is Obama.

Stay tuned and remember the Asian credit markets open this afternoon.

Don’t forget to support Chris Muir, who brings us Day By Day, each day:

Speaker Boehner has done his best but it is not good enough. New Members of Congress were elected to CUT spending and the Boehner Plan like the Reid Debit Limit Plan kick the can down the road.

Let the President and the majority Congressional Democrats propose their own debt limit plan that could pass both Houses of Congress or prepare for living in a world where the USA does not borrow any more money.

Here is a graph to frame the debate:

But, stay tuned as the House GOP Caucus is meeting presently. 216 positive votes are needed for passage of the Boehner Plan.

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According to the latest Gallup poll.

Americans are more likely to approve of the way President Obama is handling the negotiations to raise the federal debt ceiling than they are to approve of the handling of the situation by Speaker of the House John Boehner or Senate Majority Leader Harry Reid, although opinions about all three are more negative than positive.

These results are from a special one night USA Today/Gallup poll conducted July 27, as Speaker Boehner was marshaling support for Thursday’s House vote on his version of a new budget plan.

President Obama’s 41% approval rating on handling the situation is 10 percentage points higher than Boehner’s and 18 points higher than Reid’s. However, more Americans have an opinion about Obama’s handling of the situation than is the case for the other two men, so when those with no opinion are factored out of the results, Obama’s advantage is lessened. Among those with an opinion about his handling of the situation, the president has 44% approval and 56% disapproval, compared with 39% and 61% for Boehner and 31% and 69% for Reid.

Americans are saying a POX to all of the POLS.

But, Boehner does NOT have the support of the rank and file GOP. Only half of the Republicans approve of Boehner’s handling of the debt situation and 75 per cent of the Democrats approve of Obama’s handling of the situation.

What about independent voters?

And, Tea Party supporters?

A Third of Tea Party Supporters Disapprove of Boehner’s Handling of Situation

Tea Party supporters have been among the most vocal participants in the current debt crisis debate. Many observers suggest that the pressure Tea Partiers are putting on newly elected freshman Republican House members is a reason the parties have not been able to strike a debt agreement so far. House Speaker Boehner is attempting to broker a deal to get the debt ceiling raised while at the same time reflecting the intense sentiments of Tea Party followers.

Boehner does slightly better among all Tea Party supporters — 61% approval and 33% disapproval — than he does among all Republicans — 50% approval and 35% disapproval. These differences reflect the fact that in this survey, less than half (46%) of Republicans identify as Tea Party supporters, and that this group has a much different view of Boehner’s efforts on the debt situation than those who are not Tea Party supporters. Republicans who support the Tea Party approve of Boehner’s handling of the debt situation by 65% to 30%, while Republicans who are not Tea Party supporters split evenly, 38% approve and 40% disapprove, with the rest having no opinion. This difference is significant despite the smaller sample sizes involved, and suggests that Boehner is having more trouble pleasing the moderate and liberal wing of his party than he is the conservative wing.

So, what does this all mean?

Americans are not approving of any of the parties or POLS. It may be too early to assess the true impact of the situation, unless some financial crisis results. But, for election 2012, this entire matter is a negatve for both sides of the aisle. If anyone thinks the President can claim a victory in this situation, they better read and weep.

Both sides are likely to cut a deal now that it is very apparent, they are both losing the public perception.

It is too early to determine the long-term impact of the current debt ceiling crisis on the political fortunes of President Obama, Speaker Boehner, Majority Leader Reid, and the other politicians who have been in the middle of the unfolding drama. The current short-term data suggest that to date none of those involved receive glowingly positive reviews from the American public. More Americans disapprove than approve of the way Obama, Boehner, and Reid have each handled the situation.

Obama does better than the other two, based in large part on the high approval rating he receives from his fellow Democrats. Boehner receives significantly less loyalty from Republicans, half of whom approve of his handling of the situation. This no doubt reflects the current divisions within the Republican Party, with conservatives and Tea Party supporters pressing for a rigid stance against compromise and tax increases, while other Republicans are more inclined to push for a settlement with Obama and the Democrats. At this point, the former group is the most supportive of Boehner, which suggests that he faces more problems from the moderate wing of his party than from the conservative Tea Party wing. The fact that as many Republicans who do not support the Tea Party say they disapprove of how Boehner is handling the situation as say they approve highlights his leadership challenges.