Budget Deadline Approaches, With Brad Bannon, Democratic Political Consultant, Washington, D.C.

Obama is very angry with Republicans as he's watched Congress block just about all of his policy initiatives over the past few years.  Brad Bannon, Democratic political consultant with Bannon Communications Research in Washington, D.C., is hoping Obama is able to turn some of that frustration into productive legislation.

There are two approaching deadlines, the first of which is on October 1, when the federal fiscal year ends.  Bannon says this is when "the real fireworks begin," because if Congress doesn't move to approve the budget, the federal government is not going to be able to pay its bills and then "we'll all be in big trouble." 

The second deadline, which is in mid-October, is regarding the federal debit limit.  The government won't be able to pay its bills unless Congress raises the federal debt limit.  Bannon thinks this deadline is the more dangerous of the two because republicans are essentially threatening the President by telling him they will not raise the federal debt limit unless he agrees to defund Obamacare.  Bannon doesn't see a good solution in sigh right now and the result will be that the U.S. won't be able to pay its due bills, like Moody's, which will downgrade the debt of the U.S., making it more expensive to borrow money.  This will then trigger a decline in the stock market and generally, Bannon thinks it will minimize consumer confidence and slow down an economy that's growing at a very small pace. 

A recent Gallup poll indicates that 51% of Americans will blame Republicans for this and  24% will blame Obama.  To hold ObamaCare hostage is not a good strategy for Republicans, says Bannon, as it's going to hurt them politically.  "It's a matter of whether the Tea Party will back down, because if they don't, it will be an economic disaster for everyone and a political disaster for the Republicans." 

Brad Bannon is President of Bannon Communications Research, a  Washington, D.C.-based political polling and consulting firm.  More  information can be found at www.bannoncr.com.  This video commentary was hosted by The Legal Broadcast Network, which provides on-demand legal content.