Senator Jim DeMint is circulating this video from the Club for Growth showing twenty (!) Senate Democrats pledging their support for a Balanced Budget Amendment. As a little bit of context, H.R. 2560 did pass with support from five House Democrats last night, so it’s possible that, if House Republicans hold firm and refrain from conceding tax hikes to Senate Democrats, Cut, Cap, and Balance could pass the Senate as a last resort.
While I don’t expect any of them to keep their promise, what would happen if Cut, Cap, and Balance actually passed the upper chamber? Would President Obama renege on his threat to veto the bill or allow a default and the loss of our AAA credit rating?