Senator Dick Durbin

Senator Dick Durbin (D-IL)

One of the best pieces of news I have seen in awhile is that Sen. Dick Durbin (D-IL) is not very optimistic about a grand bargain being reached. He currently puts the odds at less than 50 percent.  From The Hill:

The odds of a grand bargain deficit-reduction deal are less than 50-50, Senate Majority Whip Dick Durbin (D-Ill.) said Wednesday.

Durbin said that the need to raise the nation’s $16.6 trillion debt ceiling this summer will provide an “opportunity” to forge a deficit bargain that raises tax revenue and reforms entitlement, but gave a relatively pessimistic assessment.

“I think it is less than 50 percent that we get there ,” he told reporters at a Wall Street Journal breakfast.

Durbin has been one of the biggest promoters of a possible grand bargain in the Senate and has effectively been President Obama’s point man on the issue for years. He was even one of the members of Obama’s Fiscal Responsibility and Reform Commission. If Durbin thinks the prospects of a grand bargain are not looking good, that is a positive development.

One thing that is concerning is that it sounds like Durbin is preparing to run the artificial crisis scam again using the next debt ceiling vote. That is where politicians pretend the only way to avoid some horrible made-up deadline is a rushed bipartisan bill that cuts Social Security. This was tried during the last debt limit fight, during the fiscal cliff, and with sequester deadline. It looks like it might be tried again in a few months.

Photo by Center for American Progress Action Fund released under Creative Commons License