'Canada Is Looking Better and Better'

The nation is abuzz about Capitol Hill, where members are continuing debate over the debt ceiling as the Aug. 2 deadline nears.

Lawmakers reached an agreement to raise the federal debt ceiling Sunday night. According to The Washington Post, the new compromise includes spending cuts and no new taxes. The Senate and House of Representatives are expected to vote on the bill on Monday, Aug. 1.

Current debt ceiling: $14.3 trillion
Proposed debt ceiling: $16.7 trillion

Proposed cuts: As much as $25 billion in 2012, according to CNN, hitting “non-security discretionary spending hardest" (e.g., food inspections, FBI, education and other government programs/services).

New development: Creation of a congressional commission to oversee enforcement of federal debt reduction. According to Time magazine, “If the 12-member panel were to deadlock through November, across-the-board spending cuts including deep slashes to the Pentagon’s budget would automatically kick in. Social Security and Medicaid would not [be] affected.”

HoCo reaction: After surmising that politicians have “led us to the brink of disaster,” the 3:17 a.m. blog suggests doing away with elected officials and instead creating a “legislative duty” program similar to jury duty. “Do you really believe that 535 randomly selected Americans, serving not because they crave public office but because it is their duty to serve, couldn’t do better than the U.S. Congress we’ve currently got?” asks 3:17 a.m. "Surely, they couldn’t do worse.”

And in the Twitterverse, That_Just_In had another idea—relocate: "canada is looking better and better. we'll see after the 2012 elections. eh."