Obama to Congress: No Negotiations for Debt Ceiling Limit
Today, President Barack Obama “demanded” that Congress raise the debt ceiling quickly, warning that “Social Security benefits and veterans’ checks will be delayed if they don’t,”
Haven’t we seen this movie before? Isn’t this exactly the same thing he said back in 2010?
Well, this movie has a sequel this time around. He has warned republicans to not insist on concessions this time.
“They will not collect a ransom in exchange for not crashing the economy,” he said at the final news conference of his first term. “The full faith and credit of the United States of America is not a bargaining chip. And they better decide quickly because time is running short.”
The full faith and credit of the United States is not a bargaining chip, Mr. President. Instead, you are using it is an axe on the neck of your opponents.
Obama opened his news conference with a statement noting that a vote to increase the debt limit “does not authorize more spending. It simply allows the country to pay for spending that Congress has already agreed to. These are bills we’ve already racked up and we need to pay them.”
Here’s where it gets tricky. Over the past 3 years, the narrative has constantly changed. We were told by Aaron Sorkin’s The Newsroom (an HBO original series for those who have never seen it) that raising the debt limit had nothing to do with debt, that it allowed us to pay the interest on the outstanding loans that we already have. Yet, according to this President, it is to pay for spending already agreed to by Congress (which is actually more correct).
So which is it?
House Republicans continue to say that we must reduce spending, then agree to even more spending, which in turn requires the debt ceiling to be raised. It is akin to raising your credit card limit when you max it out.
It all comes back to Congress all wanting to get a piece of the Federal pie for their own states and constituents so that they can get re-elected. They need to cut back on the spending that they authorize and get it back to where it is manageable, and within our revenue stream.
[Obama] said … that Congress had voted for the spending that resulted in federal borrowing, and should now agree to pay the bill. Yes they should, but unfortunately for us, that means that we, the taxpayers, are on the hook for much higher taxes until it is all paid for. However, with more money coming in, we all know what Congress will do with that.