GOP can cut spending without delaying debt ceiling
As I write, President Obama is about to announce the gun-control proposals his administration has been drafting since the Sandy Hook school massacre (although some of them almost certainly were on his wish list before he ever entered the White House). We’ll discuss that here after they’ve been made official and we’ve had time to digest them.
In the meantime, and of a more time-sensitive nature, we march on toward next month’s trio of fiscal deadlines: the expiration of temporary funding measures for the federal government, the end of a two-month delay in the automatic budget cuts known as sequestration, and the end of the administration’s authority to borrow more money.
That last issue, popularly known as the debt ceiling, has drawn the most attention, with Democrats accusing the GOP of holding the economy hostage by insisting on spending cuts if they are to raise the ceiling. We’ve seen this movie before, in the summer of 2011. It didn’t end all that well.
It did, however, provide House Republicans with the only real leverage they have in these matters. Not raising the debt ceiling is not a real option, certainly not for any substantial length of time. And there is no reason for them even to consider not raising it. Sequestration is all they need.
Obama and congressional Democrats say the debt ceiling is about paying the nation’s bills. And while that’s overgeneralized — and not the same tune they sung when it was a Republican president asking for more borrowing authority — there’s a great deal of truth to it. For any substantial length of time in the near future, Congress cannot make good on its promises to lenders, vendors and citizens without borrowing more money.
But it can avoid running up so many new bills. Which brings me to sequestration.
The cuts in the sequester, negotiated as part of the deal to raise the debt ceiling in August 2011, total about $1.2 trillion over 10 years. As Speaker John Boehner noted in a recent interview with the Wall Street Journal, Democrats have always assumed the GOP would back out on the deal because of the defense cuts included. But more and more, it appears Republicans are willing to bite that bullet if it’s the only way they can get real spending cuts.
If so, the calculus changes completely. All the House GOP has to do is announce that a “clean” increase in the debt ceiling, the no-strings-attached approach on which Obama insists, will mean the sequester goes forward as planned. If Obama can’t live with that, the GOP can make clear they’d be happy to negotiate changes to the sequester in tandem with the debt ceiling.
The economy isn’t at risk due to the debt ceiling, then — unless it’s the president doing the hostage-taking by refusing to go along with the cuts he agreed to make a year and a half ago.
Oh, and tax increases as a substitute for sequester cuts are off the table. We got tax increases in the Jan. 1 fiscal-cliff deal.
This approach doesn’t address the long-term fiscal problems the nation faces. Fortunately, the expiration of the latest “continuing resolution” funding the government provides an opportunity to do that. The debt ceiling doesn’t have to figure into these negotiations.
– By Kyle Wingfield
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106 comments Add your comment
JDW
January 16th, 2013
3:07 pm
@Kyle…”So, while those years did not represent ideal fiscal management by any means, they pale in comparison to our more recent history.”
Indeed, the last four years foisted upon us by the cumulative mismanagement of 2000-2008. First The Bush Administration was mostly responsible for the economic events of 2007-2009. Second, by trashing the fiscal responsibility implemented under Clinton they ensured that huge deficits would be required to respond.
Cheesy Grits is gone but not forgotten
January 16th, 2013
3:07 pm
It is unfortunately what we have come to expect from the media today, slanted stories.
I agree. Fox News is a joke.
They should just change the name to GOPTV and get it over with.
Finn McCool (The System isn't Broken; It's Fixed)
January 16th, 2013
3:12 pm
They run some, let’s say, less then truthful and unsubstantiated articles
LOL, that never stopped a Con.
Finn McCool (The System isn't Broken; It's Fixed)
January 16th, 2013
3:13 pm
Where are all the gun huggers today?
Rafe Hollister preparing for an Obamanist America
January 16th, 2013
3:15 pm
As I heard Charles Krauthamer say last night, when asked if there is any hope for spending cuts ever getting any traction, yes the time will come, when liberalism fails, as it always does. He said they eventually run out of money and no one will loan them any, just like Europe, then the cuts come. He said he wished we could do something to spare everyone some of the pain, but he was doubtful.
Aesop's Fables and other Lib Economic Theories
January 16th, 2013
3:16 pm
The only reason obozo isn’t trying to grab your gun is because the American people and the Constitution punked him.
sailfish
January 16th, 2013
3:19 pm
aeslop
Brilliant analysis, yes quite blinding.
Lil' Barry Bailout - OBAMAPHONE!!!
January 16th, 2013
3:20 pm
Jefferson: Taxes will be increasing so get used to it, they have to.
——-
They already did. Now it’s time for the “balance” in your Idiot King’s “approach”.
Lil' Barry Bailout - OBAMAPHONE!!!
January 16th, 2013
3:24 pm
More deflection and blame-gaming from JDW. Obozo increased the spending, not Our President Bush. Obozo and the Democrat party left tax rates alone in 2009-2010, and signed off on maintaining them (plus cut payroll taxes) in 2011-2012.
Cheesy Grits is gone but not forgotten
January 16th, 2013
3:25 pm
Eventually we will have meaningful gun control in this country.
The liberals always win. Always have.
Its just a matter of how many have to die before the conservative regressive’s are dragged along kicking and screaming.
JDW
January 16th, 2013
3:25 pm
BTW Kyle…done the math on the Sandy Aid yet. I remember making the point that all that Republican blather at the end of the year was just that blather and they were doing nothing but what they do best…waste time. The original amount the House declined to act on was $60.4 billion. When they returned in January they passed an emergency bill for $9.7 billion and earlier this week they supplemented that with $50.7 billion….now what does that add up to you ask…why $60.4 billion or EXACTLY the amount of the bill they “overlooked” in December.
All they did was waste time, cause grief and contribute to the economic uncertainty that is a huge part of our real problem.
Jefferson
January 16th, 2013
3:31 pm
Spending will have to decrease also, but until you eliminate the interest on the debt both taxes and spending will have to happen, then the interest payments that are eliminated will be you tax cut, only then.
SS and basic medicare are obligations, if the taxes don’t cover the greedy medical industry you will have to tax more. Follow the money.
People want to cry about $200 k bathrooom, but what about the folks that flat out riiped the gov’t off on the job, you could have gotton it for about $75k, if the truth is known.
Where did the money go ? Follow the money and see who lives off the govt’, it ain’t the poor that gets rich off the gov’t.
Lil' Barry Bailout - OBAMAPHONE!!!
January 16th, 2013
3:31 pm
Cheese: The liberals always win. Always have.
———
And the general trend in social and economic chaos in the US is not good.
Thanks, liberals.
Finn McCool (The System isn't Broken; It's Fixed)
January 16th, 2013
3:36 pm
You Cons are salivating over the spending cuts, aren’t you?
I guess you see Europe and the effects of its Austerity plans and think “Oh, I got to get me some of that!”
Dusty
January 16th, 2013
3:45 pm
Well, looks like it is time for some meaningful poetry . Sooo I dedicate this one to Mark V and other liberals who think “debt” is a wave in the wind that will drift away all on its own. .
US
There once was a debt so great,
The country was made innate.
But the leader said, “Oh ho,
I’ll add on some more,”
And he made it a socialist state.
Finn McCool (The System isn't Broken; It's Fixed)
January 16th, 2013
3:48 pm
Well, Jay has already posted on the gun stuff. I suppose Kyle is waiting for Rush to give him his talking points….
Dusty
January 16th, 2013
3:59 pm
Finn,
When are you going to have some “talking points”?
MarkV
January 16th, 2013
4:37 pm
Dusty @ 3:45 pm
Dusty,
Thank you for the poem. I wish you had as much aptitude for political arguments as you have for poetry, but then, who could withstand such perfection?
Regarding the debt, as I noted yesterday, there is such as good reason not to get rid of it – it would deprive you of the main subject to complain about.
Lil' Barry Bailout - OBAMAPHONE!!!
January 16th, 2013
4:49 pm
Jefferson: the greedy medical industry
———–
Would that be the greedy medical industry that’s about doubled life expectancy in the last century?
Congrats, you win the “Most Ignorant Comment of the Day” award.
Rafe Hollister preparing for an Obamanist America
January 16th, 2013
5:00 pm
More pretending to do something from the Obama Regime, or pablum for the masses.
The Centers for Disease Control, an agency of the federal government, has conducted studies of many of the gun-control laws in place, such as waiting periods, registration, and bans on certain types of firearms. The results showed that the idea that gun control laws have reduced violent crime is simply a myth. The CDC is hardly a shill for the NRA. Political trends throughout the country have reflected the growing realization by the majority of Americans that restricting the rights of law-abiding citizens is not only ineffective as a means of combating crime, but counter-productive. All of the research over the last few decades bears this out. (One of many excellent sources is “More Guns; Less Crime” by former University of Chicago and current Harvard professor, John Lott).
http://www.suntimes.com/opinions/letters/14160460-474/cdc-exposes-gun-control-myths.html
Dusty
January 16th, 2013
5:04 pm
MarkV
How much fun it is to jog your liberal leanings in their mindset.of stone. One of these days you will have a great unveiling of all mystery and say WE ARE IN DEBT!!
Until that day I guess we will just jog a blog away in the merry mayhem of internet.moments. .
Now I rush off to finish potato salad. One son is just back from skiing in Utah and I am celebrating the fact that he has NO broken bones. At least I think so. I haven’t seen him yet. One time he came in with a broken shoulder. Ah motorcycles, may they all vanish!
Goodnight, mon ami. Don’t let worrying about the debt keep you awake. I also apologize for getting off subject. I shall do better!! Maybe.
Rafe Hollister preparing for an Obamanist America
January 16th, 2013
5:14 pm
Before someone points out that was just an opinion piece………………
http://www.cbsnews.com/2100-201_162-576422.html
Since then, the task force reviewed 51 published studies about the effectiveness of eight types of gun-control laws. The laws included bans on specific firearms or ammunition, measures barring felons from buying guns, and mandatory waiting periods and firearm registration. None of the studies were done by the federal government.
In every case, a CDC task force found “insufficient evidence to determine effectiveness.”
Hillbilly D
January 16th, 2013
5:15 pm
Games, games and more games.
Dave
January 16th, 2013
5:24 pm
Here’s a novel idea. Instead of the manipulations you outline, both sides sit down and act like responsible adults.
I know, silly me.
Back to the games.
Aynie Sue
January 16th, 2013
5:26 pm
This notion of cutting the federal deficit when the economic is in weak recovery is bonkers. The money borrowed to fund the federal deficit is maintaining the unemployment rate below 9%. Millions of jobs will be lost if the deficit is cut by 1/2 trillion dollars or more, and we’ll be plunged back into recession and maybe depression.
Politicians should be concerned now with sustaining, even jump-starting, the weak economy, not with killing jobs.
Lil' Barry Bailout - OBAMAPHONE!!!
January 16th, 2013
5:38 pm
Weak economy? Four years into the Obozo regime? After spending $5 trillion more than Our President Bush would have spent?
Face it–your guy is a failure of epic proportions.
Lil' Barry Bailout - OBAMAPHONE!!!
January 16th, 2013
5:41 pm
More failure, al Qaeda edition:
Al Qaeda-linked Islamist militants attacked and occupied a natural gas complex in southern Algeria on Wednesday. Two people were killed and dozens of others, including several Americans, were reportedly taken hostage.
http://www.washingtonpost.com/business/algerian-security-official-says-islamists-kidnap-8-foreigners-from-bp-oil-installation/2013/01/16/0db1c254-5fd2-11e2-9dc9-bca76dd777b8_story.html
JDW
January 16th, 2013
5:45 pm
@LBB…”Obozo increased the spending, not Our President Bush.”
Delusional as usual I see…FY 2009…97% Duhbya…$1.4 Trillion deficit…
CBO two weeks before President Obama’s inauguration:
“Projected deficit $1.2 trillion”
Wake up…smell the stench…it came from Texas…it’s name is George “Duhbya” Bush
Lil' Barry Bailout - OBAMAPHONE!!!
January 16th, 2013
5:49 pm
Keep wishing, JDW. You know quite well that most of that spending was temporary, recession-related. Your guy has made spending $3.7 trillion a year the “new normal” whereas Our President Bush was spending only $3 trillion a year.
Obozo: A historic failure.
Lil' Barry Bailout - OBAMAPHONE!!!
January 16th, 2013
5:52 pm
Oh, and the deficit was also due in large part to the recession and resulting lower tax revenues.
The recession ended nearly four years ago. Where are the jobs? Where is the tax revenue?
Obozo: America-hating, capitalism-fearing failure.
Aesop's Fables and other Lib Economic Theories
January 16th, 2013
6:03 pm
A budget dispute erupted into a full-scale battle Tuesday as President Bush vetoed the Democrats’ top-priority domestic spending bill. “The majority was elected on a pledge of fiscal responsibility, but so far it’s acting like a teenager with a new credit card,” Bush said in his speech here. “
JamVet
January 16th, 2013
6:11 pm
Holding the (W)orst Ever up as a paragon of fiscal responsibility?
BWAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!!!!!!!!!!!!!!!!!!!!!
Sailfish
January 16th, 2013
6:37 pm
lil@5:49
The truly sad part is that your belief is serious. Remember tarp? Why did we need it? Who led us off the cliff? Republicans held the presidency and the house 2000-2007, yet you continue to stick your head in the sand. You are part of the problem, you and dusty the poet who doesn’t know it – truth!
Aesop's Fables and other Lib Economic Theories
January 16th, 2013
6:43 pm
10/11/2012 @ 5:33PM CBO Updates TARP Tally: $24B Cost To Taxpayers ($14B From AIG)
yawn
DeborahinAthens
January 16th, 2013
6:49 pm
The Debt Ceiling is a ridiculous political construct that needs to be eliminated. We are the only county that has it. It has been raised 46 times during Republican administrations, 30 times during Democrat administrations. Reagan raised it the most–19 times. It is a stupid, ludicrous political cudgel that makes us look stupid.
@@
January 16th, 2013
6:56 pm
Since the conversation veered off into gun control, I now HAVE to purchase one that I can use. My husband has a gun but not one that I would be able to handle.
Last thing I wanted to do is buy a gun.
Michael H. Smith
January 16th, 2013
6:59 pm
After Senator obama’s infamous Senate speech condemning raising the debt ceiling he has no moral high ground upon which to now stand as President. The GOP should continue to blast obama for spending future generation of America’s children into the bondage of a merciless debt.
How about some debt control Mr. obama!
From Sen. Obama’s Floor Speech, March 20, 2006:
The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that “the buck stops here.” Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.
http://www.nationalreview.com/corner/256288/senator-barack-obama-explaining-his-2006-vote-against-raising-debt-limit-andrew-c-mcca#
Lil' Barry Bailout - OBAMAPHONE!!!
January 16th, 2013
7:19 pm
Remember tarp? Why did we need it?
——-
Yes, I do. We needed it because tens of thousands of folks borrowed money they didn’t repay. TARP fixed the mess, and obozo inherited a recovery. And almost all of TARP has been paid back.
Aesop's Fables and other Lib Economic Theories
January 16th, 2013
7:25 pm
@@ – Ruger LC9.
http://www.ruger.com/products/lc9/models.html
You want the model #3212 with the Crimson Trace laser grip. Just put the red dot where you want the bullet to go and pull the trigger.
Do a google of “ruger 3212″ and click through all the links until you find the best price. You’ll have to get delivered to a nearby FFL dealer, so they can do the background check, one can be found with this link – (coming in the next post.)
Good “hunting.”
Aesop's Fables and other Lib Economic Theories
January 16th, 2013
7:26 pm
http://www.gunbroker.com/FFL/DealerNetwork.aspx
Sailfish
January 16th, 2013
7:26 pm
“obozo inherited a recovery.”
Uh-huh – I rest my case.
Aesop's Fables and other Lib Economic Theories
January 16th, 2013
7:29 pm
By the way, what’s the old man got, a .500 S&W Magnum?
Aesop's Fables and other Lib Economic Theories
January 16th, 2013
7:31 pm
I hand load .44 Mags that will make a Prius roll over on it’s side.
Lil' Barry Bailout - OBAMAPHONE!!!
January 16th, 2013
7:38 pm
According to the economists who decide such things, the recession ended in June 2009.
Don’t fear facts.
Aesop's Fables and other Lib Economic Theories
January 16th, 2013
7:38 pm
WASHINGTON (AP) — Defense Secretary Leon Panetta said Wednesday the U.S. “will take all necessary and proper steps” to deal with an Islamist attack on a natural gas field in southern Algeria that has resulted in Americans and other foreigners taken hostage.
We’ve got plenty of natural gas to drill here at home, this could have all been avoided.
Oh yeah, I forgot, the libs won’t let us drill.
Never mind.
JamVet
January 16th, 2013
7:49 pm
…obozo inherited a recovery.
Insanity with a capital I.
But not atypical of the (W)orst Ever voters…
md
January 16th, 2013
7:50 pm
Good for you kyle.
Rafe Hollister
January 16th, 2013
7:52 pm
And Al Queda is on the run. Guess they didn’t get the memo.
Lil' Barry Bailout - OBAMAPHONE!!!
January 16th, 2013
7:58 pm
The question is why Obozo did everything he could to strangle the recovery he inherited–incompetence or America-hatred?
Either way, Obozo’s failure is the worst since the Great Depression.
@@
January 16th, 2013
8:01 pm
Thanks, Andy….I’ll put my husband on it.
His? I have no idea. It’s heavy. According to him, anyone who finds themselves on the receiving end won’t survive the hit.
I really didn’t wanna have to buy one. My neighbor walked in on a burglar (broad daylight). The next night, some young woman showed up at my house wanting to use the phone. Her clothes were torn and she was crying. Seems the boyfriend had roughed her up.
Drama I don’t need or want.