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16 votes
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That rule was clearly in play Sunday on CBS' "Face the Nation"
when a top Republican and a top Democrat sought to frame the upcoming
debate over raising the nation's $16.4 trillion borrowing limit.
Senate
Republican leader Mitch McConnell said that President Obama "needs to
become the adult" in the room, arguing that both he and House Speaker
John Boehner have already "been the adults in the room arguing that we
ought to do something about the nation's most serious long term
problem."
Democratic Sen. Mark Warner of Virginia
countered that Republicans are poised to again play "debt ceiling
roulette" and potentially destroy the economy with their "my-way-or
the-highway approach." He added: "I think it's incredibly
irresponsible."
According to the Treasury Department,
the nation could reach the debt limit in October - shortly before the
November election - though the fight could also come in the lame-duck
session that follows the election. In a position that has come to be
known as the "Boehner rule," Boehner says he will again insist that an
increase in how much the nation can borrow be matched by spending cuts
equal to the amount of the increase. While he has opposed any tax
increases to reduce the deficit and debt, he has said he is open to some
revenue increases in the form of removing loopholes and deductions from
the tax code.
Which side blinks in the next debt
ceiling fight - whether it comes before or after the election - is tied
to whose argument most resonates with Americans. Can Democrats
compellingly argue that the Boehner Rule puts the fragile economic
recovery at risk? Or will Republicans succeed in making the case that
the president has failed to do what it takes to deal with the nation's
increasingly crippling debt?
From a rhetorical
perspective, the advantage would seem to belong to the Democrats. The
Republicans' decision to take a firm stand on raising the debt limit -
something that had been routine in the past - led the United States to
nearly default on its debts last summer, and contributed to a downgrade
to the nation's Treasury securities that was a blow to the American
psyche. It also meant a cap on discretionary spending and planned
automatic cuts in defense and nondefense spending next year, though
Republicans are now seeking to reverse the scheduled cuts to military
spending.
The problem for Republicans is that Americans
care a lot more about the economy than they do reducing the debt and
deficit. In an April CBS News/New York Times poll,
nearly half said the economy and jobs are the most important problem
facing the country today. Just five percent cited the budget deficit.
That
wound suggest that Democrats can win the argument if they can
successfully point to the last ugly debt ceiling fight to argue that
Republicans are putting the economy at risk. Even if Republicans can
convince Americans that President Obama is failing to lead on the debt
and deficit, it won't provide nearly the same benefit because most
Americans don't see it as a pressing issue.
Yet the
Republican leadership has little choice but to start another fight over
raising the debt limit. Many rank-and-file House Republicans are among
that five percent that sees the debt as the issue that outweighs all
others; they also know that if they don't take a strong stand on the
issue, they expose themselves to Tea Party-backed primary challenges.
That leaves Boehner with little choice but to fight the debt limit fight
once again - even if it means risking further political damage to a
party that saw its standing slide after last year's debt battles.
What do you think will be the results of the next battle over the Debt Ceiling?
Get real!
Not raising the debt ceiling is like deciding that you won't pay more then 20 dollars for a dinner after you have ordered $30 worth of appetizers. Paying less is great, but now that you have bought more then your limit, you have to raise what you're willing to pay before your banned from the restaurant. Raising the debt cieling isn't the part where you pay more then you have, its the part where you decide that your not a deadbeat.
Not raising the debt ceiling will just result in a lower credit rating for the US. You can argue over the budget and what we are spending, but this is an argument for running out on bills we've incurred.
Also, we would reneg on repaying our debts, being a dead beat nation. Interests rates on mortgages would skyrocket causing more folks to lose their homes. And SS checks would stop immediately. Guess would happen then?
So don't fall for the theatrics of Boehner (he deserves an Academy Award for turning on the tears at the drop of a hat). It's all a ploy to scare the pants off of the citizens of the US
The repurcussions are huge. We can be a deadbeat nation and end up having to pay even more interest on what we borrow (if we don't pay our debts) or slash the military.
Those who don't want to raise the debt ceiling don't waant to slash the military either.
They don't actually understand reality.
has made such a mess of our economy that there are no fast or good
solutions. Obama is not fully to blame but he has done nothing to make
a real and lasting improvement. The Democrats and Republicans are
equally to blame for the mant problems that we are facing, including
the mess over the debt limit.
The Republicans are stuck--Romney has to urge raising the ceiling, or his Wall Street backers will revolt against him. The republican congresspeople can't go against Romney and survive their own re-election bids.
The Tea Party Republicans in Congress will make some noises about not raising it, but they'll be overruled. Those Tea Party folks will end up pushing the election to Democrats.
So whether Obama raises it, or Romney gets in and raises it (and he will, again, and again, and again, just like Reagan and the Bushes, until such a policy causes a complete economic meltdown), remember: You had your chance to vote for actual fiscal responsibility, and you blew it.
You can't fund wars without borrowing and then say you're not gonna pay for them.
Where does the money come from
With his tax cuts, revenue actually rose, but progressive spending placed us further into debt. Bush was a progressive.
This will all come out in the debates. I hope you're ready.