Here we go again… Republicans threaten to hold the good faith and credit of the U.S. hostage unless Obamacare is defunded or repealed. What’s the definition of insanity, again? Oh right, doing the same thing over and over expecting it to turn our differently. By that standard, the GOP is insane and it can be laid squarely at the feet of the Tea Party. When Congress recessed nearly a month ago, they knew that they would have to face their constituents at home. The loudest ones, they knew, would be the stupidest ones: the ones who don’t understand how the government works and who are dead set on repealing Obamacare, even though it is the law of the land. And, rather than disabuse these morons of the idea of shutting down the government and reneging on our debts, most of them played right along. Why? Because they know that if they don’t, they may face a primary challenge. So this is what the country has come to – the people who are supposed to be doing the country’s business, representing ALL of their constituents are, instead, covering their asses and pandering to a crazed vocal minority. In a few weeks, the stare-down begins again. The debt limit will be reached in mid-October – earlier than expected – and, if it is not raised, will be a disaster for the nation’s economy. Interest rates will spike and the stock market will become unsteady. The Washington Post reports that: Republicans are demanding significant new spending cuts in exchange for increasing the nation’s $16.7 trillion debt limit, with some GOP lawmakers insisting on a delay or the scrapping of President Obama’s signature health-care law. Obama, meanwhile, says he will not negotiate on the debt limit, the government’s legal cap on borrowing. It might be a good idea to define exactly what the debt limit, or ceiling, is. The Government Accounting Office website’s glossary defines the debt limit as: A legal ceiling on the amount of gross federal debt (excluding some minor adjustments), which must be raised periodically to accommodate additional federal borrowing. This is not a budget. It is not a limit in the sense of our personal credit limits on, say, a credit card. The debt limit is money that has already been appropriated. Restricting the debt ceiling means that the Department of the Treasury is limited in its ability to borrow for decisions already enacted by Congress and the President. It is important to understand this, as the terminology can be confusing. The Republicans know this and use it to their advantage. Treasury Secretary Jack Lew, appearing on John Harwood’s Squawk Box on CNBC, said that there will be no negotiations over this issue. What we need in our economy is some certainty. We don’t need another self-inflicted wound… We don’t need another crisis at the last minute… (the President) is not going to be negotiating over the debt limit… Congress has already authorized funding, committed us to make expenditures. We’re now in a place where the only question is, will we pay the bills that the United States has incurred? He went on to answer his own question, stressing that there could be absolutely no question about that. He added that the White House will not consider any delay or defunding of Obamacare, either. The Republicans keep flogging the idea that President Obama is some kind of spending machine. But the numbers put the lie to that myth. The Congressional Budget Office’s latest projections of the federal deficit show that it will fall to $642 billion this year, which is a drop of 24% from the beginning of the year. The deficit has been cut in half in the first 5 years of Obama’s presidency. Further, the deficit has fallen to 2.1% of the gross domestic product, a number that most economists consider to be one sign of a recovering economy. Coupled with the budget cuts over the past 5 years that make Obama responsible for the lowest government spending growth in 60 years, the truth is clear: the Republicans are trying to make an issue out of nothing. They count on an uninformed electorate and they go out of their way to make sure they have one. The GOP knows that their base doesn’t care about facts and numbers. They only care about hating this president and will happily lap up any and every lie the Republicans tell about him and his administration mo matter how ridiculous and how easily disproved. This cycle of self-created fiscal crises has become standard operating procedure in Washington, thanks to the Republican’s desire to make this president look bad every chance they get. But it is time we let them know that we are fed up with their games. I hope the President stands firm this time. He has caved before, to the despair of those of us who voted for and support him. Now that he has no further elections to worry about, let’s hope he stands up against the GOP. The country’s economy is at stake. Copied from addictinginfo.org/2013/08/28/president-obama-puts-foot-down-on-debt-limit-will-republicans-blink/
Posted on: Fri, 27 Sep 2013 19:06:15 +0000
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