House to vote on debt limit increase on Wednesday
The Republican-led House of Representatives will vote on Wednesday on a plan to suspend the nation's debt limit, CBS News has learned.
The plan, unveiled last week, would accommodate about three more months of borrowing while requiring the House and Senate to pass a budget. If either chamber failed to pass a budget, according to this proposal, their congressional salaries would be withheld.
- House GOP to seek three-month debt limit hike
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Republicans are intent on reducing spending in exchange for raising the nation's borrowing authority. President Obama and Democrats, however, say there should be no conditions attached to the debt limit, since it covers debt already racked up in Washington -- not future spending.
If Congress fails to raise the $16.4 trillion limit, the nation could potentially default on its loans, which economists say would have a severe economic impact. Treasury Secretary Timothy Geithner has informed Congress that the Treasury is expected to exhaust its borrowing authority by mid-February or early March.
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The Bush Tax Cuts ALONE attacked the Balanced Budget Legislation of the Clinton Administration and Republican Congress that would have balanced the budget by NEXT YEAR, 2014, had it been allowed to survive the succeeding President Bush and the GREED in a Republican Congress. Four years of Obama cannot undo the damage of 8 years of Bush, and I am afraid not even four more years can restore the job losses incurred during the Bush Administration. We need a national program of jobs rebuilding infrastructure in the US to stimulate the economy and a modest advanced education endeavor to promote American business enterprise worldwide. Very little made in America going overseas.
1) The Republicans in the House should be COMMENDED for taking this approach. They are raising the debt ceiling with no preconditions - which is the RIGHT THING to do as the debt ceiling only allows us to pay the bills we have ALREADY incurred.
2) They are moving the conversation about revenues and spending to the budget process - WHERE IT BELONGS.
3) They are extending the ceiling for three months, which will cover the basic budgeting timeline. They can always extend it again for the right reasons (like both houses have passed a budget and they are in reconciliation of the two bills) and they can always demand further action before raising it again if there is NO action.
4) They are adding the provision that if either house of Congress refuses to pass a budget they should not get paid until they do - WHICH IS APPROPRIATE. Budgeting is, after all, the primary responsibility of Congress. Now of course it must be clear that if Republicans in the Senate filibuster the Democrat's budget then only REPUBLICANS should lose their pay, but it is still a good approach.
So kudos to the House for a change - they are being rational. The debate about revenues and spending will still be difficult and painful, but it will be taking place where it belongs - in the budget process. And while refusing to pay our bills is disastrous, the pressure of a government shutdown (partial or total) is less so as there can be actionable, specific measures debated and passed.
Republicans should note, however, that if they try to use this one bit of rational thinking to lay political traps and procedural BS (like having the House pass a Republican wet dream of a budget and then blocking the Senate from acting - and then blaming the Democrats in the Senate) they will lose the credibility they are about to gain.
I for one hope both sides remain rational in the discussion and while I COMPLETELY disagree with the Republicans opening "bid" for a budget solution, we should give credit where it is due, because we should all want more rational behavior out of them.
We do still have a lot of Bushpublican spendocrats in there who are no different.
Bohner, Ryan, Cantor for example. They run up the platinum card good while they were in. Turned budget surplus's into record deficits. And they controlled all of congress and the presidency when that was happening.
If not I would recommend you pull the partisan blinders off.
Bush almost doubled Federal outlays during his presidency (88% to be exact). Obama is projected to increase it by only 23%. Reagan the second worse spending in history only increased it by 56%.
The two biggest differences is that the GOP spends for defense and/or wars. The other difference is that the GOP ALWAYS borrows for ANY new program. The Dem's raise taxes for new programs as they did with Obama-Care. Admit it cons you just want everything for free.