July 27, 2011 5:08 PM

McCain blasts "bizarro" Tea Party debt limit demands

By
Stephanie Condon
Topics
Economy ,
Congress

Updated at 8:10 p.m. ET

Republican Sen. John McCain today railed against conservatives who stand in opposition to House Speaker John Boehner's plan to raise the debt ceiling and reduce the deficit. He called their insistence on passing a balanced budget amendment "worse than foolish" and "bizarro."

Passing an amendment to the Constitution requiring a balanced federal budget is simply not possible with a Democratic majority in the Senate, McCain said, and to suggest otherwise is doing a disservice to voters.

"That is not fair to the American people to hold out and say we won't agree to raising the debt limit until we pass a balanced budget amendment to the Constitution," McCain said on the Senate floor today. "It's unfair, it's bizzaro. And maybe some people have only been in this body for six or seven months or so really believe that."

Special report: America's debt battle

Boehner's plan to raise the debt ceiling would call for the House and the Senate to vote on a balanced budget amendment -- but not necessarily pass it. Democrats have dismissed Boehner's plan as a "big wet kiss" to the Tea Party and impossible to pass in the Senate. Even so, some of the most conservative members of the House are saying Boehner's plan doesn't go far enough.

McCain has come out in support of the GOP's earlier deficit plan -- "cut, cap and balance" -- which would have made raising the debt ceiling contingent upon the passage of a balanced budget amendment in Congress. Still, McCain said today that it's not worth risking letting the U.S. default on its loans to push for the amendment.

The White House and the Treasury Department maintain that the U.S. risks defaulting if the debt ceiling isn't raised by August 2.

"The idea seems to be that if the House GOP refuses to raise the debt ceiling, a default crisis or gradual government shutdown will ensue and the public will turn en masse against Barack Obama," McCain said, quoting a Wall Street Journal op-ed. "Then Democrats would have no choice but to pass a balanced budget amendment and reform entitlements and the Tea Party Hobbits could return to Middle Earth."

"This is the kind of crack political thinking that turned Sharron Angle and Christine O'Donnell into GOP Senate nominees," McCain continued, still quoting the Wall Street Journal in reference to the two failed 2010 Senate candidates.

By rejecting the Boehner plan, McCain warned, conservatives would not only undermine the speaker but also "go far to re-electing Mr. Obama and making the entitlement state that much harder to reform."

This article was updated to clarify that in part of his remarks today, McCain was quoting a Wall Street Journal op-ed.

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War of words over the debt

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Add a Comment See all 281 Comments
by motts2436 July 29, 2011 11:02 PM EDT
Hi John,

You're a Great American, and have served your country well. However, our country is in a very difficult situation because of the old guard kicking the can down the road. You are part of the problem, and you will find deaf ears if you try to defend yourself against this. It's like an old quarterback that doesn't know when it's time. John, I love you to bits, and it's time. Let the new leadership take over and run with the ball.
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by GeoHull July 29, 2011 5:54 PM EDT
Legalize marijuana. Pay the farmer to grow it. Tax it. Agriculture can save America if we are allowed to. Signed a Kentucky farmer.
Reply to this comment
by euge005 July 29, 2011 6:34 AM EDT
Good think McCain was not thinking this clearly during the election in 2008 or he would have won and the economy would have never gotten out of the Bush tailspin. He would likely be dead now from trying to keep a Presidential work load at his age and the ignorent one from the klondike would preside over the country's final collaspe. Then again if he were thinking clearly, no one would have ever heard of sister Sarah.
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by TRV2009 July 28, 2011 9:19 PM EDT
In recent years there has been a "debt ceiling" in effect. Whereas Congress once approved legislation for every debt issuance, the growth of government fiscal operations in the 20th century made this impractical. (For example, the Treasury now conducts more than 200 sales of debt by auction every year to fund over $4 trillion in debt operations.) The Treasury was granted authority by the Congress to issue such debt as was needed to fund government operations as long as the total debt did not exceed a stated ceiling. The "ceiling" is routinely raised by passage of new laws by the United States Congress.

In February 2009, Congress raised the debt limit to $12.104 trillion.

U.S. NATIONAL DEBT CLOCK

The Outstanding Public Debt as of 29 Jul 2011 at 12:08:36 AM GMT is:
$ 1 4 , 3 4 6 , 9 7 6 , 2 4 9 , 5 4 8 . 3 0


Gross National Product. GNP is the total value of all final goods and services produced within a nation in a particular year, plus incomecitizens (including income of those located abroad), minus income of non-residents located in that country. Basically, GNP measures the value of goods and services that the country's citizens produced regardless of their location. GNP is one measureeconomic condition of a country, under the assumption that a higher GNP leads to a higher quality of living, all other things being equal. earned by its of the

Read more: http://www.investorwords.com/2186/GNP.html#ixzz1TRskh797


The US GNP is about 15 trillion dollars, that is almost the same as the debt. There is no economic theory to dictate and justify the debt ceiling at this time. In fact the GNP and GDP allow to the US to bear more debt. The US has the highest GNP in the world and the US has the second highest GDP in the world, second only to the European Union (which isn't even a country).

I have a few questions:

(1) Is it foolish to ask for "Cut, Cap, Balance" in this economic situation - How can the Republican Party justify a cap on the debt ceiling? Which facts justify it?

(2) Did the Republican Party ever request "Cut, Cap, Balance" in US history?

(3) Why does the Republican Party request "Cut, Cap, Balance" now? Is it a political game for its own interest, not the American people's interest?

(4) Is it foolish to consider cutting the budget without looking for measures to raise revenues such as raising taxes on wealthy people?

Tax breaks on the wealthy will not help the economy as many Republicans have suggested. It's simple mathematics: There are more poor and middle class people than wealthy people; thus money will be spent quicker in the poor and middle class hands. This is why cutting entitlements is a ridiculously foolish idea and hence there could be economic consequences - demand and supply in economic theory.


Good Night
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by floflo1215 July 28, 2011 8:43 PM EDT
Right after Pres.Obama elected for president the republican especially the young newly republicans their mission is to make Pres. Obama look bad and the mission of giving him one year term.This republicans should not even be in the congress and the senate.They are stupid, and WHY IS IT THAT ANYBODY HAS TO WORRY ABOUT THE TEA PARTY. Who gave them the power decide for this country,they are hypocrites,do not believe other human color other than white.THE TEA PARTY PUSHES THE PEOPLE THAT THEY LIKE BUT THEY NEED TO REMEMBER YOU ARE NOT THE ONLY PEOPLE THAT VOTE IN THIS COUNTRY ELECTION WILL COME AGAIN.I thought we voted grown people WE ALL made a big mistake for voting for this people and since they sat in this offices they all became different people,and since then they have not done anything but talk negative about Obama and bicker day in and day out.I have not seen or witness or heard that any of this elected officials have not done anything. This debt problem is scaring me the only income i receive.I am so disappointed who runs our country,we trusted this people but now everything is uncertain again that scares me.Can I make a suggestion to all the people in America that in the next election we all need to clean up the congress and the senate.The truth is that I did not vote for Pres. Obama,no excuses for him but he came in the position that our country is really in-trouble bigtime.Companies like the banking industry,car,wall steet,was asking money from the government for bailing them out and the root is greed.Bin Ladin is dead.Hopefully our war will be done in the middle east.I am asking the congress and the senate to get your **** together and vote (not thinking of yourselves)but thinking of the PEOPLE that live in the USA.God Bless
Reply to this comment
by TRV2009 July 28, 2011 8:05 PM EDT
The national debt as a percentage of the gross domestic product

In recent years there has been a "debt ceiling" in effect. Whereas Congress once approved legislation for every debt issuance, the growth of government fiscal operations in the 20th century made this impractical. (For example, the Treasury now conducts more than 200 sales of debt by auction every year to fund over $4 trillion in debt operations.) The Treasury was granted authority by the Congress to issue such debt as was needed to fund government operations as long as the total debt did not exceed a stated ceiling. The "ceiling" is routinely raised by passage of new laws by the United States Congress.

In February 2009, Congress raised the debt limit to $12.104 trillion.
Reply to this comment
by noloyalisti July 28, 2011 8:03 PM EDT
You know it has gone completely off the deep end when McSame calls the Koch Brothers Tea Bag Party bizarro.
Reply to this comment
by TRV2009 July 28, 2011 7:36 PM EDT
Historical Facts:

(1) United states has not had a balanced-budget since 1557.

(2) The Republican Presidents created more deficits from 1986 to 2007. Please read:

http://www.geldpress.com/2008/07/us-budget-reporting-deception/

More to come
Reply to this comment
by realist2010 July 29, 2011 11:58 PM EDT
I question the 1557 statement.
by burtwoody July 28, 2011 6:56 PM EDT
Get rid of the Tea Party morons! These pea brains need to go and only an idiot would have voted for them to begin with!
Reply to this comment
by chonder2 July 28, 2011 6:39 PM EDT
The Good Ship America-Chapter 2

Leftenant Steele:Say,it was mighty noble of Capt Obama to allow us to keep our rank after the Democrats won fair and square.

Leftenant Boehner:Yeah,well...no good deed goes unpunished, I say!

Background voice of Dick Armey:Heh,Heh,Heh,Heh...

An alarm bell rings while a voice cries out: Man overboard! Man overboard!

Steele and Boehner scramble upstairs to the main deck where they almost trip over an individual scrubbing the floor.

Leftenant Steele: Ex-Capt Limbarf,sorry sir...we heard the alarm and...

Ex-Capt Limbarf: Yes,yes scurvy idiots.A woman and her child just fell overboard.Now listen,there's not much time!You two have to rush to Capt Obama and delay any rescue attempt!Demand a rescue vote,then don't participate in it,then complain about inclusion,screw up everything he tries to do!

Leftenant Boehner: But sir!Why delay the rescue?

Ex-Capt Limbarf:Because,you idiot,the delay will cause the woman and child to drown and Capt Obama will get the blame!!

Background voice of Dick Armey: Heh,Heh,Heh,Heh,Heh,Heh...
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