Truth Before Dishonor

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Posts Tagged ‘debt ceiling’

There’s a hole in my debt ceiling, dear Liza, dear Liza

Posted by Dana Pico on 2011/12/27

There’s a children’s song, “There’s a hole in my bucket,” that any parent has heard several thousand times too often, but it winds up circular. And so it is with the federal budget and the debt ceiling. But, not to worry, this isn’t like other debt ceiling problems. From The Wall Street Journal:

Treasury Sees U.S. Debt Near Limit By End Of Friday

By Jeff Bater

The U.S. debt will come within $100 billion of its ceiling on Friday, and the Treasury Department anticipates the Obama administration will begin steps to seek a $1.2 trillion increase in the limit.

A senior Treasury official on Tuesday told reporters the administration will need to let Congress know when the debt gets within $100 billion of the ceiling, expected to happen by the close of business Friday. Currently, the debt limit is $15.194 trillion, and it would be $16.394 trillion after an increase.

Under the Budget Control Act of 2011, the president submits a written certification to Congress when the debt subject to the limit is within $100 billion. Congress can consider “a joint resolution of disapproval.” If such a resolution is not enacted within 15 calendar days, the debt limit will be increased. If a resolution is enacted within the 15 days, the debt limit will not be increased. If Congress adopted such a resolution, the president could veto it.

I guess that there won’t be any debt ceiling fight this time. The President will tell the Congress that he is increasing the debt ceiling, and the House of Representatives, controlled by the Republicans, will probably vote a resolution of disapproval. The Senate, controlled by the Democrats will not vote on such, because Senate Majority Leader Harry Reid will not schedule a vote. If there happened to be a sufficient number of Democratic Senators who wanted to get on the record against the debt ceiling increase, Senator Reid might allow the vote, knowing that the President would then veto it. At that point, Senator Reid will have already arranged to have 35 or 36 Democratic Senators not up for re-election¹ available to sustain the President’s veto.²

But this situation only exists because the Congress, in the last debt ceiling bill, agreed to surrender their power to set the debt ceiling to the President, and the House of Representatives was controlled by the Republicans when that bill was passed; the Democrats don’t get all of the blame. Senator Mitch McConnell (R-KY), the Minority Leader, said at the time:

Never again will any president, from either party, be allowed to raise the debt ceiling without being held accountable for it by the American people and without having to engage in the kind of debate we’ve just come through.

Note Senator McConnell’s words: never again will any president be able to raise he debt ceiling without being held accountable. But, apparently the Congress won’t be held accountable, because they created a system which every single Member of Congress who is running for re-election could vote against it, and still not prevent it.

So, we have a debt ceiling, passed with great fanfare — and great relief — which is absolutely meaningless. The next time the debt ceiling is approached should be in late 2012, probably after the election rather than before it. The Republicans will be hammering on President Obama and the Democrats throughout the 2012 campaign for their reckless spending, but the Republicans had the power, all by themselves, to stop the increase in the national debt, and they lacked the courage to do so.
¹ – Out of 53 Democratic Senators, 30 are not up for re-election in 2012, and 7 whose seats are up for re-election have decided to retire at the end of their terms.
² – Overriding a Presidential veto requires a 2/3 super-majority in each House of Congress.

Posted in Character, economics, politics | Tagged: , | Comments Off on There’s a hole in my debt ceiling, dear Liza, dear Liza


Posted by John Hitchcock on 2011/07/30

days since the Democrats in Congress tried to pass a Budget. That’s 2 years plus an additional 90 days. The American people (yes, Harry Reid, they are indeed Americans) voted the Republican Party into majority in the House of Representatives in the November 2010 elections. After the Republicans were seated in January, they promptly went to work and passed a Budget in order to follow the Law since the Democrats before them were unwilling to obey the Law that requires a Budget. Then the Democrat Senator Harry Reid sat on his hands, declaring he is not even interested in doing a Budget, despite the Law requiring it.

The debt ceiling is being hit. The Republican House, after passing the Budget that the Senate is still sitting on, passed the Cut, Cap and Balance + Balanced Budget Amendment debt ceiling raiser. Harry Reid’s Democrat Senate is sitting on it, refusing to even have a vote.

The Republican House passed a revised “compromise” (how do you compromise when you’re the only position at hand?) John Boehner debt ceiling raising bill since the Harry Reid Democrat Senate refused to act on CCB+BBA. Democrat Harry Reid promptly sat on the Boehner Bill (after all 51 Democrats and 2 Independents who caucus with the Democrats signed a letter declaring the Boehner Bill dead before it even got out of the House).

Socialist Democrat Barack Obama has never once provided any plan to cut spending and raise the debt ceiling, while at the same time demanding Republicans compromise with him.

While Republicans are busily offering plans, Democrats are busily obstructing and flinging poo from the sidelines as they refuse to enter the field of battle.

Back to those 820 days since the Democrats in Congress bothered to obey the law by passing a Budget: The most recent Continuing Resolution to keep the Federal government funded through the rest of Fiscal Year 2011 will expire in October, meaning we’re going to keep talking about the Budget in September and beyond. The Republican House will pass a FY2012 Budget. The Democrat Senate will sit on it. And a new round of battles over yet another Continuing Resolution to keep the Federal Government funded due to the intransigence of the Democrats in Congress will ensue.

All four Barack Obama years will be years of over 1,000,000,000,000 dollar deficits and only one of the four Obama years will see an actual Budget, that being the 2009 year — despite the Law requiring a Budget.

Yes, it is the Democrats who are fiscally irresponsible. Yes, it is the Democrats who are in violation of the Law. Yes, it is the Democrats who are obstructionist. Yes, it is the Democrats who keep saying “no”: No to obeying the Law requiring a Budget; no to presenting a Budget; no to presenting a deficit reduction plan to raise the debt ceiling; no to compromising with Republicans.

I can see 2012 from my window.

Posted in Character, Conservative, economics, Elections, history, Liberal, Obama, Philosophy, politically correct, Politically Incorrect, politics, society, Tax, TEA Party, truth | Tagged: , , , , , , , , | Comments Off on 820

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