The plan approved by the House last night traded $2.4 trillion for both the Senate and House approving a balanced budget amendment, though I’m not quite sure how borrowing more money is going to help us get our financial house in order.
If I were a legislator, I’d suggest avoiding the “Let’s pay the Visa off with the Mastercard” tactic if at all possible but that’s just me.
David Brooks broke down the Republican theatrics into four categories: “Beltway Bandits,” the “Big Government Blowhards,” the “Show Horses,” and the “Permanent Campaigners.” FYI for Caleb’s knowledge, Grover Norquist was the one named as a Beltway Bandit, though in fairness to this town, anyone could be considered that.
“The Democratic offers were slippery, and President Obama didn’t put them in writing. But John Boehner, the House speaker, thought they were serious. The liberal activists thought they were alarmingly serious. I can tell you from my reporting that White House officials took them seriously,” Brooks wrote in the NYT.
“House Republicans are the only ones to put forward and pass a real plan that will create a better environment for private-sector job growth by stopping Washington from spending money it doesn’t have and preventing tax hikes on families and small businesses,” said John Boehner in a statement.
Really? So how is it that this includes an increase in the debt ceiling?
Meanwhile, this is what Ron Paul had to say in a statement:
I have never voted to raise the federal debt limit, and I have no doubt that we face financial collapse and ruin if we continue to grow our debt. We need to make major spending cuts now, in this budget, and we can no longer afford to allow more deficit spending based on promises of future cuts.
“The CCB act would add $2.4 trillion of new debt to our gargantuan $14.4 trillion debt. CCB would also only cut $111 billion from this year’s budget, allowing a deficit of nearly $1.5 trillion. This is far from the Pledge’s call for ‘substantial’ cuts. And, CCB locks us into current levels of overseas welfare, which will continue to endanger America’s security by forcing us to subsidize other wealthy nations.
See, that’s pretty much where I’m at with this. The debt trap is impossible to get out of, anyone who has gotten trapped in a pay day loan can tell you all about that.
That’s exactly where we are. That’s where we’ve been. And where we’ll continue to be unless we get the debt monkey off our back. I’m not as concerned about subsidizing China’s explosive growth as I am about compromising our national security by letting those assholes at the Fed run the show. We owe them more than we owe China.
So Norquist may be a tax troll and I’m fine with that but this Dog and Pony Debt Show has got to stop, it’s old and it’s not doing us any good.
Anyone got a better plan?