House Republicans are finishing work on a new proposal to resolve the standoff over the debt ceiling. The proposal, set to be finished and crafted into the form of a bill by Sunday, will be in two parts. The first will combine a short-term increase in the debt ceiling with spending cuts. The second will lay the groundwork for a longer-term increase in the debt ceiling coupled with far-reaching deficit reduction.
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Have you noticed the unstated assumption shaping much of the reporting and commentary on the Gang of Six (Go6) plan and the Cut, Cap and Balance Act of 2011 (CCB) just passed by the House?
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While President Obama, Senate Majority Leader Harry Reid, his chief deputy, Sen. Dick Durbin, Senate Budget Committee chairman Sen. Kent Conrad, and the liberal mainstream media were hailing the Gang of Six (Go6) outline of a proposal to raise taxes by more than $1 trillion, House Republicans, joined by a scattering of House Democrats, actually did something yesterday about the debt ceiling and the federal deficit.
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Those dramatic negotiations between President Barack Obama and congressional Republicans on an agreement on the national debt ceiling dominated the headlines this past week, but another clash between the White House and Hill GOPers that is almost as significant was also moving toward a potentially dramatic conclusion.
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Reason TV's Nick Gillespie sees three reasons why the current debate about raising the national debt ceiling is "full of malarkey." You don't often hear that word "Malarkey" used because it is a technical term for "BS in public policy."
All three of the reasons Gillespie discusses are valid, but pay particular attention in this video to the third.
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Betcha didn't know this: Only a few months after Congress created the dollar, the government defaulted on the new currency. Happened in 1862.
Five months after what was then called the "Greenback" was created in 1861, President Lincoln's Treasury Department failed to redeem them in January, 1862.
As the Ludwig von Mises Institute's John S. Chamberlin explains, that led to a fundamental change in approach:
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With little consensus emerging beyond the need to raise the debt ceiling, President Obama made a final pitch, of sorts, to the American public Friday for deep spending cuts and a variety of tax increases to get the nation's fiscal house in order.
"I am still pushing for us to achieve a big deal," Obama said during a morning press conference at the White House.
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Senate Minority Leader Mitch McConnell of Kentucky is now the man in the hot seat.
Outraged critics on the right condemn his Plan B proposal to end the stalemated debt-ceiling negotiations with President Barack Obama. Critics on the left hail it as a dagger aimed at the heart of limited government. Some on the right wasted no time in branding Plan B a “sellout” that undercuts and isolates House Republicans, and McConnell as a Pontius Pilate.
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URL: http://www.sfexaminer.com/topics/debt-ceiling?page=2
