“My proposal would bring down the cost of health care for millions – families, businesses, and the federal government,” President Obama said in early March 2010 before Obamacare became law. Controlling health care spending was supposed to be one of the major benefits of Obama’s signature domestic accomplishment.
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President Obama has not yet signed the $2.4 trillion debt hike into law, but already conservatives are plotting how best to maximize their gains and minimize their losses from the debt deal. As House Budget Committee Chairman Paul Ryan, R-Wis., told Sean Hannity last night, “This bill brings discretionary spending next year lower than it is this year. That’s never happened before.” That is a concrete victory for limited-government conservatives, but a qualified one.
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Assuming that Speaker John Boehner, R-Ohio, and Minority Leader Nancy Pelosi, D-Calif., can work together and find enough votes to get it through the House, the debt limit will be raised by the $2.4 trillion needed to allow the federal government to pay it’s bills through the 2012 election. But this does not mean that President Obama will be able to avoid the debt, or any of the other surrounding issues, in the election.
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At RedState, Michael Hammond makes a succinct five-point-case against Speaker John Boehner’s, R-Ohio, debt hike plan: 1) The Boehner plan is so similar to the Reid plan that its passage will lead to a compromise with no cuts beyond 2012, a commission that will endorse tax hikes, and a trigger to force those tax hikes; 2) A guaranteed vote on a balanced budget amendment is worthless; 3) If Tuesday
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There are many in the Tea Party who will be disappointed today if Speaker John Boehner’s, R-Ohio, bill to raise the debt limit passes the House. They have every right to be. Conservative activists have fought hard to keep moderate Republicans from caving in, raising taxes, and giving President Obama a “Grand Bargain” on the debt that would have legitimized Obamacare forever.
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There now appears to be only three possible outcomes to the debt hike negotiations, and all three would seem to lead to the eventual loss of the U.S.’s AAA credit rating. One possibility is that there is no deal, the debt hike is not raised, and much of the federal government is shutdown. The U.S. Treasury would still have enough revenues to avoid defaulting on the debt, but the credit agencies would downgrade our debt anyway.
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RedState’s Erick Erickson reports that “there was an audible gasp” when Capitol Hill Republican staffers were told that Speaker John Boehner’s, R-Ohio, debt hike plan contained only $25 billion in cuts to discretionary spending next year.
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It may not seem like it when you look at our nation’s $14.3 trillion debt, but the freshman House Republicans have already accomplished a lot in just a little over a year. The momentum in Washington has completely changed since they arrived. Instead of brand new trillion-dollar entitlements, President Obama has been forced to talk up trillion-dollar spending cuts. Cap-and-trade legislation is not only dead letter, but now the bureaucrats at the U.S.
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There are three issues heavily weighing President Obama down as he heads into reelection in 2012: 1) the economy; 2) the debt; and 3) Obamacare. The deal Obama is crafting with Speaker John Boehner, R-Ohio, would appear to completely neutralize issues two and three.
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Even if a “Grand Bargain” on the debt limit is reached before August 2nd, the next government shutdown fight is only a matter of weeks away. While the House has passed a fiscal year 2012 budget, and has even begun marking up and passing some appropriations bills, the Senate has not passed a budget for more than 800 days. But come September 30th, Congress must pass a new budget for the next year or the government will shutdown, as it almost did this spring.
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