If the Gang of Six’s goal was to produce a detailed and credible plan to reduce our nation’s deficits and solve the debt limit crisis, then they failed spectacularly yesterday. The plan they released contains no specific spending cuts, kicks all the major decisions down the road to Senate committees and congressional commissions, and depending on what baseline you use, raises taxes by as much as $3 trillion.
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The liberal media has already reported a slew of false facts about today’s debt limit vote in the House. Yesterday, NBC News reported that the House would be voting on a Balanced Budget Amendment today. That is false.
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Senate Minority Leader Mitch McConnell, R-KY, shouldn’t be surprised that a growing number of people inside and outside of official Washington see him as the emodiment of everything members of the Tea Party hate. His debt hike plan is nothing but a classic inside-the-beltway maneuver to shift blame and avoid responsibility for making the tough decisions. Worse, his plan actively undercuts the hard votes conservative House members are taking on the debt limit.
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The pressure is getting to President Obama. Exact details differ among the parties, but everyone seems to agree that Obama grew agitated yesterday after Majority Leader Eric Cantor, R-Va., pressed for a short-term debt limit deal paired with small spending cuts. According to multiple sources, Obama told Cantor: “Don’t call my bluff. I am not afraid to veto and I will take it to the American people. … This may bring my presidency down, but I will not yield on this.”
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Minority Leader Mitch McConnell, R-Ky., can call it whatever he likes, but the only thing that really matters about the plan he unveiled yesterday is that it allows President Obama to borrow $2.5 trillion without forcing him to make any spending cuts. This is exactly what Obama has been asking for since January.
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For months conservatives have been patiently explaining that, unless Treasury Secretary Tim Geithner chooses to do so, there is simply no risk of the United States defaulting on its debts regardless of whether Congress raises the debt limit by August 2nd.
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Friday’s dismal jobs report has significantly altered the landscape of the debt limit negotiations. Now that President Obama has been forced to acknowledge that the economy is not as strong as he hoped, he is desperate to win a long-term deficit deal. He badly needs Republicans to co-own both the debt and the economy.
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Three charts tell you everything you need to know about the possible budget deal between President Obama and House Republicans this weekend.
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President Obama is telling every news outlet that will listen that he now wants a “far reaching” debt-reduction plan that will stretch well beyond the next two years and would cover cuts to all three entitlement programs in exchange for tax hike concessions from Republicans.
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President Obama insisted yesterday that Congress reach a long-term budget deal, not a short-term “quick-fix” that could put the debt ceiling debt smack in the middle of the 2012 campaign next year. This is a major shift.
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