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Republicans ‘Fall In Line’ On Debt Limit Increase

From a relieved Reuters:

U.S. debt limit vote set for Wednesday; Obama likely to sign

By Mark Felsenthal and David Lawder | January 23, 2013

WASHINGTON (Reuters) – A measure to extend the U.S. debt limit for nearly four months moved closer on Tuesday to a vote and the White House said the president would sign the bill if it cleared Congress, easing uncertainty that could have threatened the U.S. economy.

You see, it was the "uncertainty" that we might not borrow more money that is threatening the US economy. Not the massive amount of debt we have racked up.

The debt limit "suspension," which would allow the government to borrow money until May 19, is due to come to a vote in the Republican-controlled House of Representatives on Wednesday without amendments.

House Rules Committee Chairman Pete Sessions of Texas said he believed the measure would achieve "near unanimous support" from the House Republican caucus, which would guarantee its passage.

How wonderful! We wouldn’t want any dirty amendments involving spending cuts messing this up. Being able to borrow more money from the Chinese is too important to play around with.

President Barack Obama "would not stand in the way of the bill becoming law," White House spokesman Jay Carney said earlier at a briefing. Democratic Senate Majority Leader Harry Reid has similarly expressed approval.

Isn’t compromise beautiful? And just look at all the wonderful things the Republicans got for caving.

The administration and some Democrats made clear on Tuesday they would prefer a longer-term reprieve from having again to seek an expansion of the nation’s borrowing capacity. But the White House welcomed movement on the contentious issue, which has financial markets worried about a self-engineered U.S. debt default…

Once again, that is not what is worrying the markets or the credit rating agencies. What worries them is our spending to GDP ratio. Which will go up with the debt limit increase.

REPUBLICANS FALL IN LINE

Well, Reuters puts it pretty plainly, don’t they?

Congressional Republicans have in the past balked at raising the debt cap without securing matching or greater spending cuts in exchange, and have raised the specter of default as a bargaining chip.

But they backed down from that stance at a policy retreat last week, preferring to shift the focus of budget battles with the White House to a March 1 date for automatic deep spending cuts and a March 27 expiration of funding for government agencies and programs…

It’s always the ‘next battle,’ the ‘next hill’ with the Republican ‘leadership.’

Instead of making budget cuts a precondition for expanding U.S. borrowing authority, the Republican bill would require both the House and Senate to pass budgets by April 15, on pain of having members’ paychecks withheld should they fail to do so…

What a laugh. Even if this "precondition" somehow survives the Senate, it will just be ignored when we hit the April 15th deadline. It is simply a face-saver for the GOP leadership. And not even much of one at that.

Republicans, even those who have chafed under the leadership of Speaker John Boehner, fell in line behind the debt ceiling extension.

"I am actually okay with what leadership is doing right now," said Idaho Representative Raul Labrador, who was one of the 12 conservative House members who tried to oust Boehner as the House leader in early January.

And that’s the most important thing. Any and all opposition to the Democrats must be quashed.

This article was posted by Steve Gilbert on Wednesday, January 23rd, 2013. Comments are currently closed.

One Response to “Republicans ‘Fall In Line’ On Debt Limit Increase”

  1. So now, if I understand this proposal correctly, we no longer have a debt limit. We have a time limit on borrowing. Is there any limit on how much MONEY these bastards can borrow during this suspension of the law? Without a specific limit on how much they can borrow, what do you think they’ll do? They’ll borrow an entire year’s worth of Obamanomics before we get to the next “debt debate”. Just wait for the crisis du jour. “We need to spend more becuase of the (insert your trumped up strawman crisis definition here). We have to do this now, and if Republicans won’t agree, we’ll just have to go around the congress to save the middle class.” Get ready now because all the debt projections are going to be dwarfed by the actual spending that they’re going to do for the next 4 years.


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