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Republicans Object To Ceding Debt Limit Power

From Reuters:

Republicans say, "No way" to ceding debt limit power

By Rachelle Younglai | December 5, 2012

WASHINGTON (Reuters) – Republican lawmakers took a firm stand on Wednesday against an Obama administration proposal that would make it easier for the president to increase the nation’s debt limit, worried it would undercut their leverage to cut government spending.

Republicans introduced a non-binding resolution in the House of Representatives that, if approved, would put the chamber on record opposing the plan, and a Senate Republican began circulating a letter to President Barack Obama saying it was critical that Congress’ role in setting the limit not change.

Wow, that is quite a "firm stand." Introducing a non-binding resolution and circulating a letter to Obama. The gloves are really coming off.

[T]he administration [has] proposed allowing the president to initiate hikes in the debt limit, which now stands at $16.4 trillion.

If Congress denied the request, he could then veto the decision. It would take a super-majority in both the House and Senate to override the veto, meaning the increase would almost certainly move ahead…

What a joke.

The idea of giving the president the authority to veto a debt limit denial was first proposed by Senate Republican leader Mitch McConnell during 2011’s fight over the cap. It was put in place on a temporary basis as part of last year’s broader budget deal, but the administration wants to make the policy permanent…

Which once again proves that you should never give the Democrats anything, however temporary. If you give them an inch, they want the whole enchilada (sic).

The debt ceiling has become the Republicans’ main weapon in their fight to rein in federal spending…

In fact, the debt limit is now the Republicans’ only tool to control spending, since we no longer even have real budgets. Which is why the Democrats want to do away with the debt limit.

The government was just $86 billion below the limit on Tuesday, and was expected to hit it in the last week of December…

It’s always scheduled to hit at Christmas time, so the media can wail about the government shutting down right at Christmas time.

Treasury Secretary Timothy Geithner said on Wednesday that a debt limit hike was an essential element of any deal to avoid the fiscal cliff.

"We are not prepared to have the American economy held hostage to periodic threats that Republicans will force the country to default on our obligations," Geithner said on CNBC…

Enough with the ‘hostage’ rhetoric.

This article was posted by Steve on Thursday, December 6th, 2012. Comments are currently closed.

2 Responses to “Republicans Object To Ceding Debt Limit Power”

  1. mr_bill says:

    No budgets, no spending limits, no limits on borrowing, just limitless spending forever. This is what the liberals want. The problem is that at some point, the bills come due. That’s the point at which the statists declare that everybody has to be taxed at 100% to pay for it, and the government will provide for the needs of the people through all the federal “social” programs. It is not a coincidence that the teachers union released a video decrying how “poorly funded” the social programs are.

  2. John Carter says:

    Why is increasing the debt limit ( barrowing with no intention of repaying ) not called theft ?

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