Posted on 07/18/2011 10:09:57 AM PDT by SeekAndFind
With the House poised to vote on a debt-ceiling increase tomorrow, the White House has released a threat to veto the bill if it reaches the President’s desk. This statement was just released by e-mail, emphasis in the original:
The Administration strongly opposes H.R. 2560, the “Cut, Cap and Balance Act of 2011.” Neither setting arbitrary spending levels nor amending the Constitution is necessary to restore fiscal responsibility. Increasing the Federal debt limit, which is needed to avoid a Federal government default on its obligations and a severe blow to the economy, should not be conditioned on taking these actions. Instead of pursuing an empty political statement and unrealistic policy goals, it is necessary to move beyond politics as usual and find bipartisan common ground.
The bill would undercut the Federal Government’s ability to meet its core commitments to seniors, middle-class families and the most vulnerable, while reducing our ability to invest in our future. H. R. 2560 would set unrealistic spending caps that could result in significant cuts to education, research and development, and other programs critical to growing our economy and winning the future. It could also lead to severe cuts in Medicare and Social Security, which are growing to accommodate the retirement of the baby boomers, and put at risk the retirement security for tens of millions of Americans.
Furthermore, H. R. 2560 could require even deeper cuts, since it conditions an increase in the Federal debt limit on Congressional passage of a Balanced Budget Amendment. H. R. 2560 sets out a false and unacceptable choice between the Federal Government defaulting on its obligations now or, alternatively, passing a Balanced Budget Amendment that, in the years ahead, will likely leave the Nation unable to meet its core commitment of ensuring dignity in retirement.
The President has proposed a comprehensive and balanced framework that ensures we live within our means and reduces the deficit by $4 trillion, while supporting economic growth and long-term job creation, protecting critical investments, and meeting the commitments made to provide economic security to Americans no matter their circumstances. H.R. 2560 is inconsistent with this responsible framework to restore fiscal responsibility and is not an appropriate method of reducing the Nation’s deficits and debt. The Administration is committed to working with the Congress on a bipartisan basis to achieve real solutions.
If the President were presented this bill for signature, he would veto it.
A few points seem remarkable here. Is it really Barack Obama’s contention that a balanced budget, now or in the future, threatens the dignity of retirees? What basis does he have for claiming that deficits are a necessary component of retiree dignity? That sounds very much like a demand for eternal deficit spending, with no attempt at any discipline whatsoever.
As far as Obama’s “comprehensive and balanced framework,” CNS News reminds us that the only specific plan Obama has published actually increases deficit spending rather than decrease it:
While the Republican-controlled House of Representatives has voted this year to approve House Budget Chairman Paul Ryan’s (R.-Wis.) proposal–that would put the government on a gradual path to a surplus by 2040–and plans to vote on a balanced budget amendment next week that would cap federal spending at 18 percent of GDP, the only budget proposal President Obama’s has publicly revealed in 2011 would, according to the Congressional Budget Office, increase the deficit by $26 billion this year, $83 billion next year, and $2.7 trillion over the next decade.
Additionally, although annual budget deficits would decline somewhat between 2013 and 2015 under Obama’s proposal, according to the CBO, after that they would start increasing again, going up every year from 2016 to 2021, the last year estimated by the CBO.
In short, the only budget proposal Obama has put forward this year for the public to review and analyze puts the federal government on a path to eventual bankruptcy.
The CBO report from April can be found here. This chart shows that Obama’s projected budget produces bigger deficits by percentage of GDP than anything seen since 1981 — with the exceptions of the Democratic budgets to 2008-11. They’re worse than the baseline we’re on at the moment, and not coincidentally, they make the debt load appreciably worse as a result:
If the CCB bill gets through the House and the Senate, would Obama really veto it? He’d have to defy a Senate controlled by his own party to cancel a debt-limit increase in a situation that his own administration has relentlessly hyped as a fiscal Armageddon. I’d call that a real long shot.
Call his bluff, GOP.
Who does the oversight? This is nonsense, it can not be allowed for them to hide or skim or plain ole steal billions.
Throw the bums in jail and see how the rest straighten their business up.
Here here!
Hussein really thinks the people are on his side.
Let’s find out.
Makes no difference. Bill is a piece of trash. Does nothing to solve problems.
I say call his bluff. And ask for a list of his near-term cuts.
“I actually think McConnell knows exactly what he’s doing: offering a psuedo-solution to the problem, but one that he knows Obama won’t accept.
I suspect Boehner, Cantor, and McConnell are in close contact and that they are playing this very well.”
That’s what I’m afraid of and what I’ve posted earlier. These guys just want cover for the election. They just want to say that they voted for cut, cap & balance. After that they’ll support anything the RINOS/WH send their way. This is politics at its worst.
We need to make it clear through phone calls, emails, talk shows everything, that this will NOT stand. These guys need to fight if they want ANY support in 2012.
None of this “I voted against it before I voted for it” bull
Your posts always make me smile. Thanks!
While about 50% of GOP senators have come ou against McConnell's plan B, the one who has been very quiet about it is Rand Paul. The prototype Tea party senator, by many recent reports, he and Mitch are working very well together. Paul normally isn't shy about about inveighign against legislation he detests, yet he's been very quiet about this..
we shall see..
Come on Congress - cut even more from the WH budget and then go on a full court press PR campaign to sell it to the public.
and don’t let the nay sayers on FR stop you!!!
RE: Bill is a piece of trash. Does nothing to solve problems
Why would a Balanced Budget Amendment not help solve the budget, deficit and debt problems we have?
47% of the people are...the ones sucking off the government tit.
RE: Right, so it’s done for PR purposes...
Let’s just say for the sake of Argument that some Democratic Senators saw the light and DID help the rest of the GOP Senators pass this Congressional Bill, would the sponsors of this bill suddenly say -— “Oh oh, we made a mistake, we gave it to them hoping and thinking they would not pass it but they did... now what do we do?”
I should say not. I’d say they would be ecstatic.
If this is so, then it woud NOT be for PR purposes only.
Time to just say it: Obama and his minions are the number one enemy of the American people.
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I find no compelling evidence OTrauma is standing for election next year.
I find no compelling evidence there will BE an election next year.
The real problem is that Obama can veto this if it gets to him because he knows the GOP is ready to cave with the McConnell plan.
The Senate will kill it. They know the GOP is ready to cave on the McConnell deal.
Playing it very well? You mean kicking the beaten-up can down the road even further to advance their own political careers?
We want solutions to the problem, not political maneuvers. This is what people are sick of, it’s what people see thru. This is what failed Newt. The Dems, with help from the media, own our asses in the political arena. The only thing we can do is the RIGHT thing and let the chips fall where they may.
House GOP doesn't know if it has the 218 votes to pass the bill..it's a test of strength for conservatives...Obama's coming out with this, now, is, in a sense..wavign the red flag in fron of the bull..it might be enough to get it through the Hosue..
“I suspect Boehner, Cantor, and McConnell are in close contact and that they are playing this very well.”
I don’t believe that beaten dogs suddenly become predatory wolf packs.
The old, failed, steeped in submission nomenklatura needs to go.
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