Time to Liberate the Debt Ceiling Hostage

By Admin Mugsy - Last updated: Monday, October 14, 2013 - Save & Share - One Comment

Why do we even HAVE a “debt ceiling”? Plenty of people have asked this question in the past and no one seems to have a good answer. It doesn’t limit spending. Spending is decided in The House, and clearly Congress doesn’t keep the Debt Ceiling in mind when passing a Budget or appropriations. It’s a self-imposed limitation passed in 1917 during the First World War as a way to streamline the government by allowing it to spend money whenever it felt it necessary without putting every expenditure to a vote. Senator Coburn (R-OK) blithely stated last week that “We don’t [actually] have a Debt Ceiling” [because we just keep raising it anyway]. That’s not the point. ALL spending originates in the House, and this House is controlled by Republicans. And how many times have I pointed out that Republicans apparently lack the gene that allows them to foresee the consequences of their actions [see: Iraq]? So they pass spending bills and tax cuts without any consideration for how they’ll pay for them (Iraq was to be paid for with “Iraqi oil revenues” and “tax cuts pay for themselves”.) Then when we run out of money, they simply raise the Debt Ceiling. That’s what they did eighteen times under Reagan and six times under GWBush (three under Clinton and now Obama). If the ceiling exists only “in concept” (according to Coburn), then why would the GOP go apoplectic if President Obama were to bypass Congress and simply raise it on his own to avoid certain economic catastrophe inflicted by a select few Teabaggers with a third-grade understanding of economics telling them that sucking a half Trillion dollars out of the economy won’t hurt us? Because then you take away their hostage.

Two weeks ago, I predicted that the Tea Party extremists that think nothing bad will happen if we fail to raise the Debt Ceiling have a secret goal in mind: forcing President Obama to invoke the 14th Amendment to circumvent Congress and avoid default, and therefore provide them with an excuse to begin impeachment hearings in the House against the president in an election year. It’s a win/win for Teanuts with NO incentive to give-in and raise the Debt Ceiling before the deadline. If the deadline passes and the ceiling is not raised, they do irreparable harm to the government and they win. If President Obama invokes the 14th, the House begins impeachment hearings and they win again. The Teanuts have NO incentive to compromise as long as they stay insane. However, it appears the “Tea Party” is about as popular with the public right now as a pimple on a first date, and Moderate Republicans are starting to have second thoughts about being seen as aligned with them. If a clean vote to raise the Debt Ceiling comes to the floor before the ceiling expires, there’s probably not enough Teanuts to prevent the bill from passing and their grand scheme falls apart.

IF however they convince enough Republicans that saying “No” is a “win/win”, they might very well take us to the brink.

Consider for a moment though that if the Debt Ceiling is raised at the last minute once again, it’s future value as a threat drops to nil, and the GOP knows it. Because the next time they do it, the rest of the world will just yawn, knowing it’s just the GOP playing games again, confident in the knowledge that it will eventually be raised at the last second. So we might as well just abolish it. Take it away from Congress so the full faith & credit of the United States can’t be held for ransom once again. (Knowing it’s future value as a hostage drops precipitously after this, only increases the odds there will be no deal by the end of the week. “Impeachment” may be the only thing of value they can extract from this final losing battle.)

If the Debt Ceiling is not raised, we’ll have to raise interest rates to entice other countries into loaning money to a nation that might not pay them back. Every 1-point increase in interest rates would costs us an additional $120-Billion dollars a year. So much for claims of “fiscal responsibility” to justify this charade.

President Obama, screw the GOP. Invoke the 14th Amendment and deny the GOP this hostage now & forever. If you give a child a gun and that child threatens you with it till you exchange it for a cookie, you don’t then turn around and give the gun back. “ObamaCare” passed Congress and it became law on the condition that it not take effect until AFTER the 2012 election (believing the public will so hate it, they’ll elect a Republican to overturn it.) It survived a Constitutional challenge in the Supreme Court AND the 2012 Election, yet less than half of one-half of one-third of the U.S. government (the Teanut minority in the House) is now holding the Debt Ceiling hostage in order to extort everything they lost in the 2012 election out of the other 5/6ths.

It’s time to stop handing this hostage back over to the kidnappers and set it free.
 

Reagan on Raising the Debt Ceiling: 1983/85/87 (1:45)

 



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Posted in Economy, Money, Partisanship, Politics, Predictions, Right-Wing Insanity, Unconstitutional • • Top Of Page

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