Don’t Borrow More Without Spending Less

[Geee]

National Review:

With the government’s credit card maxed out once again, President Obama took to the microphones on Monday to insist that the last thing we should do as part of a debt-limit agreement is to . . . cut spending. What the president refuses to acknowledge is that the only reason we’ve reached our spending limit in the first place is because Washington has a spending problem, and that’s why any sensible debt-limit increase must involve cuts to Washington spending.

This doesn’t just make perfect sense; it’s also exactly how past presidents and Congresses have viewed previous debt-limit debates — as a perfect opportunity to reform the habits that are causing the debt. Over the past three decades, in fact, U.S. presidents and lawmakers from both parties have routinely used the debt-limit debate to reform government spending. In 1985, with the debt at $1.8 trillion, Congress passed the Gramm-Rudman-Hollings Act, which found cuts to offset that year’s $200 billion deficit and set yearly deficit targets going forward. Since then, Congress has linked debt-limit increases to spending cuts six more times, including in 2011, when this president agreed to $2.1 trillion in cuts as part of the Budget Control Act.

 

So President Obama may not want to cut spending as part of the upcoming debt-limit debate, but history shows that deficit-reduction measures tied to debt-ceiling increases are about as standard in Washington as the Cherry Blossom Festival. And with the federal debt now at a mind-numbing $16.4 trillion, it’s a debate the president will have whether he wants to or not.

[Valin]

National Review:

With the government’s credit card maxed out once again, President Obama took to the microphones on Monday to insist that the last thing we should do as part of a debt-limit agreement is to . . . cut spending. What the president refuses to acknowledge is that the only reason we’ve reached our spending limit in the first place is because Washington has a spending problem, and that’s why any sensible debt-limit increase must involve cuts to Washington spending.

 

Video: Joe Scarborough Goes Off on Obama's Debt Blame Game

Guy Benson

1/16/13

 

Every so often, MSNBC's Joe Scarborough uncorks an epic, cathartic rant against the object of his network's undying affection. Yesterday was one of those days. Preach it, Joe:

 

 

(Snip)

 

The rest of the crew was mighty quiet as Scarborough laid out the facts. Former Democratic Congressman Harold Ford, Jr. jumped in to note that controlling the debt is a separate issue from increasing the debt limit, contending that raising the debt ceiling merely pays for spending that's already happened. That's not quite true; much of that spending has been authorized, but hasn't gone through yet. Ford's point was that it's irresponsible for Republicans to leverage the (admittedly necessary) debt ceiling hike to force spending restraint. Scarborough was having none of it:

 

(Snip)