Geee Posted January 16, 2013 Share Posted January 16, 2013 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. Link to comment Share on other sites More sharing options...
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