Bring It On
by Deacon Blues
House Majority Leader Eric Cantor said today that there will be no debt limit increase without major spending cuts or budget process reforms. There you have it: the GOP is willing to turn America into a banana republic if they can't savage Medicare and Medicaid in the next two months in order to give the wealthy and corporations another tax cut.
My response: bring it on. If the GOP wants to show Wall Street that they are willing to topple the entire house of cards unless they can screw Main Street, and get a balanced budget amendment, a two-thirds vote requirement for tax increases, and statutory spending caps, then Democrats should forcefully go on record now as saying "no extortion."
The GOP wants to make Obama own the country's entire outstanding debt, even though only a small portion of that $14 trillion amount is Obama's. What Cantor, Boehner, and Mike Pence don't want you to know is that the House GOP caucus owns the Bush-era debt since 2000. The House GOP willingly went along with two wars on credit, went along with the unpaid-for Bush tax cuts, and went along with the unpaid-for Medicare Part D program. I remember no "line in the sand" effort by the House GOP to stop the Bush TARP either.
Obama should spend the next two weeks telling the country that if the House GOP really wants concrete deficit-reduction measures tied to the debt limit increase, he'll be happy to terminate the Bush-era tax rates now and return them to the Clinton rates. He should tell the country that he eagerly awaits details from Boehner, Cantor, Ryan, and Pence about how they now plan to pay for their debt from 2001-2008, since they were the ones who were for the debt before they were against it.
Lastly, Obama and the Democrats have been handed once again an opportunity to show voters that the GOP intentionally creates a debt crisis to demand spending cuts to pay for tax cuts for the wealthy. If Obama doesn't have the guts to expose the true scam since Reagan's time, then Democrats will continue to find themselves in situations like this one.