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  • Shame on the Politically Motivated McConnell Plan to Hike Borrowing With No Spending Cuts

    The McConnell Plan to hike the debt limit has only one thought behind it — fade the political heat.  The Plan purportedly makes the Democratic President bear the political burden for increases in the debt limit to the benefit of Republicans, but the Plan does nothing for the good of the country.

    The McConnell Plan, if enacted, would immediately raise the amount of money the government can borrow by $100 billion above the current debt ceiling of $14.294 trillion.  The McConnell Plan would then allow the President to make this year and in the coming year a total of three requests for further increases of $700 billion, then $700 billion more, and finally $900 billion more.  Each of those presidential requests would take effect automatically, unless a law is enacted to reject the presidential request.  Because President Obama is highly likely to retain the support of at least one-third of one House of Congress (the number of votes it takes to sustain a presidential veto of legislation), the real effect of the McConnell Plan is to raise the debt limit by more than $2 trillion.

    The McConnell Plan would put America deeper into debt and achieves nothing toward the vitally important objective of getting federal overspending and overborrowing under control.  All the McConnell Plan requires the President to do is submit a list of suggested spending cuts that exceeds the dollar amount of the requested hikes in the debt ceiling.  The McConnell Plan does not give those spending cut ideas or any alternative ideas any legal effect or even specify an accelerated procedure for congressional consideration of such ideas — the McConnell Plan just requires the President to submit a piece of paper.

    If the outcome of the current presidential-congressional negotiations over how to get spending under control is the McConnell Plan of just letting the President have the freedom to go on borrowing another $2 trillion, then Senator McConnell and every congressional Republican who votes for it will bear as much political responsibility for this action as President Obama and the Democrats.

    Senator Jim DeMint was right to describe the McConnell Plan to the newspaper The Hill as “like leaving the jail door open and looking the other way, then saying it’s not our fault.”  And Representative Jim Jordan was even more succinct with his view on the McConnell Plan on the website Politico.com: “I’d say ‘no way.’”  Conservatives should follow their lead.

    Conservatives in Congress need to focus on what is good for the country.  That starts with a clear understanding that this is the moment to put the country on the path toward getting federal overspending and overborrowing under control.  The guiding principle is simple:  Don’t raise the debt limit, without getting spending under control.  Use the legislation on the debt limit to put America on the path to driving down federal spending and borrowing, while preserving our ability to protect America, and without raising taxes.

    Posted in Economics [slideshow_deploy]

    16 Responses to Shame on the Politically Motivated McConnell Plan to Hike Borrowing With No Spending Cuts

    1. drgmyers says:

      Thought this idea was dead on arrival?

    2. banickis says:

      Are we sure he is a Republican? He actually believes that this country should pay its debts when they come due. What a radical.

      • mike says:

        The real choice is to cut spending so the debt can be paid. Quit trying to reframe the issue. Nobody wants us to default. He's not a radical, he's a pushover.

      • John Grooms says:

        We can pay our debts without borrowing more to do so. The US treasury takes in $200 billion a month. If we priortize the payments and make deep cuts in the rest we will head off the financial armageddon that you all are crying about!

    3. AMA says:

      Aren't you the guy who was part of the administration that created this whole problem?? Wow… what a change of heart…

    4. Chris says:

      Really feel that McConnell plan is a slap in the face to all of us conservatives who worked so hard in 2010 to get out the vote for republicans. His plan may CYA for the politicians but it does not do what the republicans promised us in 2010 and that was to put a stop to Obama's out of control spending. I hope that DeMint will continue to represent the conservatives of our party and fight this tooth and nail!

    5. Freank says:

      The flaw in Sen. McConnell's thinking is it fails to take into account those who value action over inaction.

    6. lee says:

      I am certain McConnell did not realize the blunder of speaking French to this audience. Tranche indeed! I could almost see John Kerry standing there.

      Looks like a duck, quacks like a duck, smells like foie gras – we speak English here Mr. McConnell.

    7. 475Linebaugh says:

      It is almost a believeable idea that McConnell is intentionally throwing himself on Jim DeMint's sword. If this proposal was supposed to make the Republican Party look like it is willing to work with the Democrats and Obama for the purpose of deflecting criticism of them as idealogues, it has not worked and it will not work. It has only weakened the overall Republican position and shown McConnell's true colors all the more vividly.

      Currently reading DeMint's new book, The Great American Awakening, and it is outstanding. I highly recommend it!

    8. Bobbie says:

      As the President KNOWS the will of the people, somebody needs to confront the president and ask him WHAT in his words he is looking to accomplish IN America?

    9. lee says:

      I am certain McConnell did not realize the blunder of speaking French to this audience. Tranche indeed! I could almost see John Kerry standing there.

    10. john says:

      His leadership should seriously be called into question.

    11. Richard says:

      Some one, some where, has to stop this destructive behavior . We're heading for the Abyss and McConnell is greasing the skids …………………………..

    12. Jim says:

      Lets stick to our guns, No new taxes under any circumstances. I saw one of those bald headed cancer kids at the hospital a few days ago. I didn't say anything but I was so angry! I know we're paying for part of his care. I hate cancer kids Jim

    13. Jim says:

      We need to cut spending about 4 dollars for every 1 dollar of tax increases but we will have to raise taxes on somebody. I'm a moderate republican (Rino if you prefer). There are three parts to this budget: Revenue, expenses,and ongoing deficitit/credit. Realistically you can't get rid of the the deficit and reduce the debt without lowering the expenses and raising the revenue. The average person see's this and we're going to turn them off. There is a real chance here to work toward decreasing our debt and being more fiscally responsible but we're going to blow it by being too inflexible. This is pretty simple when you just look objectively at the numbers and leave ideology out of it.

    14. Pingback: Liberals Invoke Reagan to Sell Debt Deal

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