Tweet
Obama, and the water-carrying media, are of course harping on about the "unprecedented" act of using an increase in the debt ceiling as leverage.
Even the Washington Post gave that one four Pinocchios.
In today's WSJ, there is an excellent article detailing this further. Read the whole thing, but the money shot is really right here:
So, the Democrats, most particularly Obama and as usual Harry Reid, along with their water-carrying media, are desperately trying to re-write history. Well, go tell it on the mountain, because they're spouting BS that is thoroughly de-bunked. This has been the Democrats' club far more than it has been a Republican one.
Furthermore, this howling about "default" is just abject BS, too. There is no threat of "default" even if the debt ceiling is not increased. As the WaPo article noted, somewhat unintentionally, we already know what happens when the debt ceiling is reached and the time limit passes: the Treasury stops selling bonds. That's it. It does not in any way mean that we will not pay our debts. It does not mean that we will not pay Social Security or soldiers or that our currency will suddenly become worthless or anything else even remotely like that. It means that we can't legally borrow any more money. That's all. It's a self-limit against the federal government going out and getting yet another credit card. And it would be a damn good thing if we actually heeded that for a change. Otherwise, some day, people really are going to just stop lending us money whether we like it or not, and then we really will be in deep shit if something comes up and we have to borrow money
"You have never seen in the history of the United States ... the threat of not raising the debt ceiling being used to extort a president or a governing party, and trying to force issues that have nothing to do with the budget and have nothing to do with the debt."
~Barack Obama, September 18, 2013
~Barack Obama, September 18, 2013
Even the Washington Post gave that one four Pinocchios.
In today's WSJ, there is an excellent article detailing this further. Read the whole thing, but the money shot is really right here:
According to the Congressional Research Service, Congress voted 53 times from 1978 to 2013 to change the debt ceiling. The debt ceiling has increased to about $16 trillion from $752 billion. Of these 53 votes, 29 occurred in a Congress run by Democrats, 17 in a split Congress, and seven in a Republican-controlled Congress.
[....]
In 1979, a Democratic Congress increased the debt limit but required Congress and the president to present balanced budgets for fiscal years 1981 and 1982. In 1980 the debt limit, again increased by a Democratic Congress, included repeal of an oil-import fee. In 1985, the debt limit that was raised by a divided Congress included a cigarette tax and a provision requiring Congress to pursue an alternative minimum corporate tax in the next year.
Most recently, a divided Congress that passed the 2011 debt-limit increase included the Budget Control Act which aimed to reduce the deficit by $2.4 trillion over 10 years and included the automatic budget sequester that kicked in on Jan. 1.
As the finger pointing begins, it is important to keep this history in mind. All told, congressional Democrats have been responsible for 60% of the "dirty" increases when the debt limit was raised alongside other legislative items. Republicans were responsible for 15%. The remaining 25% occurred during divided Congresses.
Of the Democratic dirties, six occurred when Democrats also controlled the White House, and 10 occurred when a Republican controlled the White House. For Republicans, all four occurred while a Democrat held the presidency.
[....]
In 1979, a Democratic Congress increased the debt limit but required Congress and the president to present balanced budgets for fiscal years 1981 and 1982. In 1980 the debt limit, again increased by a Democratic Congress, included repeal of an oil-import fee. In 1985, the debt limit that was raised by a divided Congress included a cigarette tax and a provision requiring Congress to pursue an alternative minimum corporate tax in the next year.
Most recently, a divided Congress that passed the 2011 debt-limit increase included the Budget Control Act which aimed to reduce the deficit by $2.4 trillion over 10 years and included the automatic budget sequester that kicked in on Jan. 1.
As the finger pointing begins, it is important to keep this history in mind. All told, congressional Democrats have been responsible for 60% of the "dirty" increases when the debt limit was raised alongside other legislative items. Republicans were responsible for 15%. The remaining 25% occurred during divided Congresses.
Of the Democratic dirties, six occurred when Democrats also controlled the White House, and 10 occurred when a Republican controlled the White House. For Republicans, all four occurred while a Democrat held the presidency.
So, the Democrats, most particularly Obama and as usual Harry Reid, along with their water-carrying media, are desperately trying to re-write history. Well, go tell it on the mountain, because they're spouting BS that is thoroughly de-bunked. This has been the Democrats' club far more than it has been a Republican one.
Furthermore, this howling about "default" is just abject BS, too. There is no threat of "default" even if the debt ceiling is not increased. As the WaPo article noted, somewhat unintentionally, we already know what happens when the debt ceiling is reached and the time limit passes: the Treasury stops selling bonds. That's it. It does not in any way mean that we will not pay our debts. It does not mean that we will not pay Social Security or soldiers or that our currency will suddenly become worthless or anything else even remotely like that. It means that we can't legally borrow any more money. That's all. It's a self-limit against the federal government going out and getting yet another credit card. And it would be a damn good thing if we actually heeded that for a change. Otherwise, some day, people really are going to just stop lending us money whether we like it or not, and then we really will be in deep shit if something comes up and we have to borrow money
Comment