Free Markets, Free People

debt ceiling

Democrats Increase Debt Ceiling By $1.9 Trillion

Not a day after the President’s speech telling us how important deficit reduction is, Democrats in the Senate have successfully passed a bill which will raise the debt limit by 1.9 trillion. And it was passed because Senator-elect Scott Brown hasn’t yet been seated and Teddy Kennedy surrogate Paul Kirk, cast the deciding 60th vote.

Senate Democrats needed all the 60 votes at their disposal Thursday to muscle through legislation allowing the government to go $1.9 trillion deeper in debt.

Democratic leaders were able to prevail on the politically volatile 60-39 vote only because Republican Sen.-elect Scott Brown of Massachusetts has yet to be seated. Republicans had insisted on a 60-vote, super-majority threshhold to pass the measure. An earlier test vote succeeded on a 60-40 vote.

The measure would would put the government on track for a national debt of $14.3 trillion — about $45,000 for every American — and it served as a vivid reminder of the United States’ dire fiscal straits.

And that after all the happy talk about the serious need for deficit reduction and how committed the president and, one assumes, his party was to that goal. How serious is he? Remember this?

Now, I know that some in my own party will argue that we can’t address the deficit or freeze government spending when so many are still hurting. And I agree — which is why this freeze won’t take effect until next year when the economy is stronger. That’s how budgeting works. But understand –- understand if we don’t take meaningful steps to rein in our debt, it could damage our markets, increase the cost of borrowing, and jeopardize our recovery -– all of which would have an even worse effect on our job growth and family incomes.

The usual presidential double talk – deficit reduction is important, but I’ve decided it is more important to spend more money this year despite my claim we have to reduce the deficit. I’m sorry but that quote is word salad. We must address the deficit and freeze spending but we can’t address the deficit or freeze spending even though not doing so may “have an even worse effect on our job growth and family incomes?”

Wha?

Oh, that effect won’t be until after next year’s freeze?  Oh, ok – spend away.

Do you see how asinine this explanation is?

And, as expected, that 15 to 25 billion “freeze” is all he mentioned as his attempt to address the deficit – again, not at all the actions of someone serious about deficit or debt reduction. More smoke and mirrors with the final act being a claim he’ll veto any bill that tries to melt that freeze. Meantime he and the Dems are raising the debt ceiling by 1.9 trillion and we’re supposed to ignore that and buy into his piddling deficit reduction scheme which doesn’t even start until next year.

Don’t know about you, but this debt increase sounds like the perfect time to wield that veto pen to me. I mean if he’s actually serious about deficit and debt reduction as he claims.

~McQ

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