Tuesday, July 26, 2011

Debt Ceiling Plan - #3111 - White House Issues Veto Threat to Boehner Plan; Update: Kabuki? - Hot Air (2) House Revolts Against Boehner Plan - Washington Times (3) They Are Serious - Redstate (4) The Absolution I Cannot Give - Redstate

A number of news outlets made much of the fact that President Barack Obama nowhere used the word “veto” in his speech last night. Smart on his part. An ugly word like “veto” would have marred the moderate, reasonable image he sought to project. A president incessantly threatening vetoes isn’t exactly a president seeking a solution and certainly isn’t a president ready and willing to do whatever it takes to avoid the default he himself has hyped up. But, today, the executive office of the president at the Office of Management and Budget released its statement of official policy on the plan House Speaker John Boehner (R-Ohio) released yesterday and brought to the House floor today at 3 p.m.: The Administration strongly opposes House passage of the amendment in the nature of a substitute to S. 627. If S. 627 is presented to the President, the President’s senior advisors would recommend that he veto this bill. Consider the president to have whispered “veto” under his breath last night, after all. The veto threat comes on the heels of Sen. Harry Reid’s comment that Boehner’s compromise plan would be “dead on arrival” in the Senate. (Reid: “Democrats will not vote for it. Democrats will not vote for it. Democrats will not vote for it.”)  The Boehner plan garnered the official endorsement of at least two GOP presidential candidates — former Utah Gov. Jon Huntsman and former Massachusetts Gov. Mitt Romney — but it also attracted a lot of criticism from the more conservative wing of the Republican party because it fails to secure the passage of a balanced budget amendment and because its cuts and caps are not specified.


House Revolts Against Boehner Plan - Washington Times - House Republicans do not have enough support to pass their debt-ceiling increase plan on their own, a top conservative said Tuesday as his party’s leaders tried to cobble together a coalition of Republicans and Democrats to put the bill over the top. “There are not 218 Republicans in support of this plan,” Rep. Jim Jordan, an Ohio Republican who heads the powerful conservative caucus in the House, told reporters Tuesday morning. Mr. Boehner’s bill would reduce future discretionary spending by $1.2 trillion, grant an immediate debt increase of $1 trillion, and set up a committee to work on trillions of dollars in future deficit reduction either through more spending cuts or tax increases, which would then earn another future debt increase. It would also require both the House and Senate to hold votes on a balanced budget amendment to the Constitution.  But conservative Republicans in the House, many allied to the tea party movement, said they don’t just want votes on the amendment, they want an assurance it will be sent to the states. Mr. Jordan and other conservatives said they would prefer the Senate vote on the debt increase the House passed last week, that includes deeper spending cuts and requires both chambers approve a balanced budget amendment and submit it to states for ratification before any debt increase happens.  Read more.....


They are Not Serious - Redstate - The Democrats and Republicans in Washington may be trying to compromise, but they just aren’t that serious. They really aren’t. And now a bunch of House Republicans are going wobbly, backing down from holding the line, and willing to take John Boehner’s plan — a compromise wherein they are compromising only with themselves.  According to Forbes, a ratings downgrade would be worse than a technical default. Unfortunately, sources who have spoken to Standards & Poor tell CNN’s Erin Burnett that John Boehner’s plan — the one Allen West and others are lining up to support — would cause the U.S. to lose its AAA credit rating.  fWhy? No, it has nothing to do with John Boehner embracing the McConnell idea of letting the President raise the debt ceiling without congressional approval and then letting Congress vote to “disapprove”. But it does that too.  No, it’s because the credit reporting agencies have said the U.S. Congress must show real cuts of $4 trillion or more. John Boehner’s plan doesn’t even come close in real dollar terms — excluding accounting gimmicks the credit agencies are not buying. John Boehner’s plan could best be called “Punt, Kick, and Pass.” It punts the problem to another stupid commission, kicks the can down the road, and passes more debt onto future generations.  Read more.......

The Absolution I Cannot Give - Redstate - In the past 48 hours I have had call after call after call from members of the United States Congress. They’ve read what I’ve written. They agree. But they feel the hour is short and the end is nigh.  So some are calling looking for alternatives. Some are calling looking for energy. Many are calling looking for absolution.  And so I address them and put it here so you can see my advice.  I can give no absolution for what you may be about to do. I can offer no alternatives.  For thirty years and seventeen debt commissions we have raised the national debt $13 trillion, seen taxes rise and fall and rise again, uncertainty come and go, and Washington remain unchanged. And now some of you want to seek cover by having yet another commission — but this time it will be different! Sure.  You went to Washington to change Washington. You went to Washington because you said it was broken and you worried about the future for your children and grandchildren.  And now, at the moment of crisis you are worried and second guessing yourself and looking for alternatives, ways out, and most of all a clear conscience. Cut, Cap, and Balance is the only plan that can save our credit rating and our financial integrity. I can offer you nothing else, nor should you waver from fighting for it alone. You should, however tired you may be of hearing me say it, hold the line.  Read more......

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