Seemingly right after the “sequester” spending caps were scrapped in the end-of-year budget agreement, we have the House passing a “clean” debt ceiling increase – rather than one with spending reductions to offset the additional debt.
Let’s be clear about how significant this is… In 2011 the first big fight over the debt ceiling led to the Budget Control act, and the aforementioned spending caps. This was not ideal in light of the rapid increase in federal spending we saw in 2009-10 (and the general rise during the preceding decade). However, it was the only tangible example of spending restraint America had seen in over a decade!
Now, this current Congress has effectively gotten rid of those spending cuts, and now raised the debt ceiling without any real attempt at attaching budget reductions, in a span of under three months.
Yes, it’s hard dealing with a party who has majority control and remains obstinate toward any fiscal discipline (outside of some defense savings). Which means it’s probably a good idea to value whatever spending cuts you get out of them, rather than throw them away.
NTU’s Vice President Brandon Arnold explained in The Hill last week how to proceed with a debt ceiling deal that included savings, citing U.S. PIRG and NTU’s latest joint report with $500 billion in bipartisan cut options.
Working for fiscal responsibility is no doubt difficult, but it’s best for the country.
The easy option of throwing America’s current and future taxpayers to the debt dogs is a temporary Washington solution, or more accurately, a passing of the problem on to someone else.
Unless Senator Obama from 2006 shows up, it looks like tonight’s vote means the debt ceiling is going up with little resistance once again – and right after that same Congress undermined the last victory for taxpayers on this issue.
“The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the U.S. Government can't pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies.”