Posted on 07/18/2011 10:09:57 AM PDT by SeekAndFind
With the House poised to vote on a debt-ceiling increase tomorrow, the White House has released a threat to veto the bill if it reaches the President’s desk. This statement was just released by e-mail, emphasis in the original:
The Administration strongly opposes H.R. 2560, the “Cut, Cap and Balance Act of 2011.” Neither setting arbitrary spending levels nor amending the Constitution is necessary to restore fiscal responsibility. Increasing the Federal debt limit, which is needed to avoid a Federal government default on its obligations and a severe blow to the economy, should not be conditioned on taking these actions. Instead of pursuing an empty political statement and unrealistic policy goals, it is necessary to move beyond politics as usual and find bipartisan common ground.
The bill would undercut the Federal Government’s ability to meet its core commitments to seniors, middle-class families and the most vulnerable, while reducing our ability to invest in our future. H. R. 2560 would set unrealistic spending caps that could result in significant cuts to education, research and development, and other programs critical to growing our economy and winning the future. It could also lead to severe cuts in Medicare and Social Security, which are growing to accommodate the retirement of the baby boomers, and put at risk the retirement security for tens of millions of Americans.
Furthermore, H. R. 2560 could require even deeper cuts, since it conditions an increase in the Federal debt limit on Congressional passage of a Balanced Budget Amendment. H. R. 2560 sets out a false and unacceptable choice between the Federal Government defaulting on its obligations now or, alternatively, passing a Balanced Budget Amendment that, in the years ahead, will likely leave the Nation unable to meet its core commitment of ensuring dignity in retirement.
The President has proposed a comprehensive and balanced framework that ensures we live within our means and reduces the deficit by $4 trillion, while supporting economic growth and long-term job creation, protecting critical investments, and meeting the commitments made to provide economic security to Americans no matter their circumstances. H.R. 2560 is inconsistent with this responsible framework to restore fiscal responsibility and is not an appropriate method of reducing the Nation’s deficits and debt. The Administration is committed to working with the Congress on a bipartisan basis to achieve real solutions.
If the President were presented this bill for signature, he would veto it.
A few points seem remarkable here. Is it really Barack Obama’s contention that a balanced budget, now or in the future, threatens the dignity of retirees? What basis does he have for claiming that deficits are a necessary component of retiree dignity? That sounds very much like a demand for eternal deficit spending, with no attempt at any discipline whatsoever.
As far as Obama’s “comprehensive and balanced framework,” CNS News reminds us that the only specific plan Obama has published actually increases deficit spending rather than decrease it:
While the Republican-controlled House of Representatives has voted this year to approve House Budget Chairman Paul Ryan’s (R.-Wis.) proposal–that would put the government on a gradual path to a surplus by 2040–and plans to vote on a balanced budget amendment next week that would cap federal spending at 18 percent of GDP, the only budget proposal President Obama’s has publicly revealed in 2011 would, according to the Congressional Budget Office, increase the deficit by $26 billion this year, $83 billion next year, and $2.7 trillion over the next decade.
Additionally, although annual budget deficits would decline somewhat between 2013 and 2015 under Obama’s proposal, according to the CBO, after that they would start increasing again, going up every year from 2016 to 2021, the last year estimated by the CBO.
In short, the only budget proposal Obama has put forward this year for the public to review and analyze puts the federal government on a path to eventual bankruptcy.
The CBO report from April can be found here. This chart shows that Obama’s projected budget produces bigger deficits by percentage of GDP than anything seen since 1981 — with the exceptions of the Democratic budgets to 2008-11. They’re worse than the baseline we’re on at the moment, and not coincidentally, they make the debt load appreciably worse as a result:
If the CCB bill gets through the House and the Senate, would Obama really veto it? He’d have to defy a Senate controlled by his own party to cancel a debt-limit increase in a situation that his own administration has relentlessly hyped as a fiscal Armageddon. I’d call that a real long shot.
Call his bluff, GOP.
Not balancing the budget threatens the dignity of our children.
At what point will the GOP finally come say it: "do it for the children"? We can't keep loading up this debt onto the backs of out descendents and "kicking the can down the road." At some point this will have to be dealt with. The only question is who will deal with it: us or our children?
Way to piss off the Repubs even more. Maybe they will actually grow a paid and then release something even more anti-obama. This can only get better from here on out!
Yeah, like it would’ve passed the Senate.
Good, let him veto it. Then he will “own” the debt default.
This is history repeating itself, is this a "Let them eat cake moment" or something more akin to the arrogance of the French ruling class before the revolution. Either way, he looks out of touch not by vetoing more spending like George the Elder did, but just the opposite, vetoing because they are not spending enough....
It is a political statement
It is not an empty one
It is being made on behalf of the constituents of the GOP Congress
Go ahead and veto it, Mr Sutoro or whatever your name is
The real political statement comes in Nov 2012
Good! Let the son of a bitch veto it.
That's Taxation without Representation, and it is the stuff of Revolution.
Wow, this seriously undercuts the “message” that he is negotiating! And it’s being reported in the media!
My only conclusion has to be that he feels confident he’ll get what he wants and so this statement makes him look powerful.
Please, please call his bluff!
That would be a first. I still don't trust them.. especially McConnell.
That’s what Republicans expect him to do...then Zero will own this....it will be his...the i, i, i, me, me, me, my, my, my...jerk
The medias do not tell the truth to the American people. They refuse to tell the Republican side or give them air time ... same with the press no publishing the truth. It is covered ... every time, ... the right of the president or whatever.
Father God help us in our day, bind the evil intended against America, and allow not the enemy to succeed in bringing America down. Remove the plans against America and let not evil prevail. Restore America to her former faith, forgive us our ways that did not stand up for Thee LORD, in Jesus name amen.
“I suspect Boehner, Cantor, and McConnell are in close contact and that they are playing this very well.”
That’d be a first! Wish I could believe the same...
Force his hand.
Bill Clinton tried it twice before succumbing to political pressure and he ultimately signed Welfare Reform into law.
Nothing contained in the law was proposed by Clinton but he did co-opt the legislation, taking full credit for the measure.
Whatever.
I say we double down and present the second bill with extremely large cuts to EPA.
Let him veto that one as well and then return with the piesta resistance:
Defunded ObamaCare.....entirely.
“Yeah, like it would’ve passed the Senate.”
Right, so it’s done for PR purposes...
unless the Senate Dems needed something to hide behind: “it would just be vetoed anyway”.
But I don’t think things are going THAT well for us.
I am counting on him vetoing it
The Rancid media is winning it again for Obozo. Latest: 78% believe it’s the Republicans’ fault (per Fox).
if he vetoes it... he is responsible for the default.
Screw ‘em!
Pass it and send it!
Let the coward show us how important he thinks the ceiling is!
So do I.
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