Seen it before? Yep.
1987. When R. Reagan referencing The Balanced Budget and Emergency Deficit Control Reaffirmation Act of 1987 stated:
" The first provision extends the Federal Government's authority to borrow funds. This is an action that we just take to prevent the Government from defaulting on its obligations, and I have no objection whatsoever to doing so. In short, this extension of the debt limit is necessary and unavoidable. "
" But the second provision is one to which it is my duty as President to voice the strongest possible objection. For this second provision involves a so-called fix of the Gramm-Rudman-Hollings deficit reduction law — a fix that doesn't fix things in the right way. "
Reagan objected to the legislation because it would have required an estimated $23 billion in Automatic Spending Cuts in the 1988 budget, if Congress and the president failed to reduce the deficit.
Finally...
On Nov. 20, 1987, Reagan and Democratic leaders announced a deal in which the GOP president dropped his demand for no tax increases in exchange for smaller military cuts. The New York Times reported that the deal included $9 billion in tax increases, $9.6 billion in one-time fee increases, and $11.6 billion in spending cuts — including $5 billion in military spending cuts. Reagan signed a final version of the budget on Dec. 23, 1987.
@michellemalkin Michelle Malkin What now? RT @foxnewsradio: MAC @ White House says Pres Obama to make a statement at 1:30pm (EDT) from the briefing room