Filed under: Capitalism, Democrat Corruption, Domestic Policy, Economy, Election 2014, Health Care, Liberalism, Politics, Progressivism | Tags: Barack Obama, Irresponsible, Talking the Market Down
Many are beginning to notice that President Obama is overreaching in the current standoff over raising the debt limit. The heavy-handed effort to make the public suffer by boosting the levels of inconvenience have gone beyond inconvenience. He has tried to scare senior citizens by suggesting that they may not get their Social Security checks — a usual approach for Democrats but entirely uncalled for. Social Security is considered am essential service.
Obama keeps asserting that the debt limit has never been used “to extort a president or a government party.” Treasury Secretary Jack Lew is trying to sell the same yarn, saying “until very recently, Congress typically raised the debt ceiling on a routine basis…the threat of default was not a bargaining chip in the negotiations.”
“That is simply untrue,” said Kevin Hassett, director of economic policy at the American Enterprise Institute.
The Obama administration’s campaign to make the debt limit appear non-negotiable might reflect concern that Republican congressional strategy might actually work. Six out of 10 Americans say “it is right to require spending cuts when the debt ceiling is raised, even if it risks default,” according to a Sept. 26 Bloomberg poll. (Only 28% say “the debt ceiling should be raised when necessary, with no conditions.”)
One thing is certain: The debt limit has been a powerful negotiating tool in the last several decades. It has enabled the passage of important additional legislation.
According to the Congressional Research Service, Congress has voted 53 times from 1978 to 2013 to change the debt ceiling. The debt ceiling has increased from $742 billion to today’s $16 trillion.
[T]he debt limit has provided significant leverage to the minority party and has been a check on the power of the presidency.
Republicans today are playing a role that has been played many times. While the debt-limit kabuki inevitably roils markets as deadlines approach, the alternative absence of fiscal discipline would make government insolvency more probable in the fullness of time. …
Trying to separate ObamaCare from the debt limit, President Obama has asserted that his health law has “nothing to do with the budget.” His argument is eagerly echoed by an at-best ignorant media. The Affordable Care Act was passed under “reconciliation”—a legislative process that is used only for budget measures and which limits congressional debate.
The notion that legislation passed as part of a budget might be reconsidered as part of subsequent budget legislation should be uncontroversial. Perhaps that is why the administration has staked so much on its misrepresentation of history.
President Obama’s “overreach” has included trying to talk the market down. Why is the nation’s chief executive talking down the growth engine of the U.S economy? On Tuesday, the day the shutdown went into effect, the stock market rallied with the S&P index rising 0.8% and the NASDAQ rising 1.2%. So Obama went to work trying to kickstart a selloff. If he can scare the markets enough…
This is the most irresponsible behavior I have ever heard of from any president. Has there ever been a president who so misconstrued his role?
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