Filed under: Politics, Domestic Policy, Economy, Health Care, Liberalism, Democrat Corruption, Progressivism, Capitalism, Election 2014 | 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?
Filed under: Capitalism, Democrat Corruption, Economy, Liberalism, Politics | Tags: Irresponsible, The 2012 Budget, Unserious
Recent polls indicate that American voters disapprove of the job President Obama is doing, and they don’t like the way he handling the economy, the budget deficit, health care, foreign policy and energy policy. According to Quinniapiac, 60 percent of Americans disapprove of his performance on the economy. The Real Clear Politics average shows that 63% of Americans believe the country is on “the wrong track”, a staggering 34% higher than those that believe the country is heading in” the right direction.”
Yesterday, at a town hall meeting at Fairless Hills, PA, Obama introduced a new theme. He is going to help the economy to grow, reduce our dependence on oil, double clean energy, and he’s not going to allow the usual Washington politics to stand in the way of America’s progress (by which he means his policy goals). He is arguing that those who disagree with his policies are engaged in politics.
He dropped by the Lincoln Memorial Saturday to tell the tourists that the reason they were able to enjoy the memorial instead of it being shut down was because Congress had done the hard work of coming to an agreement. How do they shut down the Lincoln Memorial? Do they put up big sheets of plywood? Are there doors that I never saw? I suppose they would have shut down the cherry blossoms around the tidal basin too.
Presidential adviser David Plouffe appeared on several Sunday shows, and said that the president would lay out a broad plan to reduce the nation’s soaring deficit and debt this week, going further than he has before to scale back costly entitlement programs such as Medicare and other social programs,
In a proposal that will also include calls for hiking taxes on the rich, Obama will make clear he “believes we need significant deficit reduction in the coming years. The president’s deficit reduction plan would include cuts to government health insurance and a discussion over reforming Social Security, as well as eliminating Bush-era tax cuts for people making over $250,000. “We can’t take a machete, we have to take a scalpel, and we’re going to have to cut, we’re going to have to look carefully.You’re going to have to look at Medicare and Medicaid and see what kind of savings you can get.”
Eric Cantor, House majority leader said: “I sit here and I listen to David Plouffe talk about their commitment to cut spending, and knowing full well that for the last two months, we’ve had to bring this president kicking and screaming to the table to cut spending.”
Jeff Sessions (R-AL), who is the Ranking Member of the Senate Budget Committee summed it up:
The President recently submitted a budget to Congress that was the most irresponsible spending plan any President has ever put forward. Today’s announcement that the President will deliver an address this week on deficit reduction is an apparent recognition that the budget plan he submitted to Congress, as required by law, fails to address our dire fiscal challenges. However, it will not be sufficient for the President to simply make a speech. Instead, he must fulfill his duty as president and submit a new budget plan to Congress specifically setting forth the changes he wishes to make to his previous proposal, including both mandatory and discretionary savings. The President’s vision, whatever it is, must be presented in a detailed, concrete form. CBO must be able to score it and I and the Budget Committees in the House and Senate must be able to scrutinize it. I am uneasy that this announcement has been made not by a substantive policy official such as his budget director or Treasury Secretary but by the President’s top political advisor.
By law, three bodies in Washington must present a budget: the House, the Senate, and the White House.
That’s where it stands.