House to Vote on Tea Party-Backed Debt Plan

Posted in Uncategorized at 5:22 am by Steve

What many people, Democrats and liberals at the top, don’t seem to understand, is that our debt and spending are unsustainable. It doesn’t matter how admirable or “necessary” a social program may be, if the money is not available to pay for it, it can’t continue.
Our country is headed down a very deep hole. Most people seem oblivious to it.
If we don’t cut spending drastically, we are going to wreck our economy and take the world with us.
It’s time for both Democrats and Republicans to make the tough, unpopular decisions. Cut hard and deep.

WASHINGTON – House Republican leaders are giving the tea party a chance to do things its way in the latest chapter in the saga over increasing the government’s borrowing limit and avoiding a first-ever default.

The chamber will vote Tuesday on a “cut, cap and balance” plan to let the government borrow another $2.4 trillion — but only after big and immediate spending cuts and adoption by Congress of a constitutional amendment requiring a balanced federal budget.

The plan is doomed in the Democratic-controlled Senate, and the White House has promised a veto.

The cut, cap and balance measure — and the veto threat issued Monday — sparked the latest in predictable tit-for-tat exchanges between combatants of Capitol Hill and in the White House, even as it was revealed that President Barack Obama hosted House Speaker John Boehner, R-Ohio, and Majority Leader Eric Cantor, R-Va., at the White House on Sunday.

“We’re making progress,” Obama reported.

But the White House attacked the cut, cap and balance idea as an assault on cherished programs. The measure doesn’t contain any actual spending cuts but promises they will be made in the future.

“What we are witnessing here with this measure is classic Washington posturing, kabuki theater,” said White House press secretary Jay Carney, adding that the measure would “dismantle … our social safety net: Social Security, Medicare and Medicaid.”

Despite the veto threat, House Republicans said they would go ahead with plans to pass the bill Tuesday. “It’s disappointing the White House would reject this commonsense plan to rein in the debt and deficits that are hurting job creation in America,” Boehner said.

After the cut, cap and balance measure stalls, Senate leaders appear likely to try to advance a bipartisan plan to get around the debt limit crisis by giving Obama sweeping powers to order an increase in the borrowing limit. The backup measure faces furious opposition among groups like the Club for Growth and activists like blogger Erick Erickson of Redstate.com, whose opinions carry weight with many conservatives, but it’s nonetheless seen as probably the most viable option for avoiding a default in two weeks.

Barring action by Congress to raise the $14.3 trillion debt ceiling, the Treasury will be unable to pay all the government’s bills that come due beginning Aug. 3. Administration officials, Federal Reserve Chairman Ben Bernanke and others say the resulting default would inflict serious harm on the economy, which is still struggling to recover from the worst recession in decades.

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