“Obama demands unlimited credit, more taxes”
In fact, what he wants is for the Executive to have control over the debt ceiling — though he’s willing to give Congress a 2/3 override veto, which is quite generous of a despot. Or, to put it another way, Obama has decided the Constitution has it wrong, that separation of powers hinders the inevitable forward movement of history and progress by throwing out-dated road blocks in the way of the historical dialectic. And, you know, we can’t wait:
“If Congress in any way suggests that they’re going to tie negotiations to debt ceiling votes and take us to the brink of default once again as part of a budget negotiation — which, by the way, we had never done in our history until we did it last year — I will not play that game.”
That was Barack Obama’s reaction, speaking to the Business Roundtable, to calls on Capitol Hill that congressional Republicans tie a vote increasing the $16.394 trillion debt ceiling to making tax relief permanent for all Americans, implementing wide-ranging spending cuts, or any other proposal he disagrees with.
In short, there is no room for compromise for Obama.
Instead, chief among the White House’s demands in the so-called fiscal cliff “negotiations” — besides there being higher income, capital gains, and dividends taxes on the top two brackets, which, of course, are non-negotiable — would be the automatic increase of the national debt ceiling for perpetuity.
In a Dec. 2 interview with NBC’s Meet the Press, U.S. Treasury Secretary Timothy Geithner introduced the idea of eliminating the debt ceiling altogether “to make sure that the country is not left at risk of periodic threats of default.”
Geithner leaves out the part where if the Treasury prioritized payments of principal and interest to our nation’s creditors, and refinanced existing debt up to the limit, there would be no default even if the debt ceiling was never increased again.
But prioritizing is something the department refuses to do, according to a shocking Inspector General’s report released in this past summer: “While Congress enacted these expenditures, it did not prioritize them, nor did it direct the President or the Treasury to pay some expenses and not pay others [should the debt ceiling be reached]. As a result, Treasury officials determined that there is no fair or sensible way to pick and choose among the many bills that come due every day. Furthermore, because Congress has never provided guidance to the contrary, Treasury’s systems are designed to make each payment in the order it comes due.”
The Treasury’s only apparent plan was to postpone payments to everyone in lieu of a resolution. In other words, to hold our creditors hostage and to effectively default until Congress caved in to the White House’s demands to increase the debt limit.
Now, the Obama Administration wants to take away Congress’ power altogether.
On the Treasury’s website, Assistant Secretary for Public Affairs Jenni LeCompte further outlined the proposal, promising it would “remove politics from future debt limit debates.”
What she really means is abrogating Congress’ constitutional Article 1, Section 8 power to borrow money on the credit of the U.S. to the executive, something that was not lost on South Carolina Republican Sen. Lindsey Graham.
Responding to Geithner’s proposal, Graham said, “Suggesting that we never have a say about raising the debt limit again, that it be raised in perpetuity, when it’s a constitutional requirement that Congress only can borrow money, shows to me that [Obama is] trying to create a situation for unlimited power.”
And that is the problem. If Congress were to adopt the Obama-Geithner proposal, removing such an important check on executive power, it would be an outright dissolution of representative government, in effect eroding the Article 4, Section 4 guarantee of a republican form of government.
The debt ceiling was last raised in Aug. 2011 by $2.1 trillion, the largest such increase ever, and the Obama Administration has burnt through all of that in just 16 months. By 2022, the national debt will soar to $26 trillion under the current baseline. By 2042, it could be as large as $100 trillion.
Which is why Obama wants an unlimited credit card. Instead, congressional Republicans should freeze his account and demand permanent tax relief, a balanced budget, and entitlement reform — before it is too late and the debt is too large to be refinanced, let alone repaid.
The bien pensant and the GOP pragmatists — who understand How DC Works — all chortled from their positions of narrative influence when the unnuanced, naive, and dangerous fringe TEA Party Hobbits warned them that we are not dealing with a garden variety Democratic Party opponent here. We are dealing with a Marxist ideologue, one who has been groomed for his role, tutored by erstwhile domestic terrorists, groomed for his putative appeal as a post-racial, post-political pragmatist who would lead like-minded idealists (“we are the ones we’ve been waiting for”), and raised in a cauldron of anti-American, post-colonialist, and socialist theory, much of which has, since the resounding defeat of the New Left’s overt revolution in 1972, been dedicated to taking over the Democrat Party by stealth (as Stanley Kurtz and others have pointed out), working to take control of language, messaging, media, and education, and using the tropes of free market capitalist, deconstructed, to push for “economic patriotism,” “social justice,” and an end to “income inequality”, all in a deliberate effort to destroy the middle class, crash the free market capitalist system, and install atop the ruins a new liberal fascist government that will work hand in hand with transnational progressives to develop a kind of Potemkin sovereignty for individual nation states, with all the real power and control vested in international courts and bureaucracies.
We are witnessing an attempted coup. By our very own President and his Party. Just because this bloodless coup doesn’t come from a man dressed in fatigues wearing a thick mustache and standing on a balcony doesn’t mean it can’t be happening here. It is. And it’s being sold as the only way to end “politicizing” the political, and saving us from the very gridlock that, ironically, is right now the only thing saving us from “fundamental transformation” — with John Boehner and Eric Cantor the last line of defense.
God help us.
Dark days are coming. And when they do, we’ll have choices to make. Much as did those who founded this nation.
Sorry if I’m coming across as hyper-conspiratorial today. But the truth is, had more people listened to my views after Obama was elected than to the views of the GOP cheerleaders and establishment flacks , we’d be much better prepared by now to deal with what is coming. Not because I’m a genius. But rather because I saw who Obama was, and was never willing to pretend otherwise.
The laws of economics can’t be held at bay forever, no matter how much you print, how much you borrow, how much you play with inflationary rates, how much you rely on the dollar remaining the standard currency.
Hoping you can Change that is the bailiwick of the useful idiots and/or greedy, self-interested takers and their thieving political representatives who have allowed us to reach the precipice.