By Robert Romano
Don’t play politics with the debt ceiling. That’s what the so-called experts have said. Just give the Obama Administration a clean vote increasing the $14.294 trillion borrowing limit. “I don’t see why anybody’s playing chicken with the debt ceiling,” chairman of the U.S. Council of Economic Advisers Austan Goolsbee commented on ABC’s “This Week” program in January.
He warned that failing to pass the debt ceiling would cause the “first default in history caused purely by insanity.” Well, Obama got what he asked for, a “clean” vote on a $2.4 trillion increase in the debt ceiling.
And it was crushed. There was hardly any support at all, with only 97 voting yes. 318 representative stood firm against the “clean” approach to giving Barack Obama yet more borrowing authority.
We didn’t default either, with all due respect to Mr. Goolsbee. The sky did not fall, and the world did not end, even with the overwhelming verdict by the House.
Instead, it appears that House members do not wish to speed along the process of bankrupting future generations with a mountain of debt that cannot possibly be repaid. The votes simply are not there. Members want a clear plan to deal with the debt, an alternative to growing the debt to over $26 trillion by 2021 under the Obama plan.
“We couldn't pass it even if we wanted to,” House Budget Committee Chairman Paul Ryan said of a “clean” debt ceiling increase to Fox News. “You've got to cut spending.”
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