On Debt Crisis: Obama must begin talks with Boehner & Reid NOW!

The Chairman of the Democrat Party, Debbie Wasserman Schulcz, recently admitted that her party  --  and that includes Barack Obama  --  now owns the economy.  If the economy shoots up during Election Year 2012, her party will gain.  If the economy remains the same, Obama will be swept from office along with Democrat-majority control of the Senate.
Today, the only Republican members on the six-man debt ceiling commission headed by the vice president  --  House Majority Leader Eric Cantor and Senate Republican Whip Jon Kyl  --  quit the talks.  They both maintain that as long as tax increases, proposed by the Democrats, are on the table, the talks will go nowhere.  The Speaker of the House of Representatives, John Boehner, agrees with them.  The American people agree with them.  Indeed, some 65% of Americans, if not more, do not want to see the debt ceiling raised at all.
The debt ceiling  --  $14.294 trillion, which was raised just last year  --  was reached in late May, but the Treasury Department has been using "extraordinary measures" to avoid default by the United States of America.  However, Treasury Secretary Timothy Geithner says that August 2nd is the projected "drop dead" date, at which time the debt ceiling must be raised by Congress.  Yet the president has been fiddling while Rome has been burning, so to speak.
Obama must immediately begin talks with the only two individuals who matter in this crisis:  the Republican Speaker of the House of Representatives, John Boehner, and the Democrat Senate Majority Leader, Harry Reid.  After increasing the national debt by a whopping $3.661 trillion during the little more than two years that he has been in office, the debt ceiling crisis is now Obama's debt ceiling crisis.  Indeed, Obama has increased the national debt by an incredible 34% in two years.

As an influential Republican in the U.S. House of Representatives continues to say:  "Obama is the one who is coming to Congress to ask for an increase in the debt ceiling.  Obama is the one in need.  He will have to pay the price."

At a minimum, the Democrats must agree to passing a Balanced Budget Amendment, something some 48 states already have and whose legislatures abide by, by law.  This time, the Republicans cannot just trust the Democrats on promises of future cuts in government.  President George H.W. Bush trusted the Democrats to cut $2 of government for every $1 tax increase to which he agreed.  Because the Democrats did not keep their promises and Bush allowed the huge tax increase to go through, he was not reelected in 1992.

As recently as the spring of this year, the Democrats again broke their promises to the Republicans.  During the debate over the continuing resolution for Fiscal Year 2011, the Democrats did not even want to cut $100 billion from the current fiscal year budget which the Republicans had made as a campaign promise.  They agreed to about half of that amount.  But yet, because of deceitful accounting, the actual cuts in the FY2011 continuing resolution ended up to be a miniscule $352 million.

President Ronald Reagan said that we need to trust but verify when dealing with the Soviet Union.  Louisiana Governor Bobby Jindal, during the off-shore oil crisis in 2009, said he told President Obama "for us, it's trust but verify. You know, it’s that old saying that we’ve heard promises, we want to see that happen on the ground."  Likewise, Speaker of the House John Boehner needs the same attitude going into final negotiations with Democrats Obama and Reid.

A good place to begin would be to have iron-clad agreements over adopting the provisions in the increasingly popular "Cut, Cap, and Balance" legislation.   One of the congressional leaders behind this legislation, Congressman Jim Jordan, the Chairman of the Republican Study Committee, said about this legislation yesterday:  “The politicians need to catch up with the people on this one.  Substantial cuts now, caps on spending, and a Balanced Budget Amendment to the Constitution all have widespread public support.  Cut, Cap, and Balance isn’t just popular; it’s what we need to save our country from the coming debt crisis.”

Mr. President, the time to act is right now!

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