DUH! To raise, or NOT the debt ceiling tonight

The Republican-controlled House of Representatives will vote around 6 tonight to raise  --  or NOT  --  the debt ceiling by over 2 trillion dollars to a gargantuan $16 trillion of federal debt.  For Republicans, it is a DUH! moment.  It is a no-brainer vote.  A whopping 70% of Republicans in America do not want the debt ceiling raised under any condition.

Some 8% of Republicans join a majority of Democrat voters in wanting the debt ceiling raised as Barack Obama wants.  Eliminating the undecided vote, a huge majority of Americans (47% to 19%) do not want the debt ceiling raised.   

The president and his Treasury Secretary, Tim Geithner, have been threatening Congress and the American people with "the sky is falling" alarms and predictions of doom and gloom if Congress does not raise the legal limit on federal debt by $2 trillion which is a 14% increase from the current debt limit of $14.3 trillion.  Incidentally, the $2 trillion increase is the amount which will get Obama past the 2012 election so he does not have to go through another battle before his reelection campaign.   

Obama and Geithner have demanded that Congress pass a debt-ceiling bill without any preconditions, whatsoever.  They only want a "clean" debt ceiling vote.  And that is exactly what the Republican leadership in the United States House of Representatives will give them tonight on the House floor.   

The Republicans want a balanced budget constitutional amendment and caps on spending in 2012 and 2013, among other things, as conditions before they vote for an increase in the federal debt ceiling.    The Chairman of the House of Representatives' Republican Study Committee, Congressman Jim Jordan from Ohio, has some remarks about this vote in the press release right below:  

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Jordan: Reject Blank Check Debt Limit Increase

"Cut, Cap, and Balance” Is the Only Plan on the Table that Will Fend off the Coming Debt Crisis

Washington, DC – The House is expected to vote today on a bill to raise federal government’s legal debt limit by $2.4 trillion.  Republican Study Committee Chairman Rep. Jim Jordan released the following statement rejecting this blank check approach and calling for the adoption of the RSC’s “Cut, Cap, and Balance” plan.

“The blank check debt limit increase supported by President Obama and his fellow Democrats would send our great country into an economic death spiral.  We cannot continue down this same reckless path of borrowing and spending like there is no tomorrow.  I urge all House members to reject this bill and support the RSC plan to cut next year’s deficit in half, cap spending in line with average revenues, and send a strong Balanced Budget Amendment to the states for ratification.  ‘Cut, Cap and Balance’ is the only plan on the table that will fend off the coming debt crisis and restore America’s leadership role in the world.  The world is a safer place when America leads, but you cannot lead the world when you’re going broke.”

NOTE: The RSC’s “Cut, Cap, and Balance” solution to the debt limit impasse would require enactment of the following three conditions.

  • Cut – Spending reductions of about $380 billion that would cut Washington’s $1.4 trillion deficit in half next year.
  • Cap – Statutory spending caps that align spending with average revenues by ratcheting total spending down to 18% of GDP.
  • Balance – House and Senate passage of a Balanced Budget Amendment to the Constitution that includes a spending cap at 18% of GDP and a high hurdle for tax increases.

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