Boehner’s Debt Limit Ransom Demands: Cut ‘Trillions’ Right Now
May 10, 2011
(ChattahBox Political News)—The House Republicans are headed over a cliff, and they are about to take our country with them. As the political battle over the upcoming vote to raise our nation’s debt limit comes to a head, House Speaker John Boehner (R-OH) announced his hostage demands last night before a pinstriped Wall Street crowd at the Economic Club of New York. Boehner is demanding “trillions” in immediate budget cuts as the price for increasing the debt limit. If the White House and Democrats call his bluff, then Boehner must decide if he really has the stomach for taking our country into a catastrophic default, destroying the full faith and credit of the United States.
With a demand for “trillions” in cuts to current spending, with tax increases and defense spending [Boehner called for a “fundamental review” of defense sending] off the table, Boehner has his sights firmly set on gutting entitlement programs, including Social Security and Medicare. When Boehner asserts that “everything is on the table,” what he really means is everything, except increasing the revenue side. This is of course, madness. With our economy struggling to recover from a Great Recession caused by failed Republican policies, Boehner is proposing to further decimate our frail economy by a dramatic decrease in federal spending, while gutting the social safety net to pay for billions in tax giveaways to the ultra-rich.
The New York Times reports:
“Mr. Boehner said the reductions should be “actual cuts and program reforms, not broad deficit or debt targets that punt the tough questions to the future. And with the exception of tax hikes — which will destroy jobs — everything is on the table.”’
“Acknowledging that many in the financial world are uneasy about the prospect that the government might not be able to make good on its financial obligations, Mr. Boehner said it would be more damaging to the nation if Congress granted the administration’s request without taking steps to curb deficit spending and bring down the federal debt.”
‘“It would send a signal to investors and entrepreneurs everywhere that America still is not serious about dealing with our spending addiction,” Mr. Boehner said. “It would erode confidence in our economy and reduce the certainty for small businesses. And frankly I think it would kill even more American jobs.”’
Boehner is demanding that the cuts exceed the amount of the debt limit increase. Based on last year’s hike of about $2 trillion, Boehner is eying that amount in cuts.
What would happen to Medicare? Don’t worry. Boehner assures us he intends “to preserve Medicare,” much in the same way the Ryan budget “saved” it by privatizing it and transforming it into a voucher program.
In Boehner’s alternate reality, the American people wake up every day terrified over the federal deficit. Besides a few loud voices from radical tea party members screeching about the deficit, the majority of Americans are more worried about jobs and the sour economy. And most Americans support tax hikes on the rich to balance the budget.
Boehner went on to fearmonger that the “mere threat of tax hikes causes uncertainty for job creators — uncertainty that results in less risk-taking and fewer jobs.”
Really? Because during the eight years of the Bush administration’s tax cutting policies, less jobs were created than during the first year of the Obama administration.
Hey Boehner, “Where are the jobs?”
Photo Source: Wikimedia/Keith Allison/John Boehner, AT&T National golf tournament, July 2009/Creative Commons Attribution.