Apparently, what the GOP meant by temporarily raising the debt limit was “suspending” it altogether. This will give everybody a taste of what it’s like not to have a debt ceiling at all. Writing for Brietbart, Mike Flynn wrote that suspending the debt ceiling would effectively be giving the government a blank check until May:
“With [the debt ceiling in place], the government had more flexibility to manage its affairs while preserving the Constitutional principle that Congress controlled the purse strings. “Suspending” the debt ceiling until May upends this principle. Upon enactment, the government’s borrowing authority would be unlimited until May. Presumably, the government could borrow trillions in this window, providing either the markets or the Fed would meet the new supply of debt.”
So, now the GOP doesn’t seem too concerned about the whole debt limit thing. Who needs a cap on borrowing money anyway?
Isn’t it ironic that just 7 years ago, then-Senator Obama spoke out so harshly against raising the debt limit? In March of 2006, he stated on the Senate floor:
“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.”
I know he was only playing politics because Bush was president. But why aren’t the GOP playing politics in the same way? Obama’s president, so they should at least pretend like they care.
Not surprisingly, the White House said that it would “not stand in the way” of the GOP’s legislation to suspend the debt ceiling. Democrats wanted a longer suspension, but at least the Republicans are moving in the direction that the Obama administration wants them to, so they’re happy for now.
The debt limit is somewhat like our Constitution in that it was designed to restrain the government. And like the Constitution, the debt limit has been flouted and treated like a nuisance in Washington. Wouldn’t it just be easier to get rid of the ceiling altogether in the same way that it would be better if we just scrapped the entire Constitution? They’re too restrictive on government. The debt limit and the Constitution are things that are holding Obama back from being able to lead us into the economic “promised land” that he campaigned on.