With the fiscal cliff deal signed into law, the nation’s attention now turns to the debt ceiling debate, scheduled to hit in the next two months. As America reaches the debt ceiling yet again – an unbelievable $16.4 trillion debt ceiling needs another increase in order to allow us to borrow more cash to pay our bills – Republicans insist that we finally begin dealing with our spending problem. That, of course, was the purpose of the fiscal cliff deal in the first place: to preserve as many of the Bush tax rates as possible, consider tax rates a finished issue, and move on to spending cuts. As Senate Minority Leader Mitch McConnell (R-KY) said on ABC’s This Week, “The tax issue is finished, over, completed. That’s behind us. Now the question is: what are we going to do about the biggest problem confronting our country and our future? And that’s our spending addiction.”
Not so fast.
The bullies in the Democratic Party have no intention of cutting a single dollar. Instead, they want to tighten their stranglehold on the windpipes of job producers and entrepreneurs. This morning, virtually every Democrat on virtually every Sunday show said the same thing: no cuts, more taxes. So much for the Republican attempt to take the tax discussion off the table.
House Minority Leader Nancy Pelosi led the way, telling CBS’ Face the Nation that the historically enormous tax increases just enshrined in law aren’t enough: “The President had originally said he wanted $1.6 trillion in revenue. He took it down to $1.2 trillion as a compromise in this legislation. We get $620 billion, very significant, high-end tax, changing the high-end tax rate to 39.6 percent, but that is not enough on the revenue side.” Pelosi said that the Obama regime had already made cuts to social programs like Medicare – a position the Obama re-election campaign denied repeatedly. She added that there would be no change to Medicare’s eligibility age, and wouldn’t allow cost of living adjustments to Social Security payments. And she concluded that any link between raising the debt ceiling and cutting spending wouldn’t happen: “I don’t think those two things should be related.” She went so far as to say that she’d unilaterally raise the debt ceiling in violation of the Constitution if she were president.
Read more here.