Some House Republicans, like Rep. Michele Bachmann, are opposed to raising our debt limit under any circumstances. Others, including Speaker Boehner, says they will refuse to raise the debt limit unless the White House and Senate accept their proposed painful cuts on the middle-class and the poor. “Not a chance” will the House vote to raise the debt without conditions, says the Speaker.
But all House Republicans are refusing to unconditionally raise the debt limit, even though they just voted for a 2012 budget that adds $1.9 trillion to the national debt.
In other words, after approving a budget that puts an additional $1.9 trillion on the nation’s credit card, House Republicans are threatening to prevent our Treasury Department from paying it off when the payments are due.
In 2002, when the President was a Republican, Rep. Mike Pence defended raising the debt limit because “if you owe debts, you pay debts.” Today, he votes for another $1.9 trillion in debts, then says he won’t pay his debts unless his demands are met for “real and meaningful changes in spending.”
Well, their budget sure has that. The House Republicans have “meaningful” cuts that would take away health care and education from the middle-class, and food and housing from the poor, all of which would. according to the Center on Budget and Policy Priorities, cause “substantial increases in poverty and hardship.”
As the Financial Times’ Martin Wolf explains, it proposes “the almost complete disappearance of most veterans’ programmes, mandatory spending on federal civilian and military retirement, unemployment compensation, earned income and child tax credits, scientific research and much else” leaving our government to be nothing more than “a miserly provider of pensions and health insurance.”
And yet, the House Republican budget still piles on the debt over the next year. Why?
One reason is that not even a right-wing radical plan such as this can prevent the need for additional debt in one year. To propose such deep draconian cuts so rapidly is pure political suicide.
The other reason is because the House Republicans still have the audacity to propose $4.2 trillion in more tax cuts for the wealthy.
So to sum up, the House Republicans have voted to put trillions of tax cuts to the wealthy on the nation’s credit card, and now are threatening to prevent the Treasury Department from making the payments.