President Finally Releases Debt Plan: Deal With It After the Election

President Obama: “The only bottom line that I have is that we have to extend this debt ceiling through the next election, into 2013.”

Debt has soared under the president’s watch:

  • “Since Mr. Obama took office in January 2009, near the end of a long recession, the total federal debt — including debt held by the public and by government trust funds — has increased 35 percent. While debt exploded, the economy was stagnant …” (Robert Pear, “G.O.P. Freshmen Say Debt Concerns Them More Than Re-election,” New York Times, 07/16/11)
  • The national debt was $9.9 trillion at the beginning of the Obama presidency. It is now $14.4 trillion. And President Obama is asking Congress for authority to borrow another $1.4 to $2.4 trillion so deficit spending can continue unabated until the end of fiscal year 2012.” (Charles Parker, “End the red ink, reduce spending,” Florida Today, 07/08/11)

But the only plan we’ve seen:

  • Obama’s last venture into public specificity was his February budget, which proposed accelerating the nation’s descent into debt. It was rejected by the Senate 97-0.” (George F. Will, “Congress stands its ground,” Washington Post, 07/25/11)
  • “While President Obama briefly sought an avenue to political redemption through a grand bargain, the president seems quite content to return to the sidelines on this deal as Boehner and McConnell come to terms with Democratic leaders Nancy Pelosi and Harry Reid over a compromise plan.” (Chris Stirewalt, “Congress Plows Ahead Without Obama on Debt,” Fox News, 07/25/11)
  • “The federal government has a problem. It's hitting a debt ceiling limit passed into law last year by the Democratic Congress, and signed by President Obama. It's doing so because of appropriations passed by that same Democratic Congress, and signed by that same Democratic president. Have the president and Senate Democrats proposed any legislation to deal with this problem? No.” (William Kristol, “Weekly Standard: All Hail The House Republicans,” NPR, 07/25/11)

Is to delay dealing with our alarming debt:

  • “The default deadline is just days away, and frustrated Democrats are rallying around a core demand: They want a debt extension large enough to avoid another painful debate prior to the 2012 election.” (Neil Munro, “Obama focuses on 2013 debt ceiling goal,” Daily Caller, 07/25/11)
  • White House officials want enough money to get to 2013 because that would prevent a pre-election debt ceiling debate.” (Neil Munro, “Obama focuses on 2013 debt ceiling goal,” Daily Caller, 07/25/11)
  • “Republicans see the need for a second debt-limit increase before the 2012 election as a way to keep their leverage and ensure that sweeping spending cuts are enacted. Democrats, including Mr. Obama, want to avoid revisiting this debate until after the election.” (Carol E. Lee & Naftali Bendavid, “Parties Offer Competing Debt Plans,” Wall Street Journal, 07/25/11)