In a bold but risky year-end strategy, Democrats are preparing to raise the federal debt ceiling by as much as $1.8 trillion before New Year’s rather than have to face the issue again prior to the 2010 elections.
“We’ve incurred this debt. We have to pay our bills,” House Majority Leader Steny Hoyer told POLITICO Wednesday. And the Maryland Democrat confirmed that the anticipated increase could be as high as $1.8 trillion — nearly twice what had been assumed in last spring’s budget resolution for the 2010 fiscal year.
The leadership is betting that it’s better for the party to take its lumps now rather than risk further votes over the coming year. But the enormity of the number could create its own dynamic, much as another debt ceiling fight in 1985 gave rise to the Gramm-Rudman deficit reduction act mandating across-the-board spending cuts nearly 25 years ago.
Hmmm, maybe it really does make a difference that these people generally have no private sector experience.
They keep pushing off the tax increases into the future, making their chances for re-election that much more difficult. Bill C. was smart enough to push the tax increase in his first year, after working harder on it than anything in his life. Fast Eddie in PA wants to bookend his two terms with a tax increase. Way to go, Ed!
ReplyDeleteLazy Libertarian