The Republicans Are the Adults
The debt ceiling circus in Washington is not going to lead to any meaningful outcome.
While the president is attempting to act like an adult, he and his Democrat stooges in Congress are acting like adolescents. They have offered nothing except tax increases and no concrete spending cuts. The United States does not have a revenue problem; the problem is spending.
Mr. Obama, abetted by his cronies in Congress, has increased the national debt by at least $3 trillion. Obama even touted the extension of the Bush tax rates this past December; seven months later he wants to raise them. The Republicans appear to be the only adults. They know that raising taxes will not stimulate private sector growth. Only lower permanent taxes and reduced federal regulation will stimulate economic growth.
While I do not believe the debt ceiling should be raised, it probably needs to be raised modestly as a compromise. Here is my proposal. The House Republicans should pass a bill that grants a $500 billion debt ceiling increase with the following provisions:
The federal debt interest would be fully funded.
All federal government civilian employees’ pay and benefits would be rolled back to 2007 levels, including the executive and Congress.
Social Security, Medicare and Medicaid would be fully funded.
Federal department and agency spending (except for defense) would revert to 2007 levels.
No tax increases. In fact, permanently lower tax rates to those proposed by the president’s Debt Commission and the corporate taxes to 25 percent or lower.
Let the Senate Democrats and the president do what they want. If they reject the proposal, it will be at their political peril.
Peyton E. Cook
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