Raise Taxes Or The President Will Put A Bullet Into Uncle Sam’s Head!

by John Hawkins | July 22, 2011 7:07 pm

What Barack Obama is essentially doing with the debt ceiling crisis is putting a gun up to America’s head and threatening to pull the trigger unless somebody else acts responsibly. That’s bad enough, but then he turns around and acts as if he’s the only adult in the room, when he’s engineering the entire crisis by acting like a child.

While it’s true that if America defaults, it would likely cause us to lose our AAA credit rating, it’s just as true that if we risk our AAA rating if we don’t make serious progress on dealing with the deficit. So, a “clean” raise of the debt ceiling would be a bad idea.

In response, the House Republicans, who originally asked for two trillion in cuts, have actually passed Cut, Cap, and Balance. It’s supported by more than 60% of the American people, it would safeguard our AAA credit rating, it would end the debt ceiling crisis, and it’s an incredibly responsible piece of legislation that would help safeguard America’s financial future. So naturally, the Democrats immediately moved to vote the bill down.

Republicans have offered to pass a short term debt extension to give both parties more time to work on the issue. Obama’s adamantly opposed to that. Meanwhile, the Democrats who run the Senate HAVEN’T EVEN PUT FORTH A BILL TO VOTE ON and their one condition for a deal is that every House Republican break a no new taxes pledge that they’ve signed.

Yet, the President, who’s stumbled and bumbled around, getting in everyone’s way because of his desperation not to lead, is throwing a hissy fit in public and “there’s nothing Republicans will say yes to”[1].

How about 2 trillion in cuts? How about cut, cap, and balance? Are Democrats willing to risk losing our AAA rating because they’re so in love with the idea of raising taxes? Apparently, they are.

PS: If I had to make a prediction about how this turns out, I’d say this would be my best guess.

@JoshuaGreen[2]: predict ceiling raised moments before default w/$1.5-2 tr cuts, no revenue, + stern lecture from Obama

Update #1: John Boehner’s people are sending this around to better get out their side of the story. Usually, I don’t post releases, but this actually gives you a better idea of what they were actually talking about doing.

Folks — The White House is misleading reporters tonight by claiming that new revenue in the framework that was discussed would have been generated by letting the current tax rates expire. That is simply false. Under the framework, a CEILING was offered by the White House that would generate $800 billion in new revenue over ten years. This would be done through comprehensive tax reform that would clear out deductions, credits, and loopholes in the system — and spur economic growth.

After the gang of six plan came out, the White House moved the goal posts and insisted on $400 billion more in higher taxes — a 50% increase in revenue — and wanted that to be the FLOOR instead of the ceiling. The President acknowledged this in his remarks tonight. “Letting tax cuts expire” was never part of the tax reform agreed to.

Summary of the White House ‘walk backs’ during discussions of the ‘framework.’


:· The White House agreed to a revenue total that would set a ceiling of about $800 billion in new revenue over ten years that could be generated through economic growth and efficiencies in our tax system (not tax hikes).

:· After the ‘Gang of Six’ plan was released, and in the wake the reaction from Hill Democrats, they moved the goal posts and insisted on $400 billion more in higher taxes — a 50% increase — and wanted that to the floor instead of the ceiling.

:· At the same time, they struck principles of tax reform that were already agreed to, including

o a protection against tax hikes on small businesses

o and a guarantee that there were would be only 3 tax rates and highest one would be below 35%


:· There was an agreement to change the way government calculates inflation that would significantly extend Social Security’s solvency

:· The White House moved off of a previously agreed to solvency target, suggesting a weaker level with 25% less in savings

  1. “there’s nothing Republicans will say yes to”: http://www.commentarymagazine.com/2011/07/22/the-president-is-actually-trying-to-talk-the-markets-into-a-panic/
  2. @JoshuaGreen: http://twitter.com/#!/JoshuaGreen

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