Debt and the 14th Amendment
source: http://www.nationalmemo.com/article/exclusive-former-president-bill-clinton-says-he-would-us...
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- kvb1
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President Bill Clinton spoke recently about the debt, how he handled it and what he thinks Pres. Obama should do. Maybe it is time to change the phasing and put the burden squarely on the RIPublicans by stating that the debt has been incurred by the two unfunded wars and the Medicare benefits that RIPublicans passed.
“The reason that raising the debt limit is so unpopular is that people think you’re voting to keep [increasing] deficit spending, instead of voting to honor obligations that were already incurred,” he said. “I think [the Gingrich Republicans] figured I’d be smart enough to explain to the American people that they were refusing to pay for the expenses they had voted for when Ronald Reagan and George H.W. Bush were president. And that would make ‘em look bad.”
Obama could offer precisely the same explanation in the present circumstances, where most of the current debt can be traced to the profligate military spending and tax cuts of the last Bush administration. Just as the nation’s debt had tripled or quadrupled between 1981 and 1993, in the dozen years of Republican rule before Clinton’s first inauguration, as he points out, so the second Bush administration plunged the budget from surplus to deep deficit before Obama spent one penny on economic stimulus or anything else.
Although Clinton says that if he were in Obama’s place he would raise the debt ceiling without legislation – “if it came to that” -- he believes the crisis will be resolved before August 2. “It looks to me like they’re going to make an agreement, and that’s smart.”
http://www.nationalmemo.com/article/exclusive-former-president-bill-clinton-says...
“The reason that raising the debt limit is so unpopular is that people think you’re voting to keep [increasing] deficit spending, instead of voting to honor obligations that were already incurred,” he said. “I think [the Gingrich Republicans] figured I’d be smart enough to explain to the American people that they were refusing to pay for the expenses they had voted for when Ronald Reagan and George H.W. Bush were president. And that would make ‘em look bad.”
Obama could offer precisely the same explanation in the present circumstances, where most of the current debt can be traced to the profligate military spending and tax cuts of the last Bush administration. Just as the nation’s debt had tripled or quadrupled between 1981 and 1993, in the dozen years of Republican rule before Clinton’s first inauguration, as he points out, so the second Bush administration plunged the budget from surplus to deep deficit before Obama spent one penny on economic stimulus or anything else.
Although Clinton says that if he were in Obama’s place he would raise the debt ceiling without legislation – “if it came to that” -- he believes the crisis will be resolved before August 2. “It looks to me like they’re going to make an agreement, and that’s smart.”
http://www.nationalmemo.com/article/exclusive-former-president-bill-clinton-says...
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- Republican, tea party, Bush Administration, Bill Clinton, 5 more
