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Another game of chicken

Posted: May 17, 2012 - 2:48pm

It’s not often that a senior political figure announces an intention to behave irresponsibly and risk inflicting great harm on the U.S. economy. It’s even rarer that the politician, having already behaved irresponsibly and inflicted harm on the U.S. economy, announces his intention to do so again.

Yet that is the situation in which House Speaker John Boehner, R-Ohio, has placed himself. In a speech Tuesday to the Peter G. Peterson Foundation’s fiscal summit, he vowed to use the next debt-ceiling debate to extract additional spending cuts as the price of lifting the country’s borrowing limit.

“Yes, allowing America to default would be irresponsible,” Mr. Boehner said. “But it would be more irresponsible to raise the debt ceiling without taking dramatic steps to reduce spending and reform the budget process.” Actually, no. It would be more irresponsible to risk - again - the United States’ credit rating.

We share Mr. Boehner’s deep concern about the rising federal debt. We have called for Congress and the president to put the country on a sustainable fiscal path before a crisis ensues. We sympathize with the speaker’s notion that the government won’t act unless forced to do so. “We shouldn’t dread the debt limit,” Mr. Boehner said Tuesday. “We should welcome it. It’s an action-forcing event in a town that has become infamous for inaction.”

There was a point, we confess, when we too hoped that debt-limit brinkmanship might encourage responsible behavior. Then came last summer’s debacle. The country moved closer to the edge of default than anyone had thought imaginable. The U.S. credit rating was downgraded for the first time in history, and the resulting uncertainty and lack of confidence dragged down the economy.

And for what? For no real progress. Yes, the deal that ultimately emerged provided for nearly $1 trillion in cuts over 10 years. But the real hope, to the extent there was any, was in the creation of a congressional supercommittee that was empowered to come up with a broader solution and charged with producing another $1.2 trillion in cuts. The supercommittee super-failed. The debate now revolves around how to defuse the trigger of looming, draconian cuts that had been intended to assure the panel’s success. The action-forcing event did not force the necessary action.

So it is appalling that Mr. Boehner would be willing to repeat this dangerous episode, this time at potentially even greater risk. The Treasury is on target to hit the debt limit by early next year. Mr. Boehner said he will insist on additional spending cuts at least as large as the increase in the ceiling. Speaking to the same gathering, Treasury Secretary Timothy F. Geithner warned that another round of brinkmanship would be irresponsible and expressed hope that Congress will act without “the drama and the pain and the damage they caused the country last July.”

Unfortunately, a second act in the debt ceiling tragedy looks likelier than Mr. Geithner’s vision of adult behavior.

This editorial appreared in Thursday’s Washington Post.

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pdnet15
15836
Points
pdnet15 05/18/12 - 10:26 am
3
3

Who wrote this drivel?

And how come when Senator Obama was against raising the debt ceiling, all the dems agreed, but as Prez, he flipflops his decision, and all the dems agree? No wonder people cannot trust tax and spend liberal demoncraps!

Fair n Balanced
40535
Points
Fair n Balanced 05/18/12 - 11:55 am
3
2

Exactly, eyolf,

and one of those someones is Obama's master.

Fair n Balanced
40535
Points
Fair n Balanced 05/18/12 - 01:28 pm
3
1

Did you spend

more than you made last month, eyolf? If so where did you get it to spend? Can you do that again in the next month or year and the next after? That is what Obama is proposing.

Fair n Balanced
40535
Points
Fair n Balanced 05/18/12 - 02:42 pm
3
1

I can see clearly now,

Communism is such a fair proposition for all. If we'd only join together in your happy world we can be just like the old USSR, where no one ever went without while others prospered.
---
sigh......

dean1961
1043
Points
dean1961 05/18/12 - 05:06 pm
3
1

eyolf

This country has always been the haves and the have-nots. What made it great is everyone had an equal opportunity to strive to be a part of the haves. These days too many expect the government to take care of them and they stopped striving for something better.

Fair n Balanced
40535
Points
Fair n Balanced 05/18/12 - 05:26 pm
3
1

Here's my old axiom,

When someone says "My world is larger; there will be enough for all, so long as we all participate and none get greedy. Yes, it demands that we share resources and manage them wisely, but is that truly such a bad thing?"
it equals " fascism or socialism" .
--------
"Wanna try again?"

The left wing are the ones that " that some don't understand the core principle...diffusion of power...that made the "great experiment" such a success? Why try to destroy it/ "
---------------
"Wanna try again?"

pdnet15
15836
Points
pdnet15 05/18/12 - 05:30 pm
4
2

ey, your world is not bigger,

it is a fantasy. You say as long as we all participate and none get greedy, but there in lies the problem. While you want to blame those at the wealthy end of the spectrum, I blame those at the other end. Not those that are truly poor, but those that go after every benefit and entitlement that they beleive is due to them, be they legally here or not. We as a country cannot continue to coddle those that don't want to "participate" by giving them water-wings to float through life on the government's dime.

OldFarmBoy
36413
Points
OldFarmBoy 05/18/12 - 06:27 pm
3
1

Ey

Just what kind of cash crop do you raise on that so called hobby farm??? The founders?? REALLY so thee next thing you will tell us your ancestors were on the MayFlower.

P.S. Storm Weather tonight.

Fair n Balanced
40535
Points
Fair n Balanced 05/18/12 - 06:55 pm
3
1

If he'd pile some

of the junk in the back of that old Ford PU and tow it to Crow Wing Recycling he'd have a cash crop.

OldFarmBoy
36413
Points
OldFarmBoy 05/19/12 - 06:40 am
1
0

No ey

My wife & I raised our children to be responsible. You have to work for what you want. Nothing is FREE in this world unless I guess your a libby & think should be.

pdnet15
15836
Points
pdnet15 05/19/12 - 10:00 am
3
0

ey, If you want to raise your kids

to always look for a handout, or someone to pay their way, that is up to you. I was raised to better myself , to strive for what was right, to take care of my own; not throw money at every problem and hope it takes root, while knowing that all I was doing was enabling someone to stay in a position of constant help!

Fair n Balanced
40535
Points
Fair n Balanced 05/19/12 - 01:09 pm
3
0

You'd better get going

on that cash crop before the county charges you to clean it up.

Fair n Balanced
40535
Points
Fair n Balanced 05/20/12 - 09:47 am
3
0

Yup every thing should be free

for the people too lazy to work. I hear you ey, just like a stuck record.

Fair n Balanced
40535
Points
Fair n Balanced 05/20/12 - 07:52 pm
3
0

Well I suppose

you can try to run us over and try to steal everything we own to feed yourselves. But then again, the vanguard will probably perish and the rear guard may get to.
If you do try, you might want to be behind a bunch of them.

Fair n Balanced
40535
Points
Fair n Balanced 05/20/12 - 06:24 pm
2
0

I

double clicked

pdnet15
15836
Points
pdnet15 05/20/12 - 10:32 pm
3
0

So ey, you say "give people opportunity"

"How can we show them how to be successful?" But with dems in control, if you are successful, then your party wants to take your success and give it to someone else. Pretty soon everyone will be successful, we will be all one people. Isn't that pretty much what communism is?
I have been hearing the same thing for years, the poor need our help, the sick need our help, the frail need our help. The sad part is that those that need our help is ever increasing, but the money is not. There has to be a limit, a cutoff. People have to learn to pick themselves up and not rely on government to help them through every crisis. And as one dinosaur to another, life will be different in 20 years, as it was 20 years ago, and I feel sorry for America, because as liberals go, they won't be happy until chaos reigns, and at that point, we have just sold our country to someone less lily livered!!!

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