Not every issue is a fiscal cliff.
This week we had a real fiscal cliff that needed to be addressed. Without action by Congress, tax rates for millions of middle-class families were set to rise. Tax breaks like the child tax credit, the Earned Income Tax Credit and the tuition tax credit were about to expire. Two million Americans were at risk of losing their unemployment insurance. More than 30 million Americans would have been hit with the Alternative Minimum Tax. And seniors on Medicare were in danger of losing access to their doctors.
But now -- just days after we resolved this crisis -- Republicans on Capitol Hill are setting the stage for another fight, another "cliff" and another chance for more brinksmanship and more hostage-taking.
Over the next couple months, members of Congress will have the responsibility of raising the debt ceiling, setting a budget for the coming year and deciding whether to allow $1.2 trillion in spending cuts to take effect.
This is not a fiscal cliff. This is our job.
Let's start with the debt ceiling. Since 1944, the debt ceiling has been increased 94 times. During President Reagan's two terms, it was raised 18 times.
We raise the debt ceiling for a simple reason: to pay our bills. As President Obama said this week, Congress can't stop paying the tab for things that Congress has already approved. Not only would it be reckless and wrong, it would have devastating consequences for our economy and our people.
Just look at what happened the last time Republicans threatened to default on our debt in the summer of 2011: Our nation's credit rating was downgraded for the first time in history and our economic recovery was nearly derailed as consumer confidence plummeted and businesses slashed investments. A recent study found that the delay in raising the debt limit will end up costing taxpayers $18.9 billion.
Despite that horrific experience, Republicans are now eager to take our economy and the American people to the brink once again. Leading GOP lawmakers are publicly threatening a default that could push our country back into a recession if their demands are not met.
That's not governing, that's extortion.
That is why last Congress I introduced legislation to bring some sanity back to the debates over the debt ceiling. The measure, modeled on language in the Budget Control Act written by Senator McConnell, would set clear timetables for considering a debt limit increase. Congress would still have the chance to approve or disapprove a debt ceiling increase, but under an expedited process that would ensure that we would never again risk defaulting on nation's debt.
Another way that we can avoid these future stand-offs is to prevent any member of Congress or the President from being paid if the Federal Government fails to raise the debt limit, resulting in a default. Senator Casey and I had legislation to do just that, which passed the Senate unanimously in March 2011. It's time to enact the measure and send lawmakers a message: If you don't fulfill your most basic responsibility to the American people, you don't deserve to get paid.
In 1983, President Ronald Reagan warned of the dangers of failing to raise the debt limit. He wrote, "The full consequences of a default -- or even the serious prospect of default -- are impossible to predict and awesome to contemplate. Denigration of the full faith and credit of the United States would have substantial effects on the domestic financial markets and on the value of the dollar in exchange markets. The Nation can ill afford to allow such a result."
President Reagan was right. We couldn't afford to play politics with the debt limit back then -- and we shouldn't now.
We should raise the debt ceiling. We should address the sequester and reduce the deficit in a balanced way that protects the middle class, the poor and seniors. And we should quickly approve a budget that preserves important investments in education, transportation, health care and other priorities that are critical to our country's future.
The American people are tired of these phony, manufactured crises. They want us to end the fighting and the brinksmanship. They want us to sit down, work together and find common ground without resorting to threats and intimidation.
In other words, they expect us to do our jobs.
Follow Sen. Barbara Boxer on Twitter: www.twitter.com/SenatorBoxer
Robert L. Borosage: Budget Bedlam: Light in the Din
Big spending cuts would cripple the economy. Government spending brought the U.S. out of the Great Depression, and it will bring the U.S. out of this recession, if only people are able to hear the truth & act accordingly. Citizens United also needs to be overturned, so that the will of the people can be heard.
YOUR job is to restore some sanity to the Senate: put an end to blatant filibuster abuse, support the filibuster reform.
The reform will not take away real protection for the minority party, it will put an end to the inexcusable, flagrant abuse we have seen from Republicans ever since they were no longer required to physically show up and speak for a filibuster.
Why don't you cast a "yea" vote for filibuster reform? Be a REAL progressive or suffer the consequences of non-action.
Want to guess who said that?
Progressivism as never been reasonable, unless of course you are one of those that will turn over your life to government.
It's the responsibility of congress to stay within its means, that is the real responsibility. Stop incurring debt that makes it necessary to raise the debt ceiling. Stop the PORK spending and use that money to pay off some loans thereby reducing the debt. It is imperative that all members of congress have the mind set that their goal is fiscal responsibility. When the spending exceeds the revenue then you have failed your goal.
Well all of that went out of the window with the Fiscal Cliff. And into the Fiscal Cliff bill went billions and billions of special interest pork and tax breaks courtesy of both political parties.
Likely the same will happen with Debt Ceiling; when it gets resolved on the final day and after the markets have had a series of declines.
-
No we didn't, MA'AM: It was a tossed-off comment by Bernanke which our gutless media conflated as to, yea verily, a Really Important Issue. Now please do your job by calling the GOPhers out as the lunatics they've become!
-----
The 1.2T over ten years in spending cuts is really no cuts at all. Its "Reduction in Growth" of govt.
So, It has been reported that lawmakers promise to "replace those across-the-board cuts (sequesters) with more targeted steps that could take longer to implement."
I would leave it to the Cabinet secretaries and the civil servants to come up with their dept-specific detailed plans for 2% annual cut for the next 5 years. Most of this 'cut' is well within the waste and federal largess of each dept.
Keep politicians out of this (other than up or down approval of the plan) as they are going to be swayed by campaign contributors and political pressure.
Any cabinet or dept secretary that cannot deliver a plan should be let go.
It is lead, follow or get out of the way.