Wanted to make sure you all saw this article in Politico this morning on the GOP’s increasingly out-of-touch demands on the deficit negotiations, even as we risk America not paying its bills.
Democrats remain ready and willing to work with Republicans on a balanced package that includes both revenues and spending cuts, and continue to advocate for a big, comprehensive package to reduce the deficit.
But rather than accepting the reality of the situation, the GOP continues to dig in its heels, putting on the floor this week a “Cut, End and Default” bill that is so extreme and draconian, even “much of the deficit-reduction legislation signed by Reagan would not qualify under the new tea-party-driven standards.”
“Turning right with a vengeance, Republicans will bring to the House floor Tuesday a newly revised debt-ceiling bill that is remarkable for its total absence of compromise at this late date, two weeks before the threat of default.”
“…But Republican congressional leaders still want a 10-year, $1.8 trillion cut from nondefense appropriations and have added a balanced-budget constitutional amendment that so restricts future tax legislation that even President Ronald Reagan might have opposed it in the 1980s.”
“Indeed, much of the deficit-reduction legislation signed by Reagan would not qualify under the new tea-party-driven standards. And even the famed Reagan-Tip O’Neill Social Security compromise — which raised payroll taxes — passed the House in 1983 well short of the 290 votes that would be required under the constitutional amendments being promoted by the GOP.”
“Dubbed Cut, Cap and Balance, the House bill allows for a $2.4 trillion increase in the Treasury’s borrowing authority but effectively uses the Aug. 2 deadline as a Republican anvil on which to hammer out cuts President Barack Obama would otherwise veto.”