The United States House of Representatives last night passed a bill tying strict spending cuts and a balanced budget amendment to an increase in the debt ceiling. It is called "Cut cap and balance." It will now go to the United States Senate controlled by the Democrats.
At the same time the "gang of six" in the Senate has been working on a proposal that will increase the debt limit by prosing budget cuts that is smoke and mirrors and will do noting to limit spending down the road. It is more of the politics as usual that has gotten us into this crisis.
Darrell Delamaide of the Wall Street Journal explains it this way:
The Gang of Six, breathless reporters told us this week, has found a solution that tons of senators in both parties are willing to go along with. It will cut $3.7 trillion from the deficit over the next 10 years while lowering taxes.
Wow! How did this group of Democratic and Republican senators do it? Well, for starters they’re going to save $500 billion just by changing the way inflation is calculated. And the rest will be put out to committee, you know, with six-month deadlines and specific targets
To read more click on the title for a link.
During the lead up to the first Gulf War British Prime Minister, Margret Thatcher, told George H.W. Bush "George this is no time to get wobbly." The same thing needs to be told to the Senate Republicans! Stand your ground!
