McConnell: not a single Republican will vote to raise debt limit

Comment by Jim Campbell

This mush mouthed senator is a complete contradiction with his statements on the budget.  Is there nobody in Washington willing to stand up and say this is all Obama generated BS, that there will not be a default in interest payments, Social Security, Medicare, and the military will all be paid.  It’s time to let this liar-in-thief twist in the wind.

Here are the facts:

Need additional proof?

One may question my motive in using facts and numbers brought forward by two conservative think tanks, The Cato Institute, and the Heritage Foundation? Would it not be more irresponsible to bring you information from those who are largely at fault for our current economic situation and run ads like the one below? Doubt me? Which party brought us the current failed departments and programs and hasn’t had an idea since the sixties?  Think about it.

If the government is not able to borrow more money after Aug. 2, spending will have to be reduced to the amount of revenue that the government has. That would require roughly a 44 percent cut in federal spending.

This will almost certainly hurt. But it’s not the same as default. During August, interest payments on the federal debt will total roughly $29 billion, meaning that there will be sufficient revenue to meet our obligations to creditors. If the Obama administration is truly worried that we might not do so, they could always support legislation by Sen. Pat Toomey (R-Penn.) that would require the Treasury Department to pay our creditors first.

In addition, some $467 billion in government bonds is expected to come due during August, and will have to be rolled over. Though this rollover requires Treasury to enter the debt markets to purchase new securities, it is not technically “new” debt, and so does not run afoul of the debt limit.

CBS News

President Obama is still trying to hash out a deficit reduction deal as part of a Congressional vote to raise the debt ceiling, but Senate Republican Leader Mitch McConnell suggested today that the president ultimately won’t get any Republicans to work with him.
(Credit: AP Photo/J. Scott Applewhite)

“I bet there won’t be a single Republican vote to raise the debt ceiling at the end of the day,” McConnell said in an interview with conservative talk radio host Laura Ingraham. The remark was in response to Ingraham’s reference to a new Gallup poll showing that most Americans oppose raising the debt ceiling.

Mr. Obama and his economic team have warned of “economic catastrophe” should Congress fail to raise the debt ceiling by Aug. 2. Republicans, calling it irresponsible to raise the debt limit without fiscal reform, have insisted on massive spending cuts in exchange for their votes.

McConnell told Ingraham that there’s no question the debt ceiling will be raised somehow. “If anybody seriously doubts that the U.S. is going to renig on its credit for the first time in history — that’s just not going to happen,” he said.

Furthermore, the Senate leader said he’s still interested in reaching a deal with the president “that cuts spending and makes a difference for the country.”

However, McConnell said, Mr. Obama’s interest in including revenue increases in the deal has left Republicans with two bad choices: “either sign onto a bad deal that raises taxes or go into default and allow us to have co-ownership of a bad economy.”

McConnell acknowledged that the “back-up” plan he unveiled yesterday comes down largely to a political move. The plan would allow Mr. Obama to raise the debt limit without any Republican support.

“I refuse to help Barack Obama get re-elected by marching Republicans into a position where we have co-ownership of a bad economy,” he said.

McConnell said Democrats could sign onto his plan even though it would leave them responsible because “They want to raise the debt ceiling.”

“We know that’s going to happen,” he added.

On the Senate floor today, McConnell said that “Republicans will spend the next two weeks fighting for” significant cuts and spending reforms by voting on a balanced budget amendment.

“If these debt negotiations have convinced us of anything, it’s that we can’t leave it to politicians in Washington to make the difficult decisions they need to get our fiscal house in order,” he said. “The balanced budget amendment will do that for them.”

About these ads

11 thoughts on “McConnell: not a single Republican will vote to raise debt limit

  1. Just what I had hoped – he has thrown down the gauntlet! If you do this it is at your own peril and no one else’s! We will not participate any longer! I asked the RNC a couple of years ago (or whenever) do not vote pro or con on Obamacare! Stand up and say I cannot with clean conscience vote one way or another on a bill I have not read – I abstain! Leave the Democratic losers to choke on it all alone! But clearly state why you MUST abstain! Someone informed me they could not do that – say what? If you cannot speak honestly in the Senate chamber then excuse yourself and pull a no-show. Leave it to the losers to pick up the tab all by themselves…let them ‘own it’. McConnell has done the correct and right thing in my book.

  2. I don’t think the House will go for McConnell’s ideas at all. Hopefully, they will realize how dangerous it would be for Obama to be able to raise the debt limit by himself. He would raise it sky high and our country would be bankrupt. He abuses executive orders, why would he not abuse the debt limit.
    Jim, I want to know why you sent me that e-mail. I did not like it at all.

  3. I think the strategy should be : Every time you see Obama put his coat on to leave send him a message that your ready to talk .
    And when he sits down ask him what hes ready to cut.
    and keep doing that until Nov 2012

  4. Not a bad plan for the Republicans. Obama has already said that he’s going to ignore the debt limit anyway and why would we not believe that? The House voted for him to dismiss 6 Czars and he simply said ‘no’ and has not done it. He was supposed to have a war approved in advance but he ignored that & went on about his way in Libya…later explaining it actually was not a war.

    Let the Republicans remove themselves & the Democrats be completely responsible for the impending doom of the USA. Oh right! It will always be GW’s fault. We all know that.

  5. I read an artice from Human Events authored by Ann Coulter and she seems to think that McConnell’s idea might be good in that it would really expose Obama how Obama would spend, and spend and show people that don’t know what he is what he reallly is and he might even try to raise more taxes. I think we need to cut spending, but maybe we cannot get it done until we get some more Repubicans enought to be the majority and get Obama out of office and replaced with a coservative Republican President.

  6. I have signed so many petitions and made so many calls on this situation that my head is spinning.

  7. My undersanding of raising the debt limit in not having the money to pay on the debt but what the credit rating will be. If the credit rating goes down the Fed will have to pay more money to borrow. Intrest rates will go up whitch means the dollar will decline. Then inflation starts.

    • Actually Ed you are buying into the side of the Kool Aid drinkers propaganda machine. The post I just put up shows clearly it all a lie, the numbers are there from what came in and what went out, we are nowhere near defaulting on any debt or not being able to pay obligations. Check it out. Enjoy, thanks for your comment I’m J.C.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s