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talkpolitics2011-07-01 01:13 pm
dwer.livejournal.com) wrote in talkpolitics2011-07-01 01:13 pm
Hypocrisy and the GOP: Increasing the Debt Limit
So right now, the GOP is attempting to shove the US over the cliff of default by refusing to increase the debt limit without massive spending cuts.
Funny, they didn't seem to complain about such things before.
At the beginning of the Bush presidency, the United States debt limit was $5.95 trillion. Despite promises that he would pay off the debt in 10 years, Bush increased the debt to $9.815 trillion by the end of his term, with plenty of help from the four Republicans currently holding Congressional leadership positions: Speaker John Boehner, House Majority Leader Eric Cantor, Senate Minority Leader Mitch McConnell, and Senate Minority Whip Jon Kyl. ThinkProgress compiled a breakdown of the five debt limit increases that took place during the Bush presidency and how the four Republican leaders voted:
June 2002: Congress approves a $450 billion increase, raising the debt limit to $6.4 trillion. McConnell, Boehner, and Cantor vote “yea”, Kyl votes “nay.”
May 2003: Congress approves a $900 billion increase, raising the debt limit to $7.384 trillion. All four approve.
November 2004: Congress approves an $800 billion increase, raising the debt limit to $8.1 trillion. All four approve.
March 2006: Congress approves a $781 billion increase, raising the debt limit to $8.965 trillion. All four approve.
September 2007: Congress approves an $850 billion increase, raising the debt limit to $9.815 trillion. All four approve.
Now, I suppose you can make an argument for not increasing the debt limit, although I'm unlikely to agree with you. However, doesn't it bother our conservative friends on this board that this is -clearly- an example of the GOP doing something simply to cause Obama to fail, rather than any actual principles they might allegedly have?
Without raising the debt limit, the US will start to default on debt. That will devalue the dollar, crush confidence in the US both within and outside the country, and therefore impedes our leadership in the world when we're still involved in two wars, have bases around the world, and are participating in more than one "peace-keeping" mission via the UN or NATO. Whether or not those are reasonable things for the US to be doing, we're -already- doing them, and it seems to me that defaulting in the middle of these activities won't be very productive. Will the US be able to sign and ratify treaties? Economic agreements? Will foreign companies continue to invest?
(specific data culled from Think Progress.)
Funny, they didn't seem to complain about such things before.
At the beginning of the Bush presidency, the United States debt limit was $5.95 trillion. Despite promises that he would pay off the debt in 10 years, Bush increased the debt to $9.815 trillion by the end of his term, with plenty of help from the four Republicans currently holding Congressional leadership positions: Speaker John Boehner, House Majority Leader Eric Cantor, Senate Minority Leader Mitch McConnell, and Senate Minority Whip Jon Kyl. ThinkProgress compiled a breakdown of the five debt limit increases that took place during the Bush presidency and how the four Republican leaders voted:
June 2002: Congress approves a $450 billion increase, raising the debt limit to $6.4 trillion. McConnell, Boehner, and Cantor vote “yea”, Kyl votes “nay.”
May 2003: Congress approves a $900 billion increase, raising the debt limit to $7.384 trillion. All four approve.
November 2004: Congress approves an $800 billion increase, raising the debt limit to $8.1 trillion. All four approve.
March 2006: Congress approves a $781 billion increase, raising the debt limit to $8.965 trillion. All four approve.
September 2007: Congress approves an $850 billion increase, raising the debt limit to $9.815 trillion. All four approve.
Now, I suppose you can make an argument for not increasing the debt limit, although I'm unlikely to agree with you. However, doesn't it bother our conservative friends on this board that this is -clearly- an example of the GOP doing something simply to cause Obama to fail, rather than any actual principles they might allegedly have?
Without raising the debt limit, the US will start to default on debt. That will devalue the dollar, crush confidence in the US both within and outside the country, and therefore impedes our leadership in the world when we're still involved in two wars, have bases around the world, and are participating in more than one "peace-keeping" mission via the UN or NATO. Whether or not those are reasonable things for the US to be doing, we're -already- doing them, and it seems to me that defaulting in the middle of these activities won't be very productive. Will the US be able to sign and ratify treaties? Economic agreements? Will foreign companies continue to invest?
(specific data culled from Think Progress.)
no subject
"Our military organization today bears little relation to that known by any of my predecessors in peacetime, or indeed by the fighting men of World War II or Korea.
Until the latest of our world conflicts, the United States had no armaments industry. American makers of plowshares could, with time and as required, make swords as well. But now we can no longer risk emergency improvisation of national defense; we have been compelled to create a permanent armaments industry of vast proportions. Added to this, three and a half million men and women are directly engaged in the defense establishment. We annually spend on military security more than the net income of all United States corporations.
This conjunction of an immense military establishment and a large arms industry is new in the American experience. The total influence – economic, political, even spiritual – is felt in every city, every Statehouse, every office of the Federal government. We recognize the imperative need for this development. Yet we must not fail to comprehend its grave implications. Our toil, resources and livelihood are all involved; so is the very structure of our society.
In the councils of government, we must guard against the acquisition of unwarranted influence, whether sought or unsought, by the military-industrial complex. The potential for the disastrous rise of misplaced power exists and will persist.
We must never let the weight of this combination endanger our liberties or democratic processes. We should take nothing for granted. Only an alert and knowledgeable citizenry can compel the proper meshing of the huge industrial and military machinery of defense with our peaceful methods and goals, so that security and liberty may prosper together."