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The Corner

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Cruzing to a No



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From Texas, Ted Cruz, running for the Republican nomination for Senate, says:

If I were in the Senate, I would unequivocally vote “no” vote on this bill. Our country is facing a fiscal and economic crisis, and a deal with President Obama and Sen. Harry Reid that continues our reckless spending is irresponsible and wrong.  Any sensible bill would include four elements:  (1) real spending cuts now, not phantom cuts from defense and budgets a decade in the future; (2) no new taxes whatsoever–this bill empowers a “commission” to impose job-killing tax increases on our already struggling economy; (3) enforceable budget caps that go into immediate effect; and (4) congressional passage of a strong Balanced Budget Amendment.

Moreover, President Obama should stop scare-mongering about a default on our debt.  A responsible President would say the following:  ‘Regardless of what happens on the debt ceiling, we will pay the interest on our debt.  The United States will never default on its debt, period.  We honor our word.  And we will not hold the paychecks of our armed services and Social Security checks hostage–there is more than ample government revenue to provide for all three, regardless of whether or when the debt ceiling is raised.’

President Obama  refuses to say this because he is addicted to government spending, and he wants to avoid any real spending cuts.  So instead he plays chicken with defaulting on our national debt.  For that reason, President Obama is directly responsible for all the turmoil and uncertainty in the market and the economy–because he keeps threatening a default on our debt, rather than taking that option off the table



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