Over the Cliff We Go
President Obama is making a mockery of the seriousness of our spending and debt problems with his role in the fiscal cliff negotiations.
There had been talk earlier in the week of a deal involving $1.2 trillion in tax increases and $400 billion in delayed Medicare cuts. This would have been a terrible bargain, but the real one is even worse. Instead, President Obama’s offer to avoid the fiscal cliff includes $1.6 trillion in tax increases and no real spending cuts. Tax increases will only hurt our already stalled economy, and the lack of any entitlement reform will only worsen our skyrocketing $16 trillion national debt.
But that’s not all: Obama also wants to add $50 billion in new stimulus spending and to change the law to give the President of the United States the sole power to increase the nation’s debt limit whenever he wants to, without congressional approval. What the President has proposed is laughable. In fact, Senate Minority Leader Mitch McConnell literally laughed out loud at Treasury Secretary Timothy Geithner when he made the proposal.
Why would the President include these ridiculous requests when the country is headed for the fiscal cliff? It’s simple. President Obama does not really want a deal. He’s happy to jump off the fiscal cliff because he believes Republicans will get the blame. He is willing to risk a Greece-like meltdown for the sake of liberal partisanship.
While polls may say Republicans could be blamed for the country falling over the fiscal cliff, make no mistake about it: within months, this will be President Obama’s failed economy for keeps. If we go over the fiscal cliff because the President wants to raise taxes, hike spending, and give himself an unchecked monarchical ability to increase the debt limit, he is the one who will ultimately end up paying the political consequences.