Obama Demands $1.1 Trillion Ransom--or He Will Crash Global Economy
President Barack Obama is demanding a $1.1 trillion "ransom"--or else he will not allow the debt ceiling to be raised. That's the effective offer on the table from the president and Senate Democrats. They have now refused to pass a "clean" short-term debt ceiling hike unless Republicans agree to reverse the "sequester" spending cuts in the 2011 Budget Control Act that were enacted--at Obama's suggestion--to end the last debt ceiling crisis.
The president, who has invited congressional leaders to conduct talks at the White House Monday afternoon, still continues to insist that he "will not pay a ransom for Congress reopening the government and raising the debt limit." Yet he and his party are the ones insisting on a "ransom," now that Republicans appear to be in the mood to compromise after opinion poll results last week showed them losing politically in the showdown.
Sen. Dick Durbin (D-IL) has claimed that the sequester dispute means that Democrats and Republicans are only $70 billion apart in budget negotiations. That is a blatant lie, as the total value of the sequester over ten years is $1.1 trillion. Democrats do not want a reprieve for one year--they want the entire sequester canceled so that they can continue spending on such priorities as the annual cowboy poetry festival in Nevada.
Last week, President Obama asked the press to "imagine if a Democratic Congress threatened to crash the global economy unless a Republican president agreed to gun background checks or immigration reform." Now the White House and a Democrat-controlled Senate are threatening exactly that--unless Republicans agree to fork over $1.1 trillion, paid for with new "revenues" (i.e. taxes) on the American people. Ransom, indeed.