Henry Paulson, Allen Greenspan, Paul Krugman and Bruce Bartlett (of the Reagan administration) all have said tax cuts do not pay for themselves. So why are Democrats letting the Republicans shout from every mountaintop that they do pay for themselves?
I don’t think the Republicans are going to give in on spending cuts or tax breaks for the richest Americans, so I suggest that President Obama use one of the following three tactics available to him, according to three prominent Republicans.
Bartlett, the senior policy analyst for Ronald Reagan, boldly stated that Obama has the power to order the secretary of the treasury to continue borrowing money to pay our debts and pay for government services even if the debt limit is not raised by Congress. The only thing that would stop him from doing that is a joint resolution of Congress to sue Obama, which won’t happen.
Brit Hume offered the second approach. If the debt ceiling isn’t raised, simply use the revenues coming in to pay our debt and services chosen by the Democrats. This, Hume believes, would bring about a Republican capitulation.
The third idea comes from Pat Buchanan. When the debt ceiling is passed, Obama could do the largest line-item veto in history.
I am afraid Obama is about to give away the farm by giving in to deep cuts in essential programs that have nothing to do with the debt.
The same people that are sayingThe Ryan Plan was just a political tactic and not a legitimate offering are also saying it should be on the table. Really? That plan, and the ridiculous balanced budget amendment, which is just a “shred the government” amendment, should both be treated like a dead animal that your dog drops on your face in the morning as if it was a gift.
The president needs to show some leadership and courage like he did with Osama bin Laden. This Republican evisceration of the middle class is beginning to smell. Obama, please use your extraordinary power. I trust W. or L.B.J. would.