Boehner: Not Maintaining Current Spending Levels in CR: Toomey: Hitting Debt Ceiling Doesn’t Mean Default

Speaker John Boehner says the President can veto the GOP spending cuts, but if he does, Boehner will not authorize a

John Boehner

continuing resolution maintaining current debt levels. ‘Read My Lips’ he said, we’re going to cut spending. Game on! Earlier this month, Senator Pat Toomey said hitting the debt ceiling does not mean the government will default on their obligations, to which Ben Bernake agreed. Today, Obama’s OMB director says the President will consider $61 in cuts, depending on where the cuts are proposed.

John Boehner (The Hill):

“I am not going to move any kind of short-term CR at current levels,” the Speaker told reporters at his weekly press conference. “When we say we’re going to cut spending, read my lips, we’re going to cut spending.”

No doubt Progressives are hoping this will be Boehner’s ‘Read My Lips’ moment,  but I believe he will stand firm. Just my gut feeling. I hope he is strong enough to call their bluff, and if it isn’t a bluff, then shut those horrid chambers down.

Here are the facts according to Pennsylvania Senator Pat Toomey and Ben Bernake (PA):

Pat Toomey

“We need to take the default scare tactics off the table so both sides can sit down at the table and have a serious and honest conversation about cutting spending and instituting structural reforms to put our country’s finances on a sustainable path,” said Toomey, a newly elected Republican from Pennsylvania.

“The Full Faith and Credit Act will allow us to have that conversation by eliminating the possibility for default in case the debt ceiling is not raised,” he said.

The text of Toomey’s bill is only 98 words long. It is co-sponsored by 16 other Republican senators, including six out of his 13 members from the current freshman class. It is intended to give the Treasury Department instructions on prioritizing the use of taxpayer funds in the event that government debt, which is closing in on $14.1 trillion, hits the debt limit, which is $14.3 trillion.

New Pennsylvania Senator Pat Toomey has introduced a bill to bring about honest spending cuts and create structural reforms to put our nation’s finances on a “sustainable path,” and he says hitting the debt ceiling does not mean instant default. Bernanke agrees.

Democrats are worried silly. Nevertheless, The Hill says Obama and Boehner have “left room to negotiate,” and Obama said today he “could accept reducing current spending by $61 billion depending on where the cuts were made.”

A New York Times Editorial says the GOP’s “slash-and-burn budget contest” is out of control and suggests if Republicans get their way, they will wreak havoc on Americans’ lives and national security.” As if we don’t already have “havoc” in our lives – and notice the sudden and faux concern about national security.

There is also criticism for not tackling entitlements, but we have a new Congress and a new day in Congress and just yesterday they pledged to do the heavy lifting that the President has ducked, and deal with the heavy burden of entitlements. The current problem is fixing the Democrat problem of having ABSOLUTELY NO 2011 BUDGET. Entitlements will show up when Paul Ryan makes public the 2012 budget this Spring.

The GOP plan has promised to cut $100 billion, and better yet move spending back to 2008 levels. The Heritage Foundation is called for another $16 billion they say is short of the needed cuts. Read that explanation here. In the meantime, Senator Toomey is introducing legislation to make the jockeying for power honest. We’re making progress. Let’s see how this washes out before we start eating our own.

See more at Memorandum. Look for the topic: Deficit Plan Details Emerge

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  • I hope the GOP stands their ground on this. They will lose a lot of credibility if they do not. As for eating our own, I am not quite ready to do that, just yet. I think we have to face political reality here, no pun intended. Considering the fact that they do not control the Senate or the White House, they will almost certainly have to broker some kind of compromise. Looking forward to the 2012 elections and beyond, that is when I will be ready to blow a gasket, if they gain control of Congress and the White House and fail yet again to live up to their promise to cut spending. I think we have to give them until then, at least.

  • A stand needs to be made. They have to get their message out, because no matter what they do, they are going to be accused of starving the children, and freezing the elderly.

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  • The debt ceiling debate is a joke. It is another Washington fantasy-land concept that has seeped into our national debate?

    Well, approximately $4 trillion is “intragovernmental” debt, which is the government owing itself money. So, if the government brings in $1 of social security withholding, but spends it in Afghanistan, it is chalked up as “debt” even though we don’t owe anyone anything.

    The real issue is publicly-held debt, which is around $10 trillion. The government could burn all of the phony IOUs in the trust funds and instantly have $4 trillion of clearance before hitting the debt “ceiling.”