Driving the Day: No Debt Ceiling Increase without Deep Cuts
Last night, House Speaker John Boehner (R-OH) delivered remarks to the Economic Club of New York to discuss where his party stands on raising the debt ceiling:
Without significant spending cuts and reforms to reduce our debt, there will be no debt limit increase. And the cuts should be greater than the accompanying increase in debt authority the president is given.
The Speaker reaffirmed the position that everything – except for tax hikes (on anyone) – is on the table, including entitlements.
Speaker Boehner is correct when he says the most irresponsible action would be to continue spending at our current levels.
If Congress is just going to raise the ceiling every time it is approached, why have a ceiling at all? We have a debt ceiling for a reason – because it serves as an alarm bell for Congress and the American people. It is a call to action.
He also called for the cutting of trillions – not just billions – as a signal to investors and entrepreneurs that America is serious about getting its debt under control and reducing spending.
If lawmakers are seriously committed to fixing the debt and growing our economy, now is the time to dig their heels in and demonstrate to the American people that business-as-usual is no longer business-as-usual.