Today, the House is poised to vote on a debt limit package that cuts spending more than it increases the debt limit, does not raise taxes, and implements spending caps to restrain future spending. This agreement marks considerable progress from President Obama’s original stance which was asking for a clean debt limit increase without spending cuts, and then his insistence on raising taxes on families and small business people. The final package demonstrates that House Republicans have begun to change the culture in Washington and get our fiscal house in order so that this economy can grow and create jobs.
In April, Press Secretary Jay Carney Made Clear The President Supports A Clean Debt Limit Increase. “... we believe that we should move quickly to raise the debt limit and we support a clean piece of legislation to do that. (Press Briefing, 4/11/11)
President Obama Declared A Debt Ceiling Increase Was Not Going To Happen Without Spending Cuts. "I think it's absolutely right that it's not going to happen without some spending cuts," the president told The Associated Press in an interview in his hometown, agreeing with House Speaker John Boehner's assessment. (The Associated Press, 4/15/11)
In May, CEA Chairman Austan Goolsbee Said Tying The Debt Ceiling To Spending Cuts Was ‘Quite Insane.’ Linking efforts to reduce long-term federal deficits with a congressional vote to raise the government’s debt limit puts U.S. credit at risk, President Barack Obama’s chief economic adviser told a Chicago audience. “To tie this to the debt limit is, in my view, quite insane,” Austan Goolsbee, chairman of the Council of Economic Advisers, said today to the Chicagoland Chamber of Commerce and other business leaders. (Bloomberg, 5/11/11)
In June, President Obama Continued To Push For Increased Revenues. The debt ceiling needs to be raised by around $2.4 trillion to ensure that the government has enough money to keep functioning through the November 2012 election. Republicans say they want spending cuts to equal any increase in the limit, but the administration is pushing for a package that also includes revenues. Obama favors $3 dollars in spending cuts for every extra dollar in revenue. (Reuters, 6/27/11)
By The End Of July, President Obama Remained The Only Major Player Insisting On Tax Increases. As Republicans and Democrats continue trying to hammer out the details of rival plans to avert a debt crisis, President Obama on Monday called for a proposal that will raise more revenue ... At the moment, neither Senate Democrats nor House Republicans are talking about tax revenues as part of the final deal. (The Los Angeles Times, 7/25/11)