Republican House Speaker John Boehner (R-OH) gave a response to the President’s address Monday night. He accused Obama of being on a spending orgy and wanting a blank check. He then unveiled the latest Republican plan to cut the national debt [which was run up mostly by Republicans].
He promised the American people that his plan would cut $1.2 trillion immediately from discretionary spending, and another $1.8 trillion down the road mostly in entitlement cuts (Social Security, Medicare, and Medicaid). He promised the House would vote on it Wednesday and assured it would pass. Eric Cantor (RTP-VA) urged Republican Tea Party Members to “stop whining and back the Boehner plan.”
Boehner and crew reminiscent of the Keystone Cops
Tuesday, Boehner was being attacked by Republican Tea Party members because they contended his plan did not offer enough spending cuts. The fact is, Obama’s plan cut spending by $4 trillion, and the plan being drafted by Senator Reid (D-NV) would cut spending by $2.7 trillion. Obama’s included closing loopholes, which is anathema to the GOP, Reids has no tax increases or loophole closing.
Upon further review, Boehner mischaracterized his plan by maybe $350 billion. This news came from the CBO that scored his plan. It turns out his plan would reduce the debt by only $850 Billion, not the $1.2 trillion he promised because he counted the war savings while criticizing Obama for doing the same thing. The wars are winding down and the savings will happen without any new bill. Usual Republican supporters the lke the Heritage Foundation and other organizations urged Republicans not to support the Boehner plan because it did not cut enough and could lead to future tax increases. The whining became down right shouting.
Republican Tea Party is linng up against it. Rep. Jim Jordan (R-OH) said he is confiden thare are not 218 votes to pass the bill. RTP members like Michelle Bachmann, who vowed to never raise the debt ceiling, and others are voting no. Jeff Flake (RTP-AZ), Louie Gohmert (RTP-TX), Connie Mack (R-FL), Steve Southerland (R-FL),Chuck Fleischman (R-TN), Steve Southerland (R-FL), and Tim Huelskamp (R-KS) are all voing aginst it according to Roll Call, GOP Leaders are Whipping the bill and asking the US Chamber and other groups for help.
Perhaps Boehner shouldn’t have walked out of negotiations with Obama because he could have delivered $4 trillion in debt reduction and been a hero. Now, with a red face (not its usual orange), Speaker Boehner must postpone the vote on his bill and go back to the drawing board to find a way to get a mere $1.2 trillion.
This keystone cop blundering would be hilarious if we were not running out of time to avoid a major crisis of running out of money.
Boehner “plan” would not avoid a downgrade of our credit rating
A representative of Standard and Poors told Erin Burnett of CNN that the Boehner plan would not prevent a downgrading of our AAA credit rating because it did not do nearly enough to reduce the debt. The same source said that the Reid plan would avoid a down grade.See the video on the left.
The other flaw in the plan is that it would bring about another one of these debt ceiling vote crisis in just six months. Boehner and the Republican Tea Party want to go through this again closer to the election to embarrass President Obama. This instability may be good for GOP politicians (maybe) but is very bad for the markets that depend on stability, and our credit rating let alone our nerves.
Boehner plan would hut those on Social Security
The Boehner plan would bring severe hardships to those on Social Security. According to economist Robert Greenstein who wrote, “to achieve his $1.5 trillion in entitlement cuts Congress would have to:
1) cut Social Security and Medicare benefits heavily for current retirees, something that all budget plans from both parties (including House Budget Committee Chairman Paul Ryan’s plan) have ruled out;
2) repeal the Affordable Care Act’s coverage expansions while retaining its measures that cut Medicare payments and raise tax revenues [ Republicans will not raise taxes]; or
3) eviscerate the safety net for low-income children, parents, senior citizens, and people with disabilities. There is no other plausible way to get $1.5 trillion in entitlement cuts in the next ten years.”
So, the world waits for the new Boehner plan to be unveiled with hopes of truthfulness this time.
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