Debt-limit fight takes shape: Will Mitch McConnell ever be satisfied?
Some Republicans say they're ready to take the debt limit hostage in order to get spending cuts. Sound familiar? But there's a good reason this political cycle keeps repeating itself.
(Page 2 of 2)
So Republicans sent to Washington specifically to rein in government spending have next to nothing to show for it. And the mounting fear is that they might never have anything to show for it – that the classic Washington inertia to do nothing is slowly consuming the energy of the 2010 tea party revolution.Skip to next paragraph
Should Issa lose House panel chairmanship for cutting off Cummings's mic?
Chris Christie CPAC speech: How did he do? (+video)
Hitler remark: Will it hurt Hillary Clinton? (+video)
House IRS hearing explodes. Why such anger? (+video)
George P. Bush wins Texas primary. Return of the dynasty? (+video)
Subscribe Today to the Monitor
Senator McConnell added Sunday: "Now it's time to pivot to the single biggest threat to our country, both in the short term and the long term ... and that's reducing spending."
Indeed, some Republicans are growing increasingly desperate. They believe that Congress will never get serious about bringing its spending into line unless it is in crisis. So better to manufacture one now, and solve the problem, they say, than to let things linger and eventually become Greece.
At the same time, Washington knows that responsible, long-term fiscal planning cannot move forward until spending is brought under control – it's just that the prospect of entitlement reform or Pentagon cuts are so politically unsavory that the day of reckoning is postponed again and again.
But signs are that it is coming. Credit-rating agency Moody’s has said that “the US's credit rating could be affected ‘negatively’ if Washington fails to take further steps to rein in the deficit.” All parties know the US cannot risk further downgrades to its credit rating.
Moreover, a recent Politico poll found that 75 percent of Americans wanted to rein in deficits by cutting government spending "across the board" (though other polls have shown Americans unsupportive of changes to Medicare and Social Security).
Of course, the Republicans' kamikaze approach to entitlement cuts (with little scrutiny of the Pentagon budget) is not the only option. Reportedly, fiscal-cliff talks brought Mr. Obama and House Speaker John Boehner (R) of Ohio close to a grand bargain that would have included $900 billion in spending cuts – including $600 billion in entitlement reform. But Obama wanted a significant amount of tax revenue in addition to these cuts – more than Mr. Boehner could countenance.
And that appears to be the issue going forward. Obama wants more tax revenue to accompany any entitlement reform, probably in the form of limiting tax breaks. Boehner and Republicans say they gave Obama tax revenue in the fiscal-cliff deal but got no spending cuts, meaning now is the time for cuts alone.
McConnell said as much Sunday. The debate over taxes on Capitol Hill "is over," he told "Face the Nation," adding that Democrats' desire to keep them on the table "underscores the voracious appetite for more taxes on the other side."
But the deeper point is that, with health-care expenses rising and America's baby boomer population putting stresses on Medicare and Social Security, entitlement reform appears inevitable. Congress's current cycle of crisis, then, appears merely to be the way that Washington comes a difficult decision in an age of red state bloggers, blue state pundits, and disgruntled Americans in the middle.