GOP votes to restore COLA, but kicks debt can down the road

One bright spot today, the House voted to restore the Cost of Living Adjustment (COLA) to military retirees.

But unfortunately, the House kicked the can down the road regarding the debt ceiling.

Once upon a time, a young senator from Chicago said, “The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that “the buck stops here.” Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.”

I guess Americans deserve better. Tonight the House voted to increase the debt ceiling, with a vote of 221 to 201.

I wonder if and when lawmakers and the president will realize our national debt of $17.3 trillion is a national security matter. We had put in place the sequester which cut federal spending over the past two years, lowering the deficit. But the recent budget act dismissed that restraint.

At some point we must stop the debt clock before it’s too late. We cannot continue down the path of borrowing more money to sustain the burgeoning welfare nanny-state. Our federal government must once again operate within budgetary constraints or else it’s just a matter of time. If the interest rate on our debt increases by just 2 percent it spells serious doom for our fiscal situation and economy. We cannot continue to print money to the tune of $85 billion per month in order to prop up our economy – it’s a house of cards. We cannot continue to monetize our debt to the point where the US Federal Reserve is the largest holder – followed by China. Quite simply, that’s not viable monetary policy.

Back in the day, Senator (and candidate) Obama chided George W. Bush for adding some $4 trillion in new debt, but at the time our national debt was “only” $9 trillion. As we reported here, in five years President Obama has amassed the same amount of debt that it took our nation 227 years to accrue from 1776-2003, 227 years.

Perhaps we should remind President Obama – and ourselves — of his words, “America has a debt problem and a failure of leadership. Americans deserve better.”

Sadly, the American people had a chance for better, but decided otherwise — so we now have the government– and the debt—we deserve.

9 COMMENTS

  1. John Boehner needs to go as speaker of the House.
    http://www.replacethespeaker.com/
    The Republican party can not be cleaned up to full of Rino/dem lites.. Only a hand full of conservatives. Boehner needs to go but the R’s will elect Cantor another RINO..
    They had their chance When Louir Gohmert, nominated LT COL. Allen West.. Of course the RINO’S did not want that..
    I will not donate one penny nor vote for anyone unless they are a conservative, so tired of holding my nose to vote.

  2. They have all failed us and continue to do so. Boehner has yet again caved to the wants of the Democrats. They (GOP) have proved useless time and time again. time to replace them

    • You mean the guy that was complaining about the sequester and shut down White House tours then spent $100m on a vacation to South Africa? That guy?

  3. This has been the plan, folks. He’s done everything he said he was going to do. He’s buried us in debt, taken over our health care with lie after lie, he’s taken over our government with executive order which no one will call him on. Why are you surprised??? Who’s going to call him on it?? Boehner?? Get real…..

  4. Just wait, this moron Boehner handed the Democrats the perfect October surprise. He passed a budget deal that expires in October. Senate Dems will block anything Republicans pass, and shut down the government again. Then they will keep it shut down right up until the election, and Republicans will get blamed and smashed in the election. I think that’s what Boehner planned. Maybe this is his war on the TEA Party.

  5. Increasing OUR debt to save THEIR jobs. They know voters have recency bias and simply didn’t want their names brought up in the media for another gov’t shutdown. They’re just as guilty as the tax and spend democrats.

  6. I have no fricken idea WHY the Republicans are afraid of obumma! Maybe they do not want to be labeled Racist or what ever. I wish I were a US Congressman, obumma would be wearing his balls under his chin!!!! He Promised to destroy America and ALL Americans and because of the candy asses in congress, he is doing what he said he would!!!!!!

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