Obama threatens Social Security if debt limit not raised; Senate’s McConnell capitulates his power
President Barack Obama is threatening Social Security checks and veteran benefits if the debt limit isn’t raised by August 2. Obama would be responsible for setting priorities and he feels the voter power of such groups would pressure Congress to raise the debt ceiling.
Obama said in an interview with U.S. television network CBS that checks to recipients of the Social Security retirement program may not go out in early August if he and congressional leaders do not agree on a debt deal.
“I cannot guarantee that those checks go out on August 3rd if we haven’t resolved this issue,” Obama said, according to excerpts of the interview released before its broadcast.
“Because there may simply not be the money in the coffers to do it,” Obama said. He said veterans checks and disability benefits could also be affected without a deal.
The future of the American economy hangs in the balance between Obama who continues to think that we can spend our way out of the deficit and some Republicans who think that the government should live within its means.
House Speaker John Boehner called the debt limit increase Obama’s problem. And Senate Republican leader Mitch McConnell, R-Ky is ready to capitulate the entire debt ceiling debacle to Obama with a proposal that would allow Congress to raise the debt ceiling with just the support of Democrats, allowing Republicans to wash their hands of the whole thing and hope Obama is defeated in 2012!
Even though McConnell’s resolution requires an equal amount of spending cuts for each dollar the debt ceiling is raised, what if Obama cuts defense?
Minority Leader Mitch McConnell, R-Ky., offered a new plan to allow the president to demand up to $2.4 trillion in new borrowing authority by the summer of next year in three separate submissions. Those increases in the so-called debt limit would automatically take effect unless both the Republican House and the Democratic Senate enact legislation specifically disapproving it.
Obama would be able to veto such legislation.
Passsage of this resolution would be a total capitulation of the Senate’s sworn fiduciary duty to the American taxpayers. The legislation would end with the end of Obama’s term in office. The country would end the day after.