Saturday, April 6, 2013

Debt Dolt Derp Doom

Via Booman, the House GOP response to the specter of sequestration looming over the economy in Friday's depressing jobs reports, and the President's budget offer of again putting chained CPI on the table?

Eric Cantor is promising another brutal debt ceiling battle to force hundreds of billions more in austerity cuts and hurt our credit rating.

On the debt ceiling, Cantor said the House will consider the Full Faith and Credit Act, H.R. 807. This bill, from Rep. Tom McClintock (R-Calif.), would require the government to prioritize interest payments on government debt if the debt ceiling is hit. "I expect the House to consider legislation in this area in the near future," he wrote.

The government has the potential to bump up against the ceiling in May. Earlier this year, Congress passed the No Budget, No Pay Act, which suspended the debt ceiling limit through May 18.

On May 19, the debt ceiling will be equal to the level of debt accumulated by that date, which means Congress will be under pressure to act before then to increase the ceiling again.

But House Republicans have already said they would be looking for a deal to cut a dollar of spending for every dollar increase in the debt ceiling. That sets up a fight with Democrats, who will likely push for a clean extension that does not require spending cuts.

So this will put us right back where we were in 2011.  Even worse, Booman is 100% right on what prioritizing our payments will mean to international markets and credit ratings agencies:  we will be forced to default.

Our credit rating is based on the likelihood that we will pay all our bills on time. Even the suggestion that we might "prioritize" our payments is an invitation to downgrade our credit rating. The last time the House Republicans played around with the debt ceiling our credit rating was downgraded even though we never had a late payment. It was downgraded because it was evident that the House Republicans are insane and might "prioritize" our debt payments in the future, which is exactly what is being discussed now. 
So yes, House Republicans are planning on destroying our economy through wrecking our sovereign credit rating.  They hope you will blame Obama for it when they do.  
That's the Republican plan for "growth".  Punish Americans until we get rid of the Democrats.

Firearms Bills On Borrowed Time

The number of Senate Republicans vowing to block any and all gun safety legislation is now up to an appropriate 13.

Kentucky Sen. Rand Paul’s threat to filibuster any new gun restrictions is gathering steam, as a dozen of his Republican colleagues have now signed onto his plan.

The Kentucky Republican and Sens. Ted Cruz (R-Texas) and Mike Lee (R-Utah) first wrote to Senate Majority Leader Harry Reid late last month to warn him of their intention to try to tie up the Senate if, as planned, Reid moved forward with legislation that would expand background checks and attempt to crack down on interstate gun trafficking.

There's a very simple reason as to why:  the gun lobby has bought a baker's dozen of senators.

The Gun Owners of America, a small group that has risen in influence because of its strict adherence to a pro-gun line, has pressured senators and the National Rifle Association to back Paul, Cruz and Lee.

“If, you are an NRA member, contact them,” GOA wrote in an action alert sent to its own members, some of whom are also in the NRA, on April 1. “Urge them to join with us in supporting the Paul-Cruz-Lee filibuster. That means they should tell senators to oppose the motion to proceed to any gun control vehicle, and to oppose cloture on the motion to proceed to any gun control vehicle.”

In addition to Paul, Lee, Cruz, Rubio and Moran, the Republican who have signed the second letter are Jim Inhofe of Oklahoma, Richard Burr of North Carolina, Ron Johnson of Wisconsin, Mike Enzi of Wyoming, Jim Risch and Mike Crapo of Idaho, Dan Coats of Indiana and Pat Roberts of Kansas.

We will oppose the motion to proceed on any legislation that will serve as a vehicle for any additional gun restrictions,” they write.

So no, even with ridiculous 90%+ of Americans wanting universal background checks, this bill will never pass, and these Senators that will kill it will have a equally ridiculously high chance of re-election in 2014, 2016, and 2018.

That is, unless you plan to vote.

StupidiNews, Weekend Edition!

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