(Community Matters) It’s not particularly helpful to focus on who said/did what at this point – but it does provide historical context which gives insight into how we ought to solve. It’s true that the problem is now ours to fix it. The only responsible fix includes spending cuts AND revenue increases. Only cutting spending risks sending this country into the depression Pres Obama diverted upon taking office.
Our fiscal crisis is the result of previous, unfunded spending on two wars and an unfunded medical drug benefit program while simultaneously (& irresponsibly) cutting taxes. Yes, ours to fix – and a solid majority of Americans* believe the debt ceiling should be resolved with a combination of spending cuts and revenue increases. Pres Clinton’s modest increase in tax rates turned a previous Bush’s deficit into a surplus and ushered in a long period of economic growth. President Obama should declare an emergency – since the House is abdicating responsible resolution – and issue an executive order to raise the debt ceiling.
* CNN/ORC survey: 64% of people questioned in the July 2011 poll say they want a budget plan with both spending cuts and tax hikes for businesses and higher-income Americans. CBS poll: 66% of Americans believe that the deal to raise the debt ceiling should include both spending cuts and tax increases.
Hat Tip: Brent Huggins/Progress Texas
if you didn’t see Pres Obama’s remarks tonight – I recommend it – http://www.youtube.com/watch?v=O08VHT6TsRM&feature=youtu.be
Speaker John Boehner’s Republican response http://www.youtube.com/watch?v=Q2pgV_LjmkE
Community Matters 