Fiscal Policy: The president tells business leaders he wants to do away with Congress when it comes to raising the country's legal debt limit and be able to do it all by himself.
aclgsIf hypocrisy were taxable, we should soon be able to balance the budget and repay the national debt.
It was on display again Wednesday, when President Obama told CEOs at the Business Roundtable he is no longer playing the debt ceiling "game" of agreeing to raise the limit in exchange for administration concessions on spending and taxes.
Calling the last debt battle in 2011 a "catastrophe" that led to the lowering of America's credit rating and a stalled economic recovery, the president, who has received six debt-ceiling increases as he added more debt than the first 42 presidents combined, told the nation's business leaders:
"If the Congress in any way suggests they are going to tie negotiations to the debt ceiling and take us to the brink of default once again as part of a budget negotiation. ... I will not play that game because we've got to break that habit before it starts."
The way he proposes to break that habit is by doing away with the debt ceiling altogether or at least by taking from Congress and giving the president the power to raise the nation's credit limit at will.
Read More At IBD: http://news.investors.com/ibd-editorials/120612-636088-obama-seeks-power-to-raise-debt-ceiling.htm#ixzz2ENwc9xqg
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