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Make My Day

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Posted on Jul 15, 2011

By Eugene Robinson

“Eric, don’t call my bluff.”

Those words suggest President Obama has had it up to here with the preening and posturing of Republican “negotiators” who won’t negotiate. Who could blame him?

Obama’s warning to House Majority Leader Eric Cantor came at the abrupt conclusion of Wednesday’s talks about the debt-ceiling crisis. The unamused president asked whether Ronald Reagan would have put up with such time-wasting nonsense, then uttered another memorable line: “I’ve reached my limit. This may bring my presidency down, but I will not yield on this.”

By “this” Obama meant Cantor’s insistent demand that the president accept a short-term hike in the debt ceiling, which would mean Congress would have to vote on yet another increase before next year’s election. Republicans know that Obama has ruled out this option. When Cantor raised it again Wednesday, and again, and again, the president lost his patience and went all commander in chief.

Obama’s frustration came as House Republicans refused to make a simple choice: Either they could give up their patently unfair and unreasonable demand that a deficit-reduction deal include absolutely no new revenue; or they could give up their equally absurd demand that any increase in the debt ceiling be accompanied, dollar for dollar, by budget cuts. That second option would necessarily mean only a modest hike in the ceiling.

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Hence Obama’s display of presidential pique.

Let’s review why the little game Republicans are playing is so dangerous. If the debt ceiling is not raised by Aug. 2, the United States government faces default. Federal Reserve Chairman Ben Bernanke, a man not given to hyperbole, said Wednesday that the result would be a “huge financial calamity”—and the wound, he noted, would be entirely self-inflicted.

“Fairly soon after that date,” Bernanke said, “there would have to be significant cuts in Social Security, Medicare, military pay or some combination of those in order to avoid borrowing more money.”

Contrary to popular impression, going into default would not be just a matter of stiffing the autocrats in Beijing. Less than a third of the $14.3 trillion national debt is owed to foreigners—roughly 10 percent of the total to China. The biggest chunk, about 40 percent, is owed to U.S. individuals and institutions. Another 25 percent or so is owed to the Social Security trust fund, the U.S. Civil Service Retirement Fund and the U.S. Military Retirement Fund. In a sense we would primarily be stiffing American retirees, including veterans.

In a larger sense, though, it doesn’t matter whom we owe. Choking off the government’s ability to borrow would cause an unimaginable cash-flow crisis—at least $306 billion in bills for August against just $172 billion in revenue.

The most hopeful sign is that some Republicans, at least, understand that their refusal to give an inch, even as Democrats show a willingness to compromise, means the GOP will be blamed if Social Security checks don’t go out on time. Senate Minority Leader Mitch McConnell warned that the party’s “brand” could be destroyed. 

Indeed, a Quinnipiac University poll released Thursday bears McConnell out. The survey found that 48 percent of voters would blame the GOP in the event of default while 34 percent would hold the Obama administration responsible. Even 20 percent of Republicans would point the finger at their own party. The business community—both Wall Street and Main Street—is increasingly nervous.

What’s needed at this point is a way for House Republicans to climb down from the ledge on which they’ve marooned themselves. Obama has offered them a ladder—about $1.7 trillion in budget cuts with no offsetting revenue. All they have to do is approve a big enough increase in the debt ceiling to avoid having this same fight every few months. They refuse.

McConnell has offered a plan that would essentially let Obama raise the debt ceiling himself—taking the political heat—with no mandatory budget cuts. House Republicans say no.

It would be satisfying to stand back and watch Republicans take the plunge. This must have occurred to Obama as he told the smirking, eye-rolling Cantor to bring it on—but the president ended the meeting by telling congressional leaders he’d see them again Thursday.

Obama will continue to offer Republicans sensible ways to refrain from committing a shockingly unpatriotic act of economic vandalism. The unfortunate fact is that if they blow themselves up, they take the rest of us with them.
   
Eugene Robinson’s email address is eugenerobinson(at)washpost.com.

© 2011, Washington Post Writers Group
   


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By TC, July 19, 2011 at 12:35 pm Link to this comment
(Unregistered commenter)

Quit defending this fascist tool whose presidency was, and still is endorsed by the likes of the Financial Times of London. If the man was not an agent of a foreign enemy whose aim, indeed, is the destruction of the U.S. Treasury, then he would be leading the Congress to reinstate Glass-Steagall. The President rather would be courageously insisting that, the mountain of speculative gambling debts destroying the trans-Atlantic banking system be written off. Instead, he, Bernanke and Geithner insist that the Congress relinquish their pledge to defend the Constitution (whose principle is eloquently stated in the Preamble) and commit an act of treason against the People, that hyperinflationary bailout of a fraud-rife banking system might proceed at the expense of the nation and its Posterity.

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By Mike Appleton, July 19, 2011 at 10:16 am Link to this comment
(Unregistered commenter)

Of course the Republicans are calling the President’s
bluff. But they are doing so only because that tactic
has proven highly successful over the past three years.
To some extent Pres. Obama is reaping the consequences
of repeatedly tolerating past Republican intransigence.
Instead of merely drawing an imaginary, and shifting,
line in the sand, he needs to stake it, pour a footer
and start laying concrete block. Maybe then the GOP
will get the message.

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By Michael Shaw, July 18, 2011 at 10:54 pm Link to this comment
(Unregistered commenter)

There is no doubt the republican leadership are scum, but regardless of that, will this so called stance by Obama prevent any cuts to Social Security and/or Medicare? After all, it was not the GOP who put those programs on the table. It was Obama. As for those apologists who suggest this was a chess master stroke by the president as he knew congress would never allow such a thing, guess again. The president is very determined to poise himself in the center, which has more often than not in his case meant him moving further to the right. He is eying all that corporate campaign finance he will get if he cuts these programs. Also the potential to gaining a whole lot of independent conservative and possibly even some republican votes. He abandoned his base long ago when he wouldn’t allow single payer on the table. Once again he has abandoned us by putting these two programs on the table. So what exactly is the president’s game here? Even if he is a master chess player, thus far all he has managed to do is weaken the democratic party by alienating his base while scaring the hell out of seniors and disabled people.

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By anaman51, July 18, 2011 at 4:01 pm Link to this comment

The Republicans have pulled exactly this same crap every single time in the past when the national budget has come under consideration. It’s full-on public extortion, but no one seems to be able to see it—-nor can anyone seem to remember it. They will hold America by the throat, threatening to shut the country down, and at the same time they shout to all who will listen how it’s the fault of the Democrats for not knuckling under immediately. When the Republicans try to pull this shit, it’s “saving the country.” When the Democrats try to stop them, they’re “playing politics.”

In the end, the Republicans will get one more tiny increment closer to their overall goal—-dismantling the entire social services network, including Social Security and Medicare, and giving the proceeds to their already unbelievably wealthy controllers—-those rich patrons that have seen to it over the years that the Republican Party maintains the invisible funding necessary to establish all those lying PACs and professional scumbags like the Swift Boat Character Assassins. Most Republican politicians are nothing but well-dressed criminals, lying thieves in the process of stealing the leadership of this once-great nation. You can help stop them with your vote.

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By drbhelthi, July 18, 2011 at 1:52 pm Link to this comment

“Obama will continue to offer Republicans sensible ways to refrain from
committing a shockingly unpatriotic act of economic vandalism.”- Eugene
Robinson

The being who uses the name, Barack Hussein Obama, born in Kenya, a CIA
offspring-type, who was and is not qualified to run for the U.S. Presidency,
has never offered a plan to any activity within the U.S. GOV, that qualifies
for the title, “sensible.”  The moguls that Control the Tax-Exempt
Foundations and Comparable Organizations, uncovered by Norman Dodd and the
Reese Committee in the 1950s to be engaged in the undermining of democracy
in the United States, installed their CIA puppet Obama to accelerate the
destruction of democracy and the establishment of a dictatorship in the
U.S.A., not to provide sensible ideas. 

The Republican Party is manipulated by the Bush family, WWII NAZI entourage,
while the Democrat Party is manipulated by the Rockefellers, Rothschilds and
other Zionists who manage the Tax-Exempt Foundations that have been
destroying US democracy for sixty years. Any idea, offered by the leader of
one of these groups to the other group, would have to contribute to their
common goal, the destruction of US democracy, in order to be considered a
sensible concept to the other group.

Unless the patriotic members of the CIA, NSA, Secret Service, similar
organizations and USMilitary begin immediately to “unravel” the leadership
of the USGOV dictatorship, the leadership of the United States empire will
require an action similar to that of the “allied powers” of WWII. Just as
“outsiders” were required to stop the Hitler society from overtaking Europe,
“outsiders” will be required to stop the Hitler society from destroying the
U.S.A., and overtaking the world. 

A shockingly unpatriotic act was the writing of this bull-shit article
penned by Eugene Robinson, and the publication of it by Truthdig.

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EmileZ's avatar

By EmileZ, July 18, 2011 at 8:44 am Link to this comment

You are playing into the baloney Mr. Robinson.

What would Obama’s proposed concessions really do to help the economy. The “leadership” in both parties has no intention of doing anything to help the poor and disenfranchised, the people who have lost their jobs, the people who have lost their homes. the people who are holding underwater mortgages.

Any deal they have been disscussing would be pathetically useless for reducing the debt in the short, medium, or long term.

Stop waving around that 45 Magnum and start talking turkey my friend.

P.S. I liked your column on Obama’s Afghanistan speech. I liked it a lot.

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By the worm, July 16, 2011 at 9:26 pm Link to this comment

“MAKE MY DAY!” screams the headline.

Let’s see, Obama has pledged to cut programs for the middle class four times
over the trifling changes in revenue. And we know what will happen to ‘revenue
increases’ - the same things that happened to health insurance non-reform,
financial industry non-reform and reining in the ‘war on terror’.

How can this author with a straight face peddle to us that we have ‘won’?
Obama and his ‘advisors’ may believe he’s ‘won’ (or wish he had), but by
electing Obama the middle class continues to lose. It’s as if we still had George
Bush - there have been few substantive changes, though we all expected
‘change you can believe in’.

It’s the voters who have lost and who will replace Obama in 2012, either with a
new Democratic candidate or a Republican.

Obama cannot sell to the American voters what he is peddling - warmed over
Republican solutions. Obama could have won only by being a Democrat. Long
ago, he set that aside. What a waste of a Presidency.

For ways Obama has turned his back on what the American people wanted,
please, review the following:

1. Debt & Taxes: 72% of us support raising taxes on the rich including 68% of
Independen­ts and 54% of Republican­s -Washingto­n Post-ABC poll Washington
Post-ABC poll, Spring 2011. Obama first with McConnell, then with Boehner
‘bargained­’ to extend the Bush tax cuts for the wealthy.

2. Financial Bailout: Over 70% of us opposed the bailout. Obama accelerate­d it
with two Bush carryovers - Geithner & Bernanke.

3. Health Care: 72% of us supported “a government administer­ed insurance
plan - something like Medicare for those under 65—that would compete for
customers with private insurers.” Obama supported a private-se­ctor, for-profit
health insurance ‘reform’, guaranteei­ng profits with ‘mandated customers’ &
20% more for ‘overhead’­.

4. “Wars on Terror”: 64% of us opposed expanding war in Afghanista­n and
wanted to disentangl­e from Bush’s ‘preventiv­e war’ policies. When Obama
leaves office more troops will be involved than when he began.

It did not have to be as it is: Obama had the American peoples’ support for
success, instead, he chose capitulation and failure.

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By Hulk2008, July 16, 2011 at 6:40 pm Link to this comment

Republicans are willing to wait this out - just like the guy at the poker table with the most chips waiting to buy the pot - waiting for the next deal to come around.  They literally don’t care if it’s a pyrrhic victory.  McConnell pointed at the fence like Babe Ruth and swore to take Obama out knowing he himself will survive even with some serious wounds.  He and Boehner stabd ready to take the fall as long as Obama goes down too; they will be regarded as political martyrs = for a short time.

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anaman51's avatar

By anaman51, July 16, 2011 at 3:30 pm Link to this comment

Once more, the Republicans hold America by the throat and demand total capitulation from the Dems—-or else. This shit has gone on far too long. Not only is this a textbook case of extortion, after the incident is resolved, any resulting ugly ramifications will be publicly blamed on the Democrats. This is standard procedure for the Republicans; they pull this stunt every time the budget comes to the fore, and after causing hardship for the poorest of Americans, those who are dependent on the social programs the Republicans hate so much, they claim a sort of twisted victory for having done it.

Again, the state governments will be stripped of Federal funding, and again the state powers will take it out on the poorest people in their states. They’ve proved what they’re made of already, in cutting off Medicaid in their states for the poorest of the poor, the most helpless people in their constituencies. This was done without conscience, and without mercy.

The Republicans are destroying everything good in this country! The existing state of humanity in America is abysmal because of their efforts, and they won’t be satisfied until every last elderly, disabled and poor American is left unsupported—-all so the rich can have a tax cut. The social support network established by this country is the only thing keeping us from dropping to third world status. Without these programs, America will be no different than the countries that allow their most helpless citizens to die in the streets of disease and hunger, homeless and forgotten. What have we become, people?

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By LostHills, July 16, 2011 at 2:22 pm Link to this comment

I like to bash Obama as much as the next guy, but on this issue he looks like the
only adult in the room…..

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By Inherit The Wind, July 15, 2011 at 8:47 pm Link to this comment

The answer is easy: When people elect guys like Ryan and Cantor and McConnell to “cut gummint waste” they NEVER believe it will happen to them…it’s gonna happen to somebody ELSE like those Eastern Lib’ruls.

So it’s simple: If you voted against compromise. If you spoke against compromise, YOUR voters will be the first to experience government default. The President should make it clear that EVERY payment to Mr. Ryan’s, Mr. Cantor’s, Mrs. Bachmann’s and every other tea-bagging shit-head who thought cuts would happen “somewhere else” will have ALL federal checks stopped there first: All Social Security, all Medicare, all Food Stamps, all military contracting, all military personell, all of ‘em.  Let the people in Mr. Ryan’s district see EXACTLY what the running out of money means, in REAL dollars.

They voted these shitheads into office.  Let THEM bear the consequences!

It’s real to me.  My mother gets half her retirement income from Social Security, and if those checks stop…and if her Medicare coverage stops….
Our NJ Senators have supported the President.  Why should WE be punished when assholes like McConnell and Paul and Imhofe and Coburn and Hatch et al have created this crisis as nothing more than a power play? Let the fools who elected THEM pay for it!

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