NICK GILLESPIE AND MATT WELCH: “While the government continues to borrow more than 40 cents for every dollar it spends, neither Obama or Boehner has proposed reducing year-over-year government expenditures by a penny. To the extent that Obama’s preferred path can even be divined from his peevish oracular pronouncements about “eating peas,” he’s talking about raising annual government spending from $3.8 trillion this year to $5.7 trillion in 2021. The 10-year budget plan that Boehner and the Republicans are pushing calls for spending $4.7 trillion in 2021.
Only in Washington can minor trims in massive anticipated spending hikes be considered budget “cuts.” Which explains why the bond-rating agency Standard & Poor’s has warned that whatever happens this week regarding the debt ceiling, the US needs to present a credible long-term plan in the next three months to stabilize and decrease its staggering debt load or face a credit downgrade.
The debt limit, in other words, is just the canary in the coal mine. The real problem is a long-term trend that can’t be explained away with slippery language.”
[Read “It’s not a game, Boehner and Bam” at the New York Post]