I’ve Gone Over the Cliff
The last minute round of tax hikes to avert the fiscal cliff somewhat had me both surprised and skeptical. I was surprised that a deal that was solely an increase in taxes made its way through, and I was skeptical that the spending side of the balance sheet would ever be meaningfully addressed. As I’ve said before, I hate it when I’m right.
Even without any deal on spending cuts or even the mention of spending cuts, the White House this week urged Congress to approve yet another increase in the $16,000,000,000,000 debt limit, saying Congress should just do “what it normally does, which is raise the debt ceiling without drama.” It’s exactly that attitude that brought on this problem in the first place.
Then, yesterday, the president had the nerve to again say the sky will fall if Congress fails to raise the debt ceiling. Wait. I think I’ve heard this before somewhere. And what ever happened to those spending cuts that could keep us under the debt limit?
At any rate, I’ve just had it. The culture of irresponsible federal spending must end (no kidding, right?). To really change anything, though, it needs to start now and it needs to be painful. Start with the $60 billion Hurricane Sandy relief and work back from there. Yes, use the debt ceiling as the leverage to get those cuts in place. If we can’t get our house in order without raising the debt ceiling, then so be it.
Let the sky fall.