Here’s a nice summary of all the many falsehoods and inaccuracies in Speaker Boehner’s televised address, from Jonathan Alter via Bloomberg. However, at this point I’m most disappointed in President Obama. He appears to be willing to cut off his own arm to appease the GOP, in exchange for… what, exactly? Nothing that I can identify.
The facts are quite simple. We already spent this money. We need to fulfill our obligations. We have to raise the debt limit accordingly. This has nothing to do with whether we should continue future spending at the same rates, or whether we should try to reduce our national debt overall. Of course we should try to curtail government spending, and of course we should adjust both spending and revenues to reduce our deficits. We can sort these matters out at any time; there is no reason it has to be now, under the gun of the approaching deadline, in a way that risks default and a reduction in our credit rating. We will only end up having to pay even more than we currently owe if that happens. I don’t understand why any of this is a mystery. I don’t understand why “conservatives” are so completely out of touch with the fiscally conservative, prudent position on this matter. Pay what you owe, already, and then roll up your sleeves and figure out how to stop continually spending beyond your means.