Archive for July, 2011
Willing Suspension of Debt Relief (or: How to Solve the Debt Ceiling Crisis Without Increasing the Debt Limit)
Saturday, July 30th, 2011
Here’s my idea to potentially partially overcome Tea Party resistance to the notion of raising the debt ceiling.
“The debt ceiling is hereby temporarily suspended and the Treasury instructed to honor all payments pursuant to prior Congressional authorization, pending finalization of an agreement to significantly reduce projected deficits and return the United States to a sustainable fiscal and economic path.” – proposed language to suspend debt ceiling
When you commit to do more than you temporarily can, It’s sometimes necessary to kick the can. – Newsericks
This language could be used either on its own, or instead of the language extending the debt ceiling by a specific amount in conjunction with any of the current proposals now float around, or with my own proposal. It is designed to appeal both to Dems (for whom it is less restrictive than a set amount or short-term extension) and to Republicans/Tea Partiers (who would thereby avoid actually voting to increase the debt limit). It avoids the Boehner re-approval loop and is cleaner and simpler than the McConnell language.