Obama to Pitch Unilateral and Unlimited Debt Ceiling Authority Today
President Obama will deliver a speech today in which he will personally pitch for unilateral authority to raise the national debt ceiling. Reuters reports that the president wants the ability to raise the nation's credit card limit by himself, without the "drama" of having to consult the people's representatives in Congress.
The president is embarked on an aggressive campaign to pressure congressional Republicans to compromise on steps to avoid the so-called fiscal cliff. He will argue to corporate executives that it would hurt the nation's economy to have another protracted political fight over raising the debt limit, the official said.
"The President will highlight why it would hurt our economy and our nation's businesses if we do not find a solution to avoid another debt ceiling crisis, and will ask the business leaders for their help in supporting an approach that resolves the debt limit without drama or delay," said the official, who spoke on condition of anonymity.
The president could, of course, offer to cut spending to avoid ever reaching the debt ceiling. But that is an offer that so far he is unwilling to make. In fact, the offer he made to Congress to avoid the fiscal cliff at the end of the year included a $50 billion "infrastructure fund" that he could dole out at his discretion.
What Barack Obama is asking for is dictatorial power to spend as he sees fit, without limits and without input from Congress. In the absence of a national budget, which we have not had for more than three years, Obama's spending power would be unlimited.
What the president needs, really, is to have his credit card taken away. But unfortunately he got it extended for another four years on Nov. 6. His remarks today reveal that he fully intends to spend as much money as possible without regard for those who will eventually have to pay off his debts.