Senate Democrats are expected to release their bill on the debt increase today with an increase of 1 trillion or more, so that voters won't see another increase before they vote in 2014. The bill contains no cuts in spending. Since Obama took office in 2009, he has raised the debt by 7 trillion and this bill would take that number over 8 trillion. The bill could be released as early as today.
It is not likely such a bill would pass even in the Senate, where Republicans capitulate on a daily basis and it would fail in the House. Harry Reid and President Obama continue to play politics in hopes that it will cost Republicans the election in 2014. Government shutdowns have occurred 27 times in our country's history, but this is the first time that any party has refused to negotiate.
Recent polls indicate that Democrats themselves could be stung by the budget and debt debate. Several news sources have reported on the poll to show the American people would blame Republicans over Democrats but fail to mention all the details. Although the majority do want the debt limit increased, a whopping 62% say they want spending cuts to accompany the increase.
On the first question of increasing the debt ceiling:
Yes No With spending cuts
Republicans 22% 78% 77% to 11% with spending cuts
Tea Party 12% 88%
Independents 43% 57% 65% to 26% with spending cuts
Democrats 57% 38% 48% to 42% with spending cuts
Overall, the voters favor a debt ceiling increase with spending cuts by a 62% to 27%
President Obama has said that under Reagan the debt was increased 18 times and another 7 times under George Bush, while there were only a couple under Clinton. A chart on this page reveals the interesting fact that increases in the debt during the Reagan and Bush years occurred when Democrats owned the congress and that Clinton's lack of hikes occurred with a Republican congress.
And of the debt, this country has accumulated over the past 224 years, 37% has been added in under 5 years during the Obama presidency.
While a senator, Obama was dead set against raising the debt limit. Here is a quote from the freshman senator:
"The problem is that the way Bush has done it in the last eight years is to take out a credit card from the Bank of China in the name of our children, driving up our national debt from $5 trillion from the first 42 presidents. No. 43 added $4 trillion by his lonesome. So we now have over $9 trillion of debt that we are going to have to pay back. $30,000 for every man woman and child. That's irresponsible, that's unpatriotic."
In 2011, when Obama wanted another increase in the debt ceiling he backtracked at warp speed.
"When you're a senator, traditionally what's happened is, this is always a lousy vote. Nobody likes to be tagged as having increased the debt limit -- for the United States by a trillion dollars. As president, you start realizing, you know what, we, we can't play around with this stuff. This is the full faith and credit of the United States."
There are no signs that either side is ready to give an inch. Democrats say that Republicans will lose if they don't capitulate. Wrong. They lose if they do.