April 22, 2011
Ryan’s Own Budget Calls For Immediate $2 Trillion Hike In Debt Limit
Language Buried Inside House GOP’s ‘Path to Prosperity’ Would Lift Debt Ceiling by $2T Right Away and Nearly $9T by 2023
House GOP’s ‘Escalating’ Threats On Debt Ceiling Ring Hollow Since Reckless Budget GOP Passed Just Last Week Calls For More and More Borrowing Into Future
HOUSE GOP IS ‘ESCALATING’ THREATS TO NOT RAISE DEBT CEILING …
Politico: ‘Republicans Escalate Demands on Debt Ceiling.’“One day after being named to a presidential task force to negotiate deficit reduction, House Majority Leader Eric Cantor fired off a stark warning to Democrats that the GOP ‘will not grant their request for a debt limit increase’ without major spending cuts or budget process reforms.” [Politico, 4/20/11]
… BUT, IN AN INCONVENIENT TWIST SURE TO UPSET TEA PARTY, HOUSE GOP BUDGET APPROVED LAST WEEK ALREADY CALLS FOR DEBT LIMIT INCREASES
House GOP Budget Would Raise the Debt Limit By More Than 60%, to $23.1 Trillion. The federal debt ceiling currently stands at $14.3 trillion. Under the House Republican budget, the amount of public debt subject to the limit would be $23.1 trillion in Fiscal Year 2021, meaning the GOP plan forces an $8.8 trillion in additional debt – an increase of more than 60% - over ten years. [H. Con. Res. 34 (Page 5); Los Angeles Times, 4/15/11]
LA Times: ‘Do House Republicans Realize They Just Endorsed a Higher Debt Limit?’ “As far as I could tell, no amendments were offered to reduce the levels of spending outlined in the budget to hold that level of debt at or below $14.3 trillion. So, I guess that means Republicans won't object to raising the current debt ceiling within the next few weeks so that the federal government can honor the commitments it has already made?” [Los Angeles Times, 4/15/11]
If They Had Not Changed Their Own Rules, GOP Budget Vote Last Week Would Have Been a Vote to Raise the Debt Limit. “Under House Rule XXVII (commonly referred to as the Gephardt rule after its author, former Representative Richard Gephardt), a joint resolution specifying the amount of the debt limit contained in the budget resolution automatically is engrossed and deemed to have passed the House by the same vote as the conference report on the budget resolution, thereby avoiding a separate vote on the debt-limit legislation.” That means that, under the Gephardt rule, the House Republican budget passed last Friday would have been considered a vote to raise the debt limit. When Republicans took control of the House of Representatives in January 2011, they eliminated the so-called Gephardt rule. [CRS, 6/26/08; Washington Post, 1/5/11]
GOP BUDGET NOT ONLY ENDORSES IMMEDIATE $2T HIKE IN DEBT LIMIT, IT CALLS FOR NEARLY $9T IN INCREASES OVER NEXT DECADE
Debt Subject to the Debt Limit Under House GOP Budget | |
Current Limit | $14.31 Trillion |
FY 2012 | $16.20 Trillion |
FY 2013 | $17.18 Trillion |
FY 2014 | $17.95 Trillion |
FY 2015 | $18.70 Trillion |
FY 2016 | $19.50 Trillion |
FY 2017 | $20.25 Trillion |
FY 2018 | $20.97 Trillion |
FY 2019 | $21.70 Trillion |
FY 2020 | $22.41 Trillion |
FY 2021 | $23.10 Trillion |
TOTAL DEBT LIMIT INCREASE NEEDED UNDER GOP PLAN: $8.8 TRILLION | |
[H. Con. Res. 34 (Page 5)]
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