Our Views: A debt deal doesn’t last

The U.S. government raising its debt limit does not sound like good news, and we’d just as soon see the government’s obligations going down in the future and not up.

But that the debt limit is not yet an exploding political hand-grenade in the party debate on Capitol Hill is a good thing.

The really bad news is that President Barack Obama and GOP leaders can’t agree on a permanent solution to this problem.

The current deal between the parties lasts only through the spring, and there is every prospect of another fight over this subject then.

Raising the debt limit, as the president has properly noted, isn’t about spending more money. It is about meeting the obligations the federal government has already incurred.

Every time this becomes a political fight, business uncertainty increases, and partisanship overrides common sense. Let’s hope we get lucky again, maybe in May. In lieu of statesmanship, luck is what we’ve got.

Comments

1) Comment by billynurse - 05/02/2013

"obligations that the Federal Government has already incurred" ... Obligations means promised spending projects, NOT debt payment obligations, which are already accounted for. It's misleading for the Spender-in-Chief to say we'll "default" on our debts by not raising the spending limit.

2) Comment by agagent - 05/02/2013

When the Democrats won control of Congress (and the balance of power in the federal government) in January, 2007, the federal government spent less than $3 trillion (FY 2007-adjusted for inflation). With Democrats controlling the purse strings, spending increased to $3.2 in FY 2008 and to $3.7 in FY2009 . . . a $700 billion increase in 2 years. Spending has remained high since. Obama and the Democrats in Congress approved the irresponsible spending but we should stop it using the debt limit authorization. Obama’s spending is like his school days cocaine habit: he will just spend it if taxes are increased.

3) Comment by phil - 05/02/2013

This national debt and debt limit issue has been in the news for a long time and we had a similar problem last year. So what has been the solution. Basically nothing. The federal government has just continued to spend more and more and now we are back to having to increase the debt limit once again this year. The debt limit gets increased, the national debt gets larger, and I guess we can expect this same issue to come up AGAIN next year? When is Congress going to start doing the job they are getting paid to do and run this country with a reasonable accounting system that does not run us all into going broke in the long term? It's a $16.4 TRILLION national debt that keeps getting bigger each year. Please fix it, Congress.

4) Comment by 8point6 - 05/02/2013

“The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the US Government can not pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. Increasing America's debt weakens us domestically and internationally. Leadership means that, "the buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.” -- Senator Barack H. Obama, March 2006

5) Comment by agagent - 05/02/2013

The House passed cut, cap and balance; Ryan developed a plan to deal with the deficit; the TEA Party fought hard to end the deficit spending, but Obama and the Democrats were in control. Obama and the media blamed those trying to fix the problem instead taking responsibility for their spending. After bashing all attempts to rein in the reckless spending, the Advocate now says nothing can be done to control the spending and debt.

6) Comment by [e-mail] - 05/02/2013

My, perfidy is rampant these days and is passing itself off as journalism! So far Obama hasn't been able to find an issue for which his media lapdogs won't roll over! Spending money you don't have has never worked in the history of the world.

7) Comment by agagent - 05/02/2013

The Advocate, like Obama, has a “talking point”(lie) to match any situation. Wait a minute this is Obama’s talking point (lie), and the Advocate is happy to repeat it. When Bush was in the white house it was all his fault even though Congress regulated banking and finance. Now that Obama is in the white house he cannot be held responsible for the out of control spending, and the resulting mountain of debt. Just like s__t happens, debt happens the Advocate says.

8) Comment by jdk944 - 05/02/2013

Has The Advocate's views become their attempt at political comedy? Or maybe it's satire. Yes, it's your "views" Advocate but NOT based on any reality!!

9) Comment by InPVille - 05/02/2013

"Raising the debt limit, as the president has properly noted, isn’t about spending more money. It is about meeting the obligations the federal government has already incurred." This is specious ***** The federal government incurred obligations far and above what it could continue to guarantee. Having dug itself into a hole, the first thing to do would be to stop digging. It is not as though if we keep digging ourselves in deeper we will eventually come out of the other side of the planet out of debt. -[**]- @tradewinns: You are headed in the right direction. But I'd make that a few tens of trillions of dollars "of taxpayers money between friends".

10) Comment by tradewinns - 04/02/2013

to continue to increase your debt when you cannot currently pay your bills is not only fiscal irresponsibility but just plain stupid. our government has no, zero,none, nada, zilch, forget about it, intentions of even trying to balance the budget. if they were running a public company this way they would be fired and brought up on charges of improperly meeting their fiduciary obligations to the stockholders. to try and justify postponing a correction of the problem is dang near criminal. but what the hecks a few hundreds of billions of dollars of taxpayers money between friends.