The U.S. House of Representatives failed to approve a presidential request to increase the debt ceiling yesterday. Members rejected a motion to suspend the rules and proceed with that bill by a 318 to 97 vote (roll call). Every House Republican present voted against raising the debt ceiling, including Tom Latham (IA-04) and Steve King (IA-05). Nearly half the Democratic caucus also voted against yesterday’s motion, including Dave Loebsack (IA-02) and Leonard Boswell (IA-03). House Minority Whip Steny Hoyer advised Democratic colleagues to reject what he described as a “political charade” aimed at producing fodder for campaign attack ads. Bruce Braley (IA-01) missed yesterday’s vote to attend a family funeral but released a statement saying he would have opposed raising the debt ceiling. I’ve posted his comments after the jump. Since last November’s election, Braley has consistently been talking like a deficit hawk.
The U.S. hit its current debt ceiling in mid-May. If Congress does not raise the limit by August 2, the federal government will not be able to pay all of its bills. Republican leaders are pushing for major domestic spending cuts as a condition for raising the borrowing limit. Naturally, austerity won’t apply to the military budget, and that’s fine with Boswell, Loebsack, Latham and King.
I believe Democrats are making a mistake by accepting Republican demands for strings attached to the debt ceiling hike. President Bill Clinton refused to make such negotiations part of a deal on raising the borrowing limit in 1995, saying he would not let Congressional Republicans use the occasion to “backdoor their budget proposals.”
King asserted yesterday that repealing the federal health insurance reform law would “save the taxpayers $2.6 trillion” and would be a good start toward finding spending cuts to offset the president’s debt request. I’ve posted his full statement after the jump. At this writing I have not seen official comments on the debt ceiling from Loebsack, Boswell or Latham. If those become available, I will update this post.
UPDATE: Latham’s statements on the debt ceiling are now after the jump.
Continue Reading...