Senator Mitch McConnell has unveiled a proposal to give President Obama the power to raise the debt limit on his own by $2.4 trillion in three installments before the end of 2012–unless two-thirds of Congress votes to block it.
Senator McConnell’s proposal will undermine everything conservative Republicans have been working for in regard to spending cuts. The GOP was using the debt ceiling as leverage to get the President and Congress to agree to significant cuts in spending, including entitlement programs. The last thing we need to do is give President Obama the unfettered power to continue to spend us into oblivion and Senator McConnell’s proposal does not give us any real protection against that eventuality.
And that’s not all–Senator McConnell’s proposal comes out ahead of next week’s vote on a Balanced Budget Amendment. The amendment would put the U.S. on a path to reduce the federal deficit. Moody’s Investor Service has been very clear that a reduction is necessary to maintain our current credit rating. Their response to the McConnell proposal was not positive:
“the outlook assigned at that time to the government bond rating would very likely be changed to negative at the conclusion of the review unless substantial and credible agreement is achieved on a budget that includes long-term deficit reduction. To retain a stable outlook, such an agreement should include a deficit trajectory that leads to stabilization and then decline in the ratios of federal government debt to GDP and debt to revenue beginning within the next few years.”
So what can you do to stop Senator McConnell’s attempt to give President Obama an unlimited line of credit?
1. Call Senator McConnell’s office along with your Senators and Representatives and ask them not to give President Obama the authority to raise the debt limit.
2. Ask your Senators and Representatives to support the Balanced Budget Amendment
The Capitol switchboard is 202-224-3121