The Republicans Don’t Need to Do Anything; Obama Has to Learn to Prioritize Spending to Avoid Default
So Obama’s out there pushing this magic August 2nd deadline to get this thing done. That’s because Ramadan starts August 1st. (laughing) Well, it does. I looked it up. Yeah, I’ll tell you one thing is clear, and I don’t think this is a surprise to anybody. Any real change in the right direction for the country is going to be impossible without a real change in the White House. I mean that’s what this boils down to. Let me put this in perspective for you. Even the big deal, even this giant, major, really rolling up the sleeves and getting serious about it $4 trillion deal. Come on, that’s over ten years. We are running an annual deficit of one and half trillion dollars. Until you amortize it over ten years, then you realize that this big deal that everybody’s talking about, this really tough, I mean, man, unprecedented big deal would be $400 billion a year in cuts. We ought to be insisting on $1 trillion a year in cuts if we’re serious about this, and a lot of people are. Referring to voters, I am. A lot of people are very serious, $400 billion a year doesn’t sound like much, does it, when you’ve got a deficit of one and a half trillion, but four trillion over ten years, whoa, wow, man, four trillion, 4,000 billion. Holy cow. It’s $400 billion a year, and over ten years, it means the cuts in nine of those ten years never happen because you do a budget every year.
And the dirty little secret — and of course all of this, folks, I got details, I’m giving you little headlines here what’s coming the balance of the program. The dirty little secret here — and I mentioned this on Friday, I said really Boehner is not under any pressure, not from his voters. Boehner’s not under any pressure from his base to do this deal, particularly on Obama’s terms. And the dirty little secret here is the Republicans don’t have to seek any kind of deal with the Democrats. They can sit back and they can do nothing except vote “no” on raising the debt ceiling. Now, everything I read over the weekend, even some Republicans say at some point, oh, yeah, we gotta raise the debt — it’s going to happen, it’s just a matter of how they get there. But they don’t have to. They don’t have to. They don’t have to seek any kind of deal with the Democrats. They can sit back and they can do nothing except vote “no” on raising the debt ceiling. It is Obama and the Democrats that are gonna have to figure out how to prioritize payments so the interest on our debt gets paid, but that’s their problem. We don’t have to do anything.