March 8, 2015 Fox News, AP
Senate Majority Leader Mitch McConnell said Sunday that the Republican-controlled Congress won’t allow the government to default as the Treasury Department quickly approaches its so-called “debt ceiling.” “I made it clear after November that we won’t shut down the government or default on debt,” the Kentucky Republican told CBS’ “Face the Nation.”
McConnell’s promise came two days after Treasury Secretary Jack Lew told Capitol Hill that the government loses its authority after March 15 to borrow money to cover approved congressional spending and that his agency would have to resort to “extraordinary measures” as a short-term solution. To be sure, McConnell acknowledged after winning a tough midterm election bid that voters were tired of an ineffective Congress that too often teetered on shutting down the government over bipartisan issues.
“I hear your concerns,” McConnell said in his victory speech.
The nation’s debt currently stands at $18.1 trillion.
RINOTRACKER RESPONSE FROM CHRIS ADAMO
Does anyone wonder why every supposed government “shutdown” is automatically blamed on the GOP? Here’s Senate Majority Leader Mitch McConnell essentially claiming guilt, on behalf of his party, for even the possibility that such a cataclysm might take place. His statement “We won’t shut down the government or default on debt” presumes that if any impasse were to occur for any reason, the blame would lie strictly with the Republicans.
From the day in 1995 when then Senate Leader Bob Dole blinked and caved to Bill Clinton with his infamous “Enough is enough” concession, it is always presumed that Republicans must be the sole reason for the nation’s fiscal woes. But that is only the case because of the willingness of Republicans like Dole, and now McConnell to not only back down but recant for ever having attempted to stand against Democrats pillaging the nation’s treasury. Such cowardice ultimately energizes and further enables the fiscal irresponsibility that will drive America to the financial abyss.
Jack Lew, Barack Obama’s Treasury Secretary, is predictably setting a tone of contrived panic over the possibility that the feds might suddenly run out of money and cease to function. Fanning the flames of alarm, Lew suggests that he is having to resort to extraordinary measures to get by. Yet it is subsequently mentioned that the “debt ceiling” has been suspended for the past year, meaning the government can spend without any accountability, which it is indeed doing and, with McConnell’s complicity. Do we have any doubts that it will continue to do indefinitely.
McConnell’s assertion to voters at his victory speech last November “I hear your concerns,” could be construed to mean that he realizes America cannot continue in this wreckless manner. And clearly, that was what the Republican landslide represented. However, by his reaction ever since, we might be led to believe that America wants to drown in debt this year, and every year until the financial bottom falls out.