Congressional Republicans are currently taking a hardline stance with the White House and Democratic leaders in the negotiations over the debt ceiling. The United States has already hit the statutory debt limit, but the Treasury Department is keeping the United States out of default through a number of “extraordinary measures.” Sometime in August those “extraordinary measures” will be exhausted, and the result could be an “economic catastrophe” according to economists. Republicans are insisting on significant deal to cut trillions in spending before they agree to raise the debt limit, but a look back in history shows the GOP was not always so demanding.
As Think Progress documents, the Republicans in Congress voted 19 times to increase the debt limit under the presidency of George W. Bush. The debt limit was increased by over $4 trillion during the Bush years, and the Republicans required no offsetting spending cuts or tax increases in order to raise the debt ceiling. The current “big four” Republicans leaders (Speaker John Boehner, House Majority Leader Eric Cantor, Senate Minority Leader Mitch McConnell, and Senate Minority Whip Jon Ky) all voted “yea” for well over $3 trillion in debt limit increases without any demands for spending cuts.
Some might argue that the Democrats controlled the Congress for some of the Bush presidency, and while that is partially true, from 2002 to 2006 the Republicans had control of both chambers of Congress, and they voted for three massive debt limit increases in that time with no demands for spending cuts.
However, in 2011 Republicans are not only making demands before a debt ceiling increase, but also being very uncompromising according to some reports. The White House and congressional Democrats have reportedly agreed to $2 trillion in painful spending cuts that Republicans requested. Democrats then wanted to start talking about raising $400 billion by raising revenue, mostly through the closing of corporate tax loopholes. When the discussion turned to revenue risers, House Majority Leader Eric Cantor walked out of the negotiations. Speaker Boehner and Senate Minority Leader Mitch McConnell have said they will accept absolutely no revenue raisers in the debt ceiling deal.
Conservatives attempt to justify the change of stance by saying they have now come to realize the serious debt situation the country is in. However, for Democrats the Republicans’ changed ways wreak of hypocrisy.
Republicans, willing to put the credit worthiness of the U.S., AND our economic recovery, at risk for political gain. (It's not us, it's all Obama's fault!)
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