He probably is not happy with his own plan for the debt ceiling, but, it is one crafted to support a weakly recovering economy without further contracture at any level.
Much to the novices in the Republican Party, the House has a plan. That is more than we usually witness with Republicans. The problem with the plan is that it is too extreme for the economic recovering of the USA and the sovereignty of the country. If one recalls the US Military stated, we would be facing a debt that was a national security issue. That was debt, not debt ceiling and as for the two topics they are different.\
The debt ceiling is a 'side effect' of the national debt, it isn't really the place or time for the debate about the national debt. We have witnessed a commission address the necessary changes required for resolution of the national debt, so the debt ceiling could actually be reduced instead of increased. Oh, yes, there is no reason why the debt ceiling could not be reduced over time as the national debt is reduced. Given the American language has become comfortable with the words billions and trillions that seems like a distant hope.
October of 2008 witnessed a global banking collapse. That was collapse, not simply default. There were huge investment institutions who grossly mismanaged their funds and literally trashed the entire global economy as they did their own corporations. To say that was irresponsible is one thing, but, to have it happen after the Republican administrations had overspent for eight years increasing the national debt by over $4 Trillion is still yet another perspective.
I do not believe there is another 'job' in the entire world where a newly elected President inherits a national debt out of control and an economy declining by the second with a global financial network that is unable to assist in their own dilemma. President Obama has done a completely remarkable 'job' at stopping the economic decline in the USA while keeping spending to a bare minimum. Yes, a bare minimum. If one recalls the economists were calling for a recovery package twice the size passed in 2009, but, the President was keeping his eye on the ball knowing more debt was not the way to take the nation unless we were headed to the same place the financial institutions just came from.
The Debt Ceiling is not a matter of debate, it is a matter of payment. It is the bill we have accumulated because the nation was in a false understanding of priorities during the election of 2004. The country was still scared of terrorists in a manner that was driving the election process. We are responsible for the problems we face today and we need to modify the spending of the nation, but, poor leadership for eight years does not mean we need to destroy our entitlements to reduce our spending. There is just no need to do that. The topics of Social Security, Medicare and Medicaid are all separate topics within the national debt and I am confident the USA Military does not view those entitlements as a problem knowing how they are the 'baseline' of our economy when times are difficult. The entitlements supported the 'baseline' of the nation's economy after October 2008. There is no way they should be diluted or destroyed for the sake of a Balance Budget Amendment.
A Balanced Budget Amendment to the USA Constitution is not possible. As the tax base is reduced more and more as witnessed from 2001 through 2009 the ability of the USA to honor those entitlements will be reduced and they will fail. A Balanced Budget Amendment to the USA Constitution would destroy the entitlements that support not only our more vulnerable citizens, but, the economy itself. It is not just a bad idea, it is an impossible goal for anyone to consider.
The novice Republicans are proposing cuts in the nation's spending that are TOO deep, they are proposing a cap to spending that is inappropriate at this time in our economy and they are proposing a Balanced Budget Amendment that would ultimately destroy our entitlements. Their solution is not workable and it should be set aside as the President has the pulse of the country and what is possible through the analysis of his cabinet.
