The Coming Debt Ceiling Compromise

Reporting on Politics and Policy.
Nov. 8 2010 5:25 PM

The Coming Debt Ceiling Compromise

One of the issues that Tea Partiers expect their new Congress to hold the line on -- I mentioned this last week -- is the raising of the debt ceiling. They don't want it raised. End of discussion.

Republicans don't want it raised either. But let's start the discussion! Tom Coburn:

David Weigel David Weigel

David Weigel is a reporter for Bloomberg Politics

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If Republicans vote to raise the debt without insisting on spending cuts , whatever credibility we may have will be gone.

I won’t [vote for it]. Not-- not unless this debt ceiling is combined with some path to balancing our budget . Returning to 2008 spending levels. Repealing Obamacare.

John Boehner:

Increasing the debt limit allows our government to meet its obligations. And I think that there are multiple options for how you deal with it.

A "path to balancing the budget" can be anything! The groundwork is being laid here for a vote to raise the ceiling that promises massive cuts in the future, which really isn't what the base wants. The GOP's goal is to avoid the appearances of the TARP surrender of 2008, when free market Republicans agreed to betray their principles just this once to save the economy.

David Weigel is a reporter for Bloomberg Politics

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