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One of the penalties for refusing to participate in politics
is that you end up being governed by your inferiors. -- Plato
Monday, January 14, 2013
Debt Limit Negotiations Are Routine
Presidents Routinely Negotiate On Debt Limit In An Effort To Address The Debt, Why Won’t This One?
‘Nearly Every Significant Deficit Reduction Law Of The Past 27 Years Has Been Linked To A Debt Limit Debate’
43 U.S. SENATORS: “The 1985 Gramm-Rudman-Hollings Act, which helped reduce the deficit, was attached to a debt limit bill. The three largest deficit reductions bills in the 1990s – in 1990, 1993, and 1997 – were each linked to debt limit legislation, as was the Statutory Pay-As-You-Go Act of 2010. Finally, the debt limit was the impetus for the 2011 Budget Control Act, estimated to save $2.1 trillion over the decade. In short, nearly every significant deficit reduction law of the past 27 years has been linked to a debt limit debate. For Congress to surrender its control over the debt limit would be to permanently surrender what has long provided the best opportunity to enact bipartisan deficit reduction legislation.” (Sen. Portman, Letter To President Obama, 12/5/12)
“The signing of the budget-tax package also triggered a $950 billion increase in the statutory debt limit that was included in the budget package…” (“Bush Signs Bill That Reinstates Mortgage Bond, IDB Exemptions,” The Bond Buyer, 11/7/1990)
1985: President Reagan: “Today I have signed H.J. Res. 372, which increases the statutory limit on the public debt and includes the Balanced Budget and Emergency Deficit Control Act of 1985, also known as the Gramm-Rudman-Hollings amendment. With the passage of this landmark legislation, the Congress has made an important step toward putting our fiscal house in order. Deficit reduction is no longer simply our hope and our goal -- deficit reduction is now the law.” (President Reagan, Statement On Signing H.J. Res. 372 Into Law, 12/12/1985)
“…the legislation's declining deficit targets estimated to require $11.7 billion in spending cuts for the current year and $50 billion to $60 billion next year.”(“Survey: Economists Pessimistic About Balanced-Budget Plan,” UPI, 12/16/1985)
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