UPDATE: Senate Republicans block vote on President Obama's debt-limit plan
The Pharaoh-like power-grab of omnipotence that Egypt's Morsi recently pulled seems to have set a precedent among newly 'elected' leaders. This morning, as per Bloomberg, we hear that Obama (and his viceroy Harry Reid) plan to demolish the idea of congressional checks on the debt limit. Incredibly ironic timing - given our previous post (in which Rick Santelli explains why this is a potential disaster), but placing that much unlimited money power in the hands of one man seems like a mistake:
- *OBAMA PLAN CALLS FOR END OF LAWMAKER APPROVAL OF DEBT LIMIT
- *REID SAYS SENATE MAY VOTE ON OBAMA DEBT-LIMIT PLAN TODAY
Perhaps - though obviously politically biased, Mitch McConnell is on to something (as per National Review):
“By demanding the power to raise the debt limit whenever he wants by as much as he wants, he [Obama] showed what he’s really after is assuming unprecedented power to spend taxpayer dollars without any limit,” McConnell said.
“Look: the only way we ever cut spending around here is by using the debate over the debt limit to do it,” he added. “Now the President wants to remove that spur to cut altogether.”