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Friday, July 29, 2011
NM-01 Candidate Eric Griego: It's Time to Invoke the 14th Amendment
At last. A prominent local Dem speaks out to urge President Obama to make a bold move in dealing with the manufactured "debt crisis" -- instead of supporting Dem Sen. Harry Reid's incredibly damaging proposal that's essentially a response to blackmail. NM-01 Democratic congressional candidate Eric Griego released a statement today calling on President Barack Obama to invoke the 14th Amendment to raise the national debt ceiling and to not let the Republicans in Congress “take our country’s future hostage in order to gut Social Security, Medicare and Medicaid.”
As Robert Reich, Sen. Bernie Sanders, Paul Krugman, Van Jones and others have pointed out, the plan being touted by Dems in DC is only slightly better than the awful proposal put forth by GOP House Speaker John Boehner.
Sen. Sanders points out the horrors of Boehner's proposal and describes the Reid plan this way:
Now, with the U.S. facing the possibility of the first default in our nation's history, the American people find themselves forced to choose between two congressional deficit-reduction plans. The plan by Senate Majority Leader Harry Reid, which calls for $2.4 trillion in cuts over a 10-year period, includes $900 billion in cuts in areas such as education, health care, nutrition, affordable housing, child care and many other programs desperately needed by working families and the most vulnerable.
The Senate plan appropriately calls for meaningful cuts in military spending and ending the wars in Afghanistan and Iraq. But it does not ask the wealthiest people in this country and the largest corporations to make any sacrifice. The Reid plan is bad.
... In other words, Congress is now on a path to do exactly what the American people don't want. Americans want shared sacrifice in deficit reduction. Congress is on track to give them the exact opposite: major cuts in the most important programs that the middle class needs and wants, and no sacrifice from the wealthy and the powerful.
As Krugman put it, "one party is clearly engaged in blackmail and the other is dickering over the size of the ransom." But there is another way out of this mess, and Eric Griego is calling for Obama to follow it.
Griego obviously sees the folly in the allegedly "balanced" approach. Instead he is is pushing for the President to sidestep the two damaging plans that have emerged from Congress and take matters into his own hands -- as the constitution allows.
See Griego’s full statement is below:
“Because of House Republicans’ refusal to negotiate in good faith with Democrats to raise the national debt limit to pay the bills we already owe our country is now teetering dangerously close to losing the full faith and credit of the United States. Economists and businesses around the country and the world warn that this would result in catastrophic economic damage and higher unemployment.
“Such an outcome is entirely unacceptable. We must put the country’s interests ahead of House Republicans’ insistence on an ideological crusade that takes our country’s future hostage in order to gut Social Security, Medicare and Medicaid to pay for tax cuts for millionaires, Big Oil and other corporate special interests.
“We expect Republicans in Congress to own up to their responsibility for fostering the conditions that have led our country to this point. But after spending trillions of dollars in Bush tax cuts for millionaires, paying trillions more on the nation’s credit card for two mismanaged wars under President Bush’s watch and having nearly caused another Great Depression by falling asleep at the wheel while big banks sank our economy, their intransigence is callous at best and morally bankrupt at worst.
“That is why, today, I call on the President to invoke the 14th Amendment immediately to use an executive order in raising the national debt ceiling immediately. Then let’s get to work cutting subsidies for big oil and tax breaks for the rich so we can create jobs and reduce unemployment because people are hurting and they want to work.”
Good for Eric Griego. Apparently he actually did understand Econ 100 - Macro (unlike Obama and too many members of congress).
I'm with Delong, who said
"A rational administration would:
Announce a technical fix to the debt ceiling today: the economy does not need the risk.
Abandon all long-term budget negotiations with anybody who requires cuts to the deficit over the next eighteen months to come to the table: the economy needs stimulus, not contraption.
Take every single uncommitted TARP and TALF and whatever dollar, leverage it up, and throw it at the economy to boost aggregate demand."
Griego has Step 1 correct - only two more steps to go.
Posted by: Michael H Schneider | Jul 29, 2011 6:35:20 PM
It is looking like Obama is going to have to use constitutional method. The Republicans are still playing games.
Poor president had his heart so set on implementing the Cat Commission's road to deep depression. Pobrecito.
Posted by: qofdisks | Jul 30, 2011 3:25:02 PM