THE ORIGIN OF THE DEBT CEILING FIASCO


Thanks to History News Network (HNN), we now know (or at least I now know) how this peculiar business of budgets and debt ceilings came to be.

It is all the fault of our Congress, more specifically of one Democratic Congressman.

Here is what HNN says:

Josh Green [at PoliticalWire] points out that in 1979, Dick Gephardt, “who would later become House Democratic leader and twice run for president, devised a simple fix that met the absurd requirement of a two-step process. With help from the House parliamentarian, he established the Gephardt Rule, which decreed that when Congress adopted a budget resolution (the first step) it was automatically ‘deemed to have passed’ a commensurate increase in the debt limit (the second step). Presto. Problem solved.”…

I know better than to blame this on Democrats alone.  I rather suspect that, at the time, the Repubs swallowed it with relish, whispering: “Après moi, le déluge.”

And now the deluge is come, in the form of the most irresponsible Administration in U.S. history, which now has four more years to destroy this country’s economy by its profligacy.

The one redeeming thing about Repub participation in this travesty is the fact that, eventually, they woke up – somewhat.  To wit, the second half of the story, which HNN for some reason did not see fit to include:

“The Gephardt Rule held for a decade and a half, during which there were no fights over raising the debt ceiling. But when Republicans took control of the House in 1995, they killed it… Gingrich thought the second vote was a good pressure tactic to limit spending. Yet the threat of debt default didn’t work because nobody took it seriously. What’s different now is that many Republicans seem willing to follow through. Even Gingrich is worried.”  SOURCE: PoliticalWire (1-17-13)

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About Michael J. Kubat

I'm a grumpy Czech-born clinical social worker who is vitally interested in the survival in the United States as a viable democracy and a beacon of hope for the rest of the world.
This entry was posted in Democrats, economy, Obama administration, Republicans, USA and tagged , , , , , , , , , , . Bookmark the permalink.

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