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"t is quite common for requests of presidents to raise the debt ceiling to be accompanied by significant legislation that addresses the question of the debt," McConnell told reporters on Tuesday. "I would be stunned if we raised the debt ceiling and didn't do something about the debt. I think that's the view of virtually every Republican. I think the president ought to be concerned about the debt. It seems like the only time the president's ever willing to address the question of deficit and debt is when we have some opportunity and some leverage to bring him to the table. And the request to raise the debt ceiling is one of those opportunities."
The Congressional Budget Office reported on Tuesday that federal debt held by the public is now about 73 percent of the economys annual output, or gross domestic product. And CBO projected that under current laws and policies, that debt could reach 100 percent of GDP in 2038. McConnell noted that since the 1950s, legislation raising the debt limit often has included or produced debt-reduction measures. He mentioned Gramm-Rudman -- formally known as the Balanced Budget and Emergency Deficit Control Act of 1985 -- which was attached to a debt-ceiling hike signed into law by President Ronald Reagan. The legislation set deficit reduction targets that would have to be met to avoid automatic across-the-board spending cuts.
McConnell also mentioned the Clinton-era bipartisan Balanced Budget Act of 1997, which was designed to balance the federal budget by 2002; the Congressional Review Act of 1996, which allows Congress to review "major" rules issued by federal agencies before those rules take effect; and the Budget Control Act of 2011, which resulted in the current sequester. In his speech on Monday, President Obama admitted that "budget battles and debates...are as old as the republic." And with a few swipes at conservatives along the way, the president demanded that House Republicans pass a continuing resolution that includes funding for Obamacare; pass legislation raising the debt limit without conditions; and replace the current sequester with a "balanced" budget that includes more tax increases. "As I've said before, our deficits are falling fast," Obama said. "The only way to make further long-term progress on deficit reduction that doesn't slow growth is with a balanced plan that includes closing tax loopholes that benefit corporations and the wealthiest Americans at the expense of the middle class. It's the only way to do it."
The Congressional Budget Office says the federal budget deficit has shrunk noticeably in fiscal year 2013, and it is projected to continue to decline for the next few years -- but after that, the "long-term budget outlook is much less positive," CBO said. "The aging of the baby-boom generation, together with growth in health care spending per person and an expansion of federal subsidies for health insurance, is expected to steadily boost the governments spending for Social Security and major health care programs. Barring changes to current law, that additional spending would contribute to rising budget deficits starting in a few years, causing federal debt to swell from a level that is already very high relative to the size of the economy," the report said.
Defunding Obamacare
