Why do tax increases + spending cuts = a permanent increase in the debt ceiling?
If President Obama really means all this, that is:
The president demands a $1.6 trillion tax increase over the next decade… He wants to treat $900 billion in spending cuts he agreed to in 2011 (as part of the Budget Control Act) as if they now count on his ledger as new cuts. He says that he will consider Medicare cuts and tax reform in the future, maybe.
On the other hand, Mr. Obama says reductions in ObamaCare spending are out of the question, and Congress must now agree to at least $50 billion in new stimulus spending next year. The debt limit must be permanently increased without accompanying spending cuts.
If he wants the tax increases, and if he’s serious about future spending cuts*, then why does he need a permanently increased debt limit?
*Yes, I know.
Also hat tip to Wombat.