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The Weekly Standard Senior Writer Steve Hayes and American Banker Columnist Susan Ochs on whether the debt ceiling still serves a purpose.
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So moving on now into another budget -- -- accusations that Republicans are gonna hold the debt ceiling hostage over spending cuts Fed Chairman Ben Bernanke said himself that.
Purpose of the debt ceiling.
And that it's a device to prevent the US from paying its bills so why are we watching Washington -- -- -- we should just get written it here is Susan -- American banker columnist and former treasury department's senior advisor to President Obama.
And Stephen Hayes with the weekly standard and a Fox News contributor all -- -- -- constantly deal.
What do you think -- -- -- and deserve a purpose.
You know it really doesn't is as kind of a belt and suspenders operation if congress wants -- have -- input on how much money is being spent.
They are thirteen congressional committees that pass appropriations bills that spend the money that's the time to have this conversation this is just out of this hole in the economy hostage and -- what used to be kind of -- just.
-- nine anomaly in the system is now actually become dangerous Stephen.
Severe reason for it I mean it has to be a cottage cheese is bound suspenders which makes a lot of sense maybe you know our -- has fallen off in this is all we have left -- and it -- -- -- you know between this and insanity.
So so attempting to go with the pants down -- -- yeah.
-- gonna resist trying you're not yeah I -- that's CEO he added I -- O not burn it up yeah look at I think it's useful -- anything that we have and our system.
That requires members of congress and the president to take a look together.
How much money we're spending it at at our overall debt.
I think he's a good thing and when you have the public engaged in the way that the public has been engaged in these kinds of fights -- on these issues going back for the past 56 years.
I think that's only good thing it would look we leading the public to be engaged we need people to take seriously the amount of debt.
That we have racked up here's a country and and let's let's say I agree with you.
On the blame game -- that's not terribly useful but we we need to do to do is have a discussion about how does slow down that spending anytime you have a requirement.
Statutorily that makes you stop and take that -- I think it's positive.
Susan -- original reason.
You know this is baked and for our -- -- a really long time at eight I don't actually even know what the initial intent of it was you know part of it has become.
Use it as a piece -- have those broader conversations the problem is what's happened is it is now.
We're -- enabling hypocrisy on the part of members of congress so they get to vote for their little.
Independence and import pork spending projects.
But then they get to rail against you know this massive out of control spending as if they had no relation to the TO trade and it it sort of it it's allowing a lack of discipline when we're having the normal budget conversations.
And I think that's what's actually gotten really dangerous to see.
I mean he'll make sense to me about it is that if I want at my credit limit raised an extended I would think no one would give me more money and -- I explained to them how I would going to deal with the problem my party created.
I mean why would American Express why the bank did you another loan.
If you didn't write tell them your planned concretely and how to get your past spending under control.
-- and live within your me.
That's right and even still they probably wouldn't give you.
-- events recently it you know but but but look I think that's a fair point -- -- -- that the problem here is that we haven't been serious about not spending that.
That the money in the first place and this is where I think Susan is right there's been hypocrisy on all sides on this you have Republicans to.
Have voted against the debt ceiling increase what do Democrats better -- -- -- Democrats like the president who voted against raising the debt.
Limit when he was in the senate and then with a Republican president.
So there's hypocrisy all over the place but what I think we didn't see -- -- -- bothersome to me yesterday from the president was we give us we didn't hear from him any.
Suggestion of where he wants us to go to solve the long term problem and again I go back to what we all understand.
Is the cause of the problem here and that is entitlements -- -- structural reform.
OK yeah last -- -- gonna ever gonna get -- entitlement reform of the gun to your head and that's what's happening with the that's all right you know he's so much more that I guess that's it we'll bring -- -- great -- -- -- now.
