U.S. House Republicans back 3-month debt limit increase

WilliB, federal spending as a percentage of GNP in 2012 was about what it was during the Reagan administration - and it is dropping rapidly as the economy rebounds. It's possible - likely, even - that Obama will leave office with such spending lower than it ever was during the Reagan and Bush I administrations - partly due to almost $2 trillion in cuts that have already been agreed to.

The only areas available for major deficit reduction via spending cuts are defense and Medicare/Medicaid (forget Social Security - that is directly funded by payroll taxes). Sequestration would cut both in equal amounts.

Even with the reversion of upper-bracket rates to pre-Bush levels, federal tax revenue as a percentage of GNP is at post-war historical lows.

Republicans pretend to be deficit hawks. They are not - they simply hate all government spending aside from that on the Pentagon and farm welfare programs. Obama has scored a victory in freeing that nonsensical debt ceiling from meaningful fiscal debate. Such debate must occur in Congress. The Democrats have made their choices rather clear; Republicans demand deep spending cuts but refuse to identify them. Perhaps clarity will finally arrive.

Spend away, kids!

Actual, real, no-kidding, immediate spending CUTS, not reductions in future increases , are what is truly needed.

Heh, the conservatives cave again.

After the beating they got on election day it's not surprising.

However, this extension will simply give the GOP/TP  3 more months to decide how to achieve their Holy Grail of bringing down the US economy.   

Some Republicans have signaled they would be willing to let the government shut down unless a debt ceiling increase was met with an equal reduction in federal spending.

Looks like they are still waiting for Obama to negotiate with himself.

“We are encouraged that there are signs that congressional Republicans may back off their insistence on holding our economy hostage to extract drastic cuts in Medicare, education and programs middle class families depend on,” White House spokesman Jay Carney said in response to Friday’s proposal.

Nothing like taking pot shots at people trying to pragmatic. And they wonder why the two sides hate each other?

What nonsense. A "three month limited" spending increase is of course a spending increase, period. Anyone who believes that after three months the government will cut down on spending can also believe in the Easter Bunny.

The Republicans are giving in to Democrat policies and should just say so.

The republicans blinked again.

Would be good if Obama said no to this short term measure and veto the bill. The debt ceiling has nothing to do with the bankrupt budgets that the republicans pass every year. Its like getting your credit card statement, the money has been spent already by the republicans on wars and bailouts and bridges to nowhere.