President Obama has now announced that he will veto the “Cut, Cap, and Balance” bill to raise the federal debt ceiling that passed the House of Representatives yesterday. In its place, the president offers . . . nothing.
With the clock ticking down toward what the administration calls “fiscal Armageddon,” the president still has not put an actual plan for increasing the debt ceiling on the table. True, he has held innumerable press conferences and briefings at which he has declared his willingness to compromise and “make difficult choices,” and even angered his own base by suggesting entitlement reform. But when it comes to actually spelling out what those compromises, choices, and reforms would be, the president is suddenly absent.
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