House stages debt drama

WASHINGTON – The House of Representatives’ Tuesday vote against a “clean” debt-limit increase – one with no budget cuts attached – was largely a political exercise from both parties eager to embarrass the other side.

The 318-97 vote against increasing the nation’s $14.3 trillion debt limit, a figure reached a few weeks ago, was organized by Republicans who were against such a move unless it included major spending cuts. Democrats wanted a debt-limit increase with no such strings attached.

Vice President Joe Biden is leading bipartisan talks aimed at finding those cuts – and perhaps new ways of raising revenue. Treasury Secretary Timothy Geithner has said the government is likely to run out of borrowing authority on Aug. 2.

Democrats decried the GOP-orchestrated vote Tuesday as little more than a cynical political ploy.

“It will not be an adult moment on the floor of the House of Representatives,” said House Minority Whip Steny Hoyer, D-Md., before the vote.

“If we were adults, and acting as adults, we would come together and give certainty to the markets that, of course America is going to pay its bills – bills that we have all incurred over the last 30 years.”

Democrats warned votes like the one Tuesday could rattle financial markets.

“It sends a terrible message to the international community,” said Senate Majority Leader Harry Reid of Nevada.

Republicans maintained it’s Democrats who are irresponsible. Where, GOP leaders asked, is the Democrats’ plan to reduce the debt and deficits? This year’s deficit is expected to hit $1.5 trillion, and the government is expected to accumulate $7 trillion worth of deficits over the next 10 years.

House Democrats offered a plan that would add about $7.5 trillion to the deficit over the decade, while President Barack Obama’s fiscal 2012 budget blueprint would add $7.1 trillion to the national debt over the same period. Senate Democrats haven’t come up with a plan.