The current debt ceiling is an astonishing $14.3 trillion. We are approaching that ceiling very quickly, and it's going to be up to the new "conservative" Republicans in the House to make a decision what to do. Will they vote to raise the debt ceiling or will they vote to lower it. It appears shenanigans have already begun.
While Senator Rand Paul has vowed to do what it takes to defeat any rise in the debt ceiling when the vote comes to the Senate--I picture an amazing and inspirational filibuster--Decepticon Eric Cantor is offering a way out for House Republicans.
“Some conservatives, such as likely Majority Leader Eric Cantor (R-Va.) and Sen. Tom Coburn (R-Okla.), have said they would be willing to vote for an increase in the federal debt limit for tradeoffs in lower government spending. Unreasonable demands on lower spending that the Obama administration would likely reject, though, might only encourage obstinate tea party types to continue to hold out against raising the debt ceiling.”
Eric Cantor has indicated that Republicans will ask for an up or down vote to increase the debt limit next year. When asked if such a vote would be difficult given the Republican promise to cut spending, Cantor responded that the GOP will “demonstrate a commitment to the fiscal discipline [by] reducing costs of running federal agencies and examining pay for federal workers” before the vote comes up.
Utah Republican Senate-elect Michael Lee promises to stand with Rand Paul in the Senate to avoid any additional deficit spending despite any criticism from the Republican party. Why would there be? Michael Steele, head of the RNC, has vowed ‘no compromise’ on this issue.
The Republicans will show their true character in the coming weeks. We will know who the real conservatives are who are ready to battle the national debt and who the Decepticons are. I think the definition of conservative and Decepticon are already attaching themselves to a few Republicans.