Scalise: Only Obama is threatening ‘default’
The new chairman of the Republican Study Committee, the House GOP’s conservative caucus, called out President Barack Obama’s fear tactics and threats regarding the federal debt crisis.
“President Obama seems to be the only person in Washington who threatens default on America’s debt obligations,” said Stephen J. Scalise (R.-La.), whose term as RSC leader began with the new Congress. There are 170 members in the RSC, which forms the House’s majority of the majority.
“Default is not an option unless President Obama and his administration choose it to be,” he said.
“The federal treasury takes in an estimated $2.5 trillion per year, more than enough to make the required FY13 $220 billion interest payments to stave off default,” he said.
“The President has an obligation to preserve the credit rating of the United States, and hitting the debt ceiling does not immediately trigger a default unless his administration fails to do its job and prioritize our debt payments,” he said.
The Louisiana Republican said the president keeps looking at the wrong side of the equation.
“The root of our economic problem is out of control spending,” he said. “Until Washington stops spending money it doesn’t have, America will continue down the path towards insolvency paved by Greece.”
Scalise was first elected to Congress in 2008 and at the end of the president’s first 100 days, he was asked by a local paper to give Obama a letter grade. “I give an ‘L’ for liberal,” he said to the reporter.
The congressman does not seem to have changed his mind.
“President Obama continues to run trillion dollar deficits as far as the eye can see. We can’t continue borrowing money from China as we rack up more debt andsendthe bill to our children and grandchildren,” said the married father of two.
“The federal government has a spending problem and the only remedy is to control spending,” he said.