With our national debt spiraling out of control and no relief in sight, it is quite unsettling to hear a sitting United States Congressman argue that the debt ceiling is a ‘phantom’ issue. That’s exactly what happened this week - so if you were hoping for that $15trillion debt to be reduced, don’t hold your breath. Who said it? South Carolina's James Clyburn!
"The fact of the matter is we should be focusing on jobs and opportunities and we ought to stay away from these phantom issues like the debt ceiling. We ought to ask ourselves, why do we have a debt ceiling in the first place?" Clyburn said.
"It does absolutely no good. How many countries have got debt ceilings? This is a made‑up issue. It's manufactured. The issue itself is a phantom, and we ought to be going about talking about jobs, creating opportunities for our young people, many of whom are coming out of school this week and next and they are going to be looking for opportunities to pursue their life's dreams," Clyburn continued.
Glenn could not believe this rationalization.
"Let me ask you this: How fast would you divorce your spouse if your spouse said that to you? If you knew that we were in trouble? And you had heard your spouse at some point saying, 'This budget is out of control. We're just, we're in real trouble. We have to stop spending.' And then things started going your spouse's way. They, I don't know, started getting new shoes or new purses or new whatever it is. And then all of a sudden your spouse starts to say, 'You know what? I ‑‑ why do we even need this debt ceiling again? You know what we should be talking about is Bobby is going to get out of high school here soon and he's going to need to go to college and we need to ‑‑ we're creating opportunities. You know what? By dressing, by me buying new suits all the time, I'm dressing for success. That's what's happening here. I'm ‑‑ it's new opportunities. You know why we need to expand our house? We need to expand our house because, let me tell you something. Have you seen the neighborhood lately? The neighborhood, the houses are getting bigger. I mean, how are we going to ‑‑ how are we ever going to turn this thing around? We need to look at our opportunities.' You would say, 'Honey, you're out of your mind.'"
"Clyburn is right about this: There are a lot of countries that don't have, you know, any kind of debt ceiling. Greece is one of them. They didn't seem to have a debt ceiling. Spain is another one. They don't really have a debt ceiling. Portugal. What are they up to, almost 300% of GDP? Whatever," Glenn said.
Glenn then played audio of Obama saying, "My budget freezes spending for five years and what that does is it solves the short‑term problem by saying we're not going to spend any more money than we're taking in. That requires some painful cuts in some areas and some cuts that I'd prefer not to have to do but I think it's important for us to get that right."