The clock continues ticking toward an Aug. 2 deadline, at which point the federal government will run out of money to meet some of its financial obligations. And yet, President Barack Obama and Democrat leaders in Congress refuse to budge on their demand that big tax increases be part of any deal to raise the debt ceiling.
That is beyond irresponsible in the face of our $14.3 trillion national debt.
Even if you believe, in principle, that tax increases would be wise, the worst possible time to impose higher taxes is in the midst of an economic crisis.
Anyone who questions whether we remain in a crisis need only look at our rising unemployment – now 9.2 percent – to remove any doubt.
Plus, the Conference Board’s consumer confidence index was at an abysmal 58.5 in June. Ninety is considered a healthy reading. The housing market remains in deep trouble, too, with home values low and many jobless Americans still facing foreclosure.