The entitlement "reform" push continues, as the ConservaDems with an assist from "moderates" like Feinstein, Bill Nelson, and Lieberman, keep threatening to bring economic chaos raining down upon us if they don't get their way.
If Congress does not create this commission, they say, they will vote against must-pass legislation to raise the nation's debt ceiling, which would trigger a default, and, perhaps, economic calamity.
"I will not vote for raising the debt limit without a vehicle to handle this," Sen. Dianne Feinstein (D-CA) told McClatchy. "This is our moment."
On the one hand, the threat is so outlandish as to be self-defeating. Would Democrats really extract such a devastating toll, both on their own political fortunes, but also on the national and global economy, just to prove that they're serious about entitlement reform?
Remember what this proposed commission would do--it would create budget legislation, including deep cuts to Social Security and Medicare. As Conrad has written the proposal, the Senate could only have simple majority (upperdown) votes on this legislation--no filibusters. It would hand over a huge amount of Congressional authority to an unelected, unaccountable commission, all in the name of "fiscal responsibility." Sadly, a dozen Democrats signed onto a letter to Harry Reid yesterday, stressing their concern over deficits.
But how "fiscally responsible" are some of these guys, how concerned about looming and growing deficits? When it comes keeping wealthy constituents happy, as Brian Beutler found out, not at all:
[A]t least two of the signatories to the letter--Sens. Bill Nelson (D-FL) and Evan Bayh (D-IN)--haven't been shining examples of fiscal probity this Congress. This spring, when Congress was hashing out its budget, both senators voted for an amendment, sponsored by Sens. Jon Kyl (R-AZ) and Blanche Lincoln (D-AR), that would have slashed the estate tax for multimillionaires.
According to the Center for Budget and Policy Priorities, the measure would've blown a $250 billion hole in the budget. Keep that number in mind for one moment. Because the letter warned, "Deficits and debt matter for everyone. In 2008, the American taxpayer paid more than $250 billion to our creditors in interest payments alone." [Emphasis in the original.] Oh cruel irony.
This is shaping up to be the next big fight in the Senate, after healthcare reform and the public option. How Reid and the White House handle the ConservaDems on healthcare will be a big clue to how they intend to deal with them on saving Social Security.