Check out this new ad from Mark Amodei, the Republican nominee* to fill the vacancy in Nevada's second congressional district, in which Amodei offers a blanket pledge to vote against raising the debt limit (h/t: Steve Friess):
The ad features a fake Chinese newscast purporting to explain how the United States lost its sovereignty to the PRC. It ends with this line:
I'm Mark Amodei, and I approved this ad because as your congressman, I'll never vote to raise Obama's debt limit and risk your independence.
First, the partisan notion that the "debt limit" belongs to President Obama is total bunk. In December, Republicans voted for the tax cuts that have contributed to so much of the deficit and in the spring, they've also supported this year's spending bill every step of the way. And in the past, Republicans voted for the mandatory spending programs which compromise the bulk of our budget.
Second, and far more important, refusing to increase the debt limit means one of two things will happen: either we will need to impose a massive tax increase to pay our bills, or we will default on our fiscal and financial obligations, leaving not just bondholders out in the cold, but also people who depend on government programs and spending: beneficiaries of Social Security, Medicare, and Medicaid as well as our troops. Either scenario would be a tremendous shock to the economy and set off another massive recession. And Mark Amodei is proposing to do exactly that.
It would be one thing if Amodei were adopting the GOP party line which is that they won't raise the debt limit without cutting spending. I disagree with that policy, but it's a message that can work at a political level. But Amodei is selling an absolutist position: he won't support a debt limit increase period. Not one dime, no matter what. And the policy implication of that is clear: we'll need to raise about $2 trillion in taxes, or cut about $2 trillion in spending, all over the next year. Assuming Amodei won't vote to raise taxes, then voting against raising the debt limit will lead to huge and immediate spending cuts, the likes of which we have never seen in American history.
Democrats really need to pounce on this and quickly define Amodei's pledge for what it is: a promise to support massive and immediate cuts to Social Security, Medicare, Medicaid, and virtually every other government program or service, including the military. If Amodei were to get his way, we'd be plunged into a new recession, one that would make Bush recession look like a picnic.
Even most Republicans admit you need to raise the debt limit, they just want to attach strings to raising it. The reason is simple: if you don't raise the debt limit, you must either slash Social Security, Medicare, and Medicaid, or jack up taxes by 50%. There is no way around those facts. Democrats can't afford to pull any punches on this one. They can ride this issue to victory.
*Amodei is the GOP nominee, but if Secretary of State Ross Miller has his way in court later this month, overturning an earlier decision, the special election will be a free for all, meaning the party nominations will be of symbolic value only.
