Entitlement Reform Must Be Part of the Deal

President Obama’s description of what it means to not increase the debt limit is disingenuous. Here’s what he said at his October 8 press conference: “…raising the debt ceiling is a lousy name… it does not increase our debt. It does not grow our deficit, it does not allow for a single dime of increased spending. All it does is (to) allow the Treasury Department to pay for what Congress has already spent.”

Not only is his rhetoric misleading, it reveals how really deep the debt hole is, and how massively difficult the task of climbing out of it will be.

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