This morning, President Obama laid out his plan to pay for the American Jobs Act and reduce the deficit by $3 trillion over the next 10 years. It's a balanced approach that ensures all Americans pay their fair share and get a fair shake. The President's plan ends the Bush tax cuts for the wealthiest Americans and closes loopholes and subsidies for corporations, oil companies, hedge-fund managers, and corporate-jet owners.

Republicans have been quick to mislabel the President's plan "class warfare," but the reality is the American people strongly support the President's balanced approach. Recent polls show that the public prefers the President's plan over congressional Republicans' cuts-only approach.

According to the most recent CBS News/New York Times poll, 71 percent of Americans support reducing the deficit through both spending cuts and tax increases. Only 21 percent support reducing the deficit through spending cuts only. Among independents, 70 percent support raising taxes and cutting spending, compared to just 19 percent who support only spending cuts.

An August NBC News/Wall Street Journal poll found that 56 percent of Americans thought that reducing the deficit by cutting spending and increasing taxes was totally or mostly acceptable. In contrast, 60 percent of Americans believed that cutting spending without an increase in taxes—including on corporations or the wealthy—was mostly or totally unacceptable.

The most recent Bloomberg poll asked respondents whether the Joint Committee should focus more on raising taxes on Americans earning more than $250,000 or on cutting spending on entitlements such as Medicare in order to reduce the debt by $1.5 trillion over the next decade. Fifty-one percent said the committee should focus more on raising taxes on the wealthy while only 35 percent said it should focus on cutting entitlements.

A USA Today/Gallup poll following the debt ceiling agreement found that increasing revenues garners the most support of five possible ways to reduce our debt. Sixty-six percent of Americans—including 45 percent of Republicans and 64 percent of independents—support increasing income taxes for the wealthiest Americans in order to reduce the debt. Sixty percent of Americans—including 51 percent of Republicans and 60 percent of independents—support increasing tax revenues by making major changes to the federal tax code. Compare that to the 42 percent of Americans who favor making significant changes to Social Security and Medicare to reduce their costs.

The polling also makes it clear that voters overwhelmingly support the President’s commitment to ensuring that all Americans pay their fair share:

The most recent CBS News/New York Times poll showed that 56 percent of Americans support raising taxes on incomes over $250,000 to reduce the deficit, while only 37 percent oppose it. Among independents, 55 percent support raising upper-income taxes, compared to 36 percent who oppose it.

The August NBC News/Wall Street Journal poll found that 60 percent of Americans thought that reducing the deficit by ending the Bush tax cuts for the wealthy was totally or mostly acceptable.

The most recent Bloomberg poll indicates that 54 percent of Americans favor repealing tax cuts for households making more than $250,000, compared to 40 percent who oppose repealing these tax cuts.

A CNN/Opinion Research poll conducted just after the debt ceiling agreement was reached asked respondents whether the Joint Committee should include different proposals in its deficit reduction package. Increasing taxes on businesses and higher-income Americans was supported by 63 percent of respondents, the highest rating of the five tested proposals.

In a July Washington Post/ABC poll, 72 percent supported raising taxes on those making $250,000 or more as a means of reducing the debt.

This morning, President Obama urged Congress to put politics aside and pass clean extensions of the Surface Transportation Bill and FAA Reauthorization—which would prevent nearly one million Americans from losing their jobs over the next year.

Watch the President's remarks:

As this week has unfolded, more and more media outlets have spent time covering the new-found Republican opposition to tax cuts.

Specifically, GOP leaders are threatening to block a measure that would extend a tax reduction for the working and middle class through 2013, forcing a de facto tax increase on families still weathering the brunt of the recession.

To say that this is a new position for Republicans would be an understatement. 

In December, these same people threatened to raise taxes on all families unless Democrats agreed to extend the Bush tax cuts for the wealthy. In April, they threatened a government shutdown unless Democrats agreed to major budget cuts that would have affected working families the most.

And, earlier this month, they threatened the first-ever government default because the GOP/Tea Party would not agree to reduce the deficit by asking shared sacrifice from the wealthiest Americans.

But now that tax cuts for the working and middle class are subject to debate, Republicans have changed course.

The New York Times reports:

“All tax relief is not created equal,” said Brad Dayspring, a spokesman for Representative Eric Cantor of Virginia, the House majority leader. “If the goal is job creation, Leader Cantor has long believed that there are better ways to grow the economy and create jobs than temporary payroll tax relief.”

Right away, three glaring concerns jump off the page.

First, statements like this make it obvious that Republicans are placing more value on supporting the wealthiest Americans than the middle class. 

Second, this approach also makes it clear that Republicans aren't interested in creating jobs. Cutting payroll taxes is a very effective method of growing the economy, spurring “additional spending by the households receiving the higher income, and that higher spending would, in turn, increase production and employment.”

In terms of providing an economic boost, tax cuts for the wealthy don’t even make the list.

Finally, if Majority Leader Cantor has a grand plan to “grow the economy and create jobs,” what is he waiting for? Republicans have had control of the House for 234 days, and still have yet to pass a jobs bill.

Right now, the GOP is giving hypocrisy a new name.

In January this year, President Obama cut taxes for roughly 158 million workers. It’s a reduction that lowers what workers’ pay by an average of $1,000, and directly benefits everyone who makes $106,000 per year or less.

Republicans are notorious for their staunch opposition to raising taxes of any kind. Millionaires are off limits, corporations are Mitt Romney’s friends, and oil companies and their billion-dollar profits are untouchable—according to the GOP, of course.

But it turns out, their devout adherence to the “no taxes” pledge doesn’t apply to working and middle-class families. President Obama wants to extend the tax cut—Republicans want to end it.

Harold Meyerson with the Washington Post outlines Republicans’ opposition to extending this middle-class tax cut:

“I don’t think that’s a good idea,” said Dave Camp (R-Mich.), chairman of the tax-writing House Ways and Means Committee. Camp complained that it would push the deficit higher. House Budget Committee Chairman Paul Ryan (R-Wis.), the man who’d have us scrap Medicare, concurred. “It would simply exacerbate our debt problems,” he said on Fox News Sunday this month.

In an attempt to excuse away their dismissal of working Americans, 158 million of whom benefit from the payroll tax cut, Republicans claim “’class warfare’ and ‘the politics of division.’” 

But Meyerson defines the GOP position for what it is: hypocrisy.

Their double standard couldn’t be more obvious: Tax cuts for the wealthy are sacrosanct; tax cuts for everyone else don’t really matter. Norquist, Cantor, Ryan, Camp, the Journal editorialists and the whole Republican crew give hypocrisy a bad name.

Read his full post here.

In yesterday’s USA Today, Speaker John Boehner and Rep. Eric Cantor authored an op-ed defending their support of the Ryan Republican budget, and repeating their regularly-debunked claims about the President’s record on tax cuts for small businesses and families and his vision for the future.

It reflects Republicans’ disconnect between reality and rhetoric; between policy and politics.

White House Communications Director Dan Pfieffer responded to the false claims from Boehner and Cantor — and reaffirmed the President’s belief that we need to manage our fiscal situation, but that our policies must reflect America’s values:

We can’t reduce the deficit on the backs of those who can least afford it and continue to give tax breaks to millionaires and billionaires, corporate jet owners and hedge fund managers, as much as Speaker Boehner and Rep. Cantor would like to. It just doesn’t make sense. We know, they know it, and experts like Warren Buffett have said it.

In their piece they also applauded their own efforts on “Cut, Cap, and Balance” plan. It wasn’t the answer the American people were looking for.  It would have crippled economic growth, devastated Medicare and Social Security, and placed the burden on older Americans and the most vulnerable. That’s not acceptable and not the type of leadership we need to address our long-term fiscal challenges.

Pfeiffer continued:

Here’s where we stand. We’re going through a tough time and we need to jumpstart the economy. The President has been pushing for measures including an extension of the payroll tax cut, extending unemployment benefits, a road construction bill, free trade agreements and a patent reform bill. 

In addition to these measures, we need a jobs package with new ideas and new initiatives that will immediately impact the economy and create jobs.

Read Pfeiffer’s full blog post here.

This morning at 8:30 a.m. ET, the Labor Department released July’s jobs numbers. As the responsible, thoughtful, and highest-ranking GOP leader, one might hope that Speaker Boehner could have reviewed the data, huddled with his economic advisors, and composed an appropriate response befitting the nuance and depth of the report.

Instead, he released a press statement, even before considering that the economy added a better than expected 154,000 private-sector jobs, loaded with the same shallow rhetoric and false claims as usual.

It’s a response that couldn’t have been more partisan, and Americans deserve better. So, let’s set the record straight:

Speaker Boehner claim:
Today’s unemployment report is more proof that all of the Washington spending, taxing, and regulating is devastating our economy.

The Facts:
Government spending under President Obama has decreased as a share of GDP from 25 percent to 23.6 percent (2012 estimate)—under President Bush (with John Boehner’s support), spending increased from 18.2 percent of GDP to 25 percent. 

President Obama reduced the overall tax rate to historically low levels, and cut taxes for 95 percent of working families through the Recovery Act and 159 million workers through the payroll tax cut included in the December tax agreement.

Also, the President has spearheaded an unprecedented administration-wide effort to streamline unnecessary regulations to eliminate barriers to job creation.

Speaker Boehner claim:
[The] Democrats running Washington are determined to punish small businesses with higher taxes and more red tape – including hundreds of new regulations last month alone – and to keep their spending binge going at all costs.

The Facts:
President Obama has cut taxes for small business at least 17 times, launched the National Export Initiative to expand markets, created Startup America to connect small businesses with resources and knowledge, and the SBA has issued loans to more than 113,000 loans to small businesses. Hardly impediments for small businesses to grow.

Speaker Boehner claim:
Instead of more jobs, they’re creating more fear, more uncertainty, and more debt.

The Facts:
The Labor Department today announced the private sector added 154,000 new jobs during the month of July—totaling more than 2.4 million jobs created over the past 17 consecutive months. The pace of recovery isn’t fast enough, but 2.4 million families are now better able to make ends meet.

Additionally, it's absolutely unbelievable that Speaker Boehner still has the gall to claim that Democrats are creating uncertainty. Over the past nine months, Republicans have threatened a tax hike on American families (fighting for the wealthiest Americans), a government shutdown, and the first-ever government default.

The GOP has institutionalized brinksmanship as their standard operating procedure. Time and again, their intransigence and reckless tactics have created widespread economic uncertainty. To claim otherwise is simply disingenuous.

While President Obama and Congressional Democrats continue to govern responsibly, fighting every day to create jobs and strengthen the working and middle-class families, the GOP is blinded by ideology and focused on tax breaks for millionaires and loopholes for oil companies.

The deal reached yesterday between Democrats and Republicans is not perfect. If it were exactly what the President and Congressional Democrats wanted, it wouldn’t be a compromise, nor would it have the potential to pass. Compromise was the only solution.

Despite the ostensible desire of some Republicans to score political points and allow the first-ever government default—and the economic catastrophe that would follow—the President could not responsibly let that happen.

Nevertheless, there is plenty in this deal that Democrats can support. The Hill reports:

White House officials said Sunday night that the deal President Obama helped broker provides a path to end the Bush tax cuts for the wealthy while protecting domestic programs.

The president won major concessions, officials said, by ensuring the debt limit is not "held hostage" and up for another vote in just a few months and also by protecting domestic programs including Pell Grants and Medicaid.

Read the full story at The Hill.

Earlier tonight, President Obama announced his support for a bipartisan agreement reached in Congress to raise the debt ceiling and reduce the deficit. It will prevent the first-ever government default in American history, an outcome with devastating repercussions for the economy.

The compromise extends the debt limit until 2013, removing the cloud of uncertainty hovering over America’s economy and ensuring that the prospect of default is not used to gain political advantage. It boosts confidence in our economy and guarantees that America meets our financial obligations, including our commitments to Social Security recipients, veterans, and government contracts with businesses across the country.

We’ll have more details on the compromise tomorrow. In the meantime, you can read this White House fact sheet on the agreement.

With the August 2nd deadline only days away, President Obama urges both parties to find common ground and move forward with a bipartisan solution that avoids the first government default in America’s history.

On Monday night, President Obama addressed the nation and urged an immediate resolution to the debt ceiling stalemate—then he called on the American public to make their voices heard.

And you answered—the Congressional switchboard has been ringing off the hook all week.

This morning, the President echoed that appeal again with the hope that Congress will respond and vote through a balanced and bipartisan approach:

So please, to all the American people, keep it up.  If you want to see a bipartisan compromise -– a bill that can pass both houses of Congress and that I can sign -- let your members of Congress know.  Make a phone call.  Send an email.  Tweet.  Keep the pressure on Washington, and we can get past this.

Take a minute to call your member of Congress at (202) 224-3121, or Speaker Boehner at (202) 225-0600, and let them know you support a bipartisan, balanced solution to our debt crisis.

Senate Democrats released this video roundup of economic experts voicing their concerns that Speaker Boehner’s short-term debt plan would likely cause a downgrade of the United States’ credit rating.

During his press conference today, President Obama pointed out that a downgrade in our credit rating wouldn’t be a result of our financial situation, but rather the dysfunction of our political system:

Keep in mind, if we don’t do that, if we don’t come to an agreement, we could lose our country’s AAA credit rating, not because we didn’t have the capacity to pay our bills -- we do -- but because we didn’t have a AAA political system to match our AAA credit rating.

President Obama continues to seek a balanced, bipartisan solution to America’s debt impasse. But as Atlantic columnist James Fallows explains, the House GOP is responsible for the current crisis:

1) The debt-ceiling showdown represents hostage-taking, plain and simple. This is a "crisis" that need never have happened, regardless of which party controlled the White House.

2) The House GOP position fails the test of basic knowledge. Last night I listened to a Tea Party member from the House explain why there could be no tax increases as part of the deal -- raising taxes is the last thing you need in a recession. In the next sentence, he said that the main virtue of a proposed GOP plan, versus Harry Reid's, is that it made deeper budget cuts right away, though even deeper short-term cuts were essential.

3) It fails the test of basic logic. Or perhaps basic knowledge part #2. If you look at the numbers, like the chart after the jump, you can see that budget-balancing involves a threshold choice. You can be for preserving tax cuts in toto, or you can be for cutting the deficit. But because the tax cuts have played such a major role in creating the deficit, if you have any regard for math or logic you really can't be for both. But most House Republicans are.

4) It displays a lack of tragic imagination. Many on the right have talked themselves into the view that it would be no big deal for the U.S. to go into technical default for a while. And I am sure that the "disaster strikes at midnight!" scenarios about what would happen on August 2 are way overblown. But anyone who thinks this controversy has had no effect on America's standing and assumed credit-worthiness, or that an actual default, whenever it occurred -- in late August, in September --  would not hurt us in the short and long run, needs to get out more. Out into the world, where assessments of basic American steadiness are now being recalibrated.

5) It has turned into zealotry, by which I mean utter disregard for the practical consequences of acts. A Republican demand for $16 million in cuts from the FAA budget (plus some anti-union provisions) has led to an FAA shutdown that has in turn, as the NY Times reports, led to a $25 million per day loss in fees the airlines paid to the FAA.                                                                                                                                                         

Click here to read James Fallow’s entire article.

This morning, President Obama held a brief press conference to discuss the status of debt negotiations and the need to move forward with a bipartisan approach. As Speaker Boehner toils to arm-twist Tea Party Republicans into supporting his bill, President Obama reiterated that Boehner’s plan “does not solve the problem and has no chance of becoming law."

It’s clear that any resolution to the current impasse must be bipartisan. The President even mentioned several measures proposed by both Democrats and Republicans that could garner enough support to pass Congress and become law—but Boehner’s plan is not one of them, and time is running out.

President Obama underscored the high stakes of this crisis:

Keep in mind, if we don’t do that, if we don’t come to an agreement, we could lose our country’s AAA credit rating, not because we didn’t have the capacity to pay our bills -- we do -- but because we didn’t have a AAA political system to match our AAA credit rating.

And make no mistake – for those who say they oppose tax increases on anyone, a lower credit rating would result potentially in a tax increase on everyone in the form of higher interest rates on their mortgages, their car loans, their credit cards. And that’s inexcusable.

The President also reminded folks that a vote to raise the debt ceiling is a vote to allow the government to pay the bills Congress has already approved—“It gives the United States of America the ability to keep its word.” That’s why Congress must act immediately:  

The time for compromise on behalf of the American people is now. And I am confident that we can solve this problem. I’m confident that we will solve this problem. For all the intrigue and all the drama that’s taking place on Capitol Hill right now, I’m confident that common sense and cooler heads will prevail.

If you haven’t already, call your member of Congress at (202) 224-3121,or Speaker Boehner at (202) 225-0600, and let them know you support a bipartisan, balanced solution.

Even as Democrats and Republicans debate the debt ceiling, we’ve seen another reality unfold this week: The GOP has been overtaken by radical ideologues who favor default to compromise.

In a series of escalating and inextricable events, the past few days have shown the GOP mired in chaos and intransigent to compromise.

Together, these events paint an alarming picture of the majority party in the U.S. House of Representatives.

During an interview with conservative radio host Laura Ingraham, Speaker Boehner admitted that many members of his Republican caucus refuse to compromise in the hope that a government default will incite “chaos,” forcing Democrats to accept greater cuts and a balanced budget amendment. Here’s what Boehner said:

Well, first they want more. And my goodness, I want more too. And secondly, a lot of them believe that if we get past August the second and we have enough chaos, we could force the Senate and the White House to accept a balanced budget amendment.

Notice that Boehner was focused on the political considerations and bypassed the potential economic cataclysm of default.

The reality is that Boehner has struggled to rally Republican support for his plan, which many in caucus view as too reasonable. In fact, Tea Party favorite and ultra-conservative Chair of the Republican Study Committee Jim Jordan came out against Boehner’s proposal. And to make matters worse, a top staffer on that committee proactively emailed conservative advocacy groups encouraging them to organize against the Republican Speaker’s bill.

But that wasn’t the end of the incident. Yesterday, during another meeting, members of the House GOP caucus took on a mob-mentality and began chanting at the staffer who sent the emails, “Fire him, fire him!” The staffer stood there quietly while it happened.

If this were student council, someone would have gotten detention.

When that didn't work, Boehner tried something else. He told Republican members to "get [their] ass in line.” And then he suggested that they support his plan because President Obama, Senator Reid, and Leader Pelosi all hate it.

Today, Politico reported that “Republican leaders are very prepared to say to the President: ‘Take it or leave it’—and stick him with default.”

The only way Speaker Boehner could convince his members to support his bill was to argue that the President will veto it, effectively inviting default to gain political advantage.

Republicans have placed politics and ideology above the wellbeing of our country. Compromise is the only option, and they said no.

President Obama and Congressional Democrats have bent over backwards to find common ground, agreeing to measures far beyond their scope of comfort. But when politics trumps compromise, it doesn’t seem to matter how far you bend.

As the August 2^nd deadline to raise the debt ceiling draws closer, both Senator Harry Reid and Speaker John Boehner have proposed measures that would raise the debt ceiling and reduce spending. Reid’s bill was crafted with the hope of compromise in mind, and would reduce the deficit and increase our country’s borrowing limit without having to relive this same debate six months down the road.

Politico details the specifics from the Congressional Budget Office’s (CBO) report on the two measures:

The Congressional Budget Office released a report Wednesday morning that credits the Senate bill with reducing budget deficits by about $2.2 trillion through 2021, nearly three times the $850 billion credited to the Boehner bill on Tuesday.

Earlier this week, White House Press Secretary Jay Carney released a statement supporting the principles and effort put forward by Senator Reid, and expressed his hope that the measure would garner the bipartisan support it deserves:

Now, faced with the “my way or the highway,” short-term approach of the House Republicans, Senator Reid has put forward a responsible compromise that cuts spending in a way that protects critical investments and does not harm the economic recovery. All the cuts put forward in this approach were previously agreed to by both parties through the process led by the Vice President. Senator Reid’s plan also reduces the deficit more than enough to meet the contrived dollar-for-dollar criteria called for by House Republicans, and, most importantly, it removes the cloud of a possible default from our economy through 2012.The plan would make a meaningful down payment in addressing our fiscal challenge, and we could continue to work together to build on it with a balanced approach to deficit reduction that includes additional spending reforms and closing tax loopholes for corporations, millionaires and billionaires. 

Senator Reid’s plan is a reasonable approach that should receive the support of both parties, and we hope the House Republicans will agree to this plan so that America can avoid defaulting on our obligations for the first time in our history. The ball is in their court.

Click here to read more about CBO’s reports on both Reid and Boehner’s debt proposals.

On Monday night, President Obama ended his address to the nation by asking all of us to make our voices heard, and yesterday that's exactly what happened.

Throughout the day, we heard reports that calls had flooded Congressional phone systems. Today, we need to keep the pressure on.

The facts are simple. Every President has asked lawmakers to raise the debt ceiling when necessary, and up until now, Congress has always acted.

The President has consistently proposed a balanced approach that increases the debt ceiling even as it takes responsible steps to reduce the long-term deficit. But a core group of Republicans are refusing to accept a compromise that would force millionaires and billionaires to pay just a little more.

Now, if Republicans don’t join President Obama at the negotiating table in good faith, our country will default on our obligations—for the first time. That outcome is unacceptable.

Time is running out—we have less than one week to prevent default.

Call Speaker Boehner now and let him know you support a balanced approach to meet our financial obligations: (202) 225-0600.

Then, click here to let us know how your call went.

Last night, President Obama clarified an important point largely overlooked amid the media hubbub. The President is asking Congress to raise the debt ceiling so the federal government can pay the bills Congress has already approved.

Congress is not signing off on new spending nor is the President asking for it. The President explained in his address to the nation:

[Raising] the debt ceiling does not allow Congress to spend more money. It simply gives our country the ability to pay the bills that Congress has already racked up. In the past, raising the debt ceiling was routine. Since the 1950s, Congress has always passed it, and every President has signed it. President Reagan did it 18 times. George W. Bush did it seven times. And we have to do it by next Tuesday, August 2nd, or else we won’t be able to pay all of our bills.  

Several months ago when this debate first began, President Obama encouraged Congress to pass a clean bill that increased the government’s borrowing limit. When Republicans demanded that a debt-ceiling increase also include broader cuts—an unprecedented demand asked exclusively of President Obama and none of his predecessors—the President saw it as an opportunity and offered his own plan to lower our debt burden while strengthening the economy.

Republicans demurred, new plans have been introduced and negotiations have ensued.

But don’t let the political noise muddle the real issue at hand: Congress must agree to let the government pay the bills it has racked up, or the government will default and the economy will plunge.

That’s the end of the story.

Last night, President Obama clarified an important point largely overlooked amid the media hubbub. The President is asking Congress to raise the debt ceiling so the federal government can pay the bills Congress has already approved.

Congress is not signing off on new spending nor is the President asking for it. The President explained in his address to the nation:

[Raising] the debt ceiling does not allow Congress to spend more money. It simply gives our country the ability to pay the bills that Congress has already racked up. In the past, raising the debt ceiling was routine. Since the 1950s, Congress has always passed it, and every President has signed it. President Reagan did it 18 times. George W. Bush did it seven times. And we have to do it by next Tuesday, August 2nd, or else we won’t be able to pay all of our bills.  

When this debate first began months ago, President Obama encouraged Congress to pass a clean bill that increased the government’s borrowing limit. When Republicans demanded that a debt-ceiling increase also include broader cuts—an unprecedented demand asked exclusively of President Obama and none of his predecessors—the President saw it as an opportunity and offered his own plan to lower our debt burden while strengthening the economy.

Republicans demurred, new plans have been introduced, and negotiations have ensued.

But don’t let the political noise muddle the real issue at hand: Congress must agree to let the government pay the bills it has racked up, or the government will default and the economy will plunge.

That’s the end of the story.

Last night, President Obama clarified an important point largely overlooked amid the media hubbub. The President is asking Congress to raise the debt ceiling so the federal government can pay the bills Congress has already approved.

Congress is not signing off on new spending nor is the President asking for it. The President explained in his address to the nation:

[Raising] the debt ceiling does not allow Congress to spend more money. It simply gives our country the ability to pay the bills that Congress has already racked up. In the past, raising the debt ceiling was routine. Since the 1950s, Congress has always passed it, and every President has signed it. President Reagan did it 18 times. George W. Bush did it seven times. And we have to do it by next Tuesday, August 2nd, or else we won’t be able to pay all of our bills.  

When this debate first began months ago, President Obama encouraged Congress to pass a clean bill that increased the government’s borrowing limit. When Republicans demanded that a debt-ceiling increase also include broader cuts—an unprecedented demand asked exclusively of President Obama and none of his predecessors—the President saw it as an opportunity and offered his own plan to lower our debt burden while strengthening the economy.

Republicans demurred, new plans have been introduced, and negotiations have ensued.

But don’t let the political noise muddle the real issue at hand: Congress must agree to let the government pay the bills it has racked up, or the government will default and the economy will plunge.

That’s the end of the story.

Since President Obama took office, Republicans have attacked him for what they call out-of-control spending. 

Unfortunately for the GOP, that attack is as hypocritical as it is phony. Bloomberg News reports:

Yet the speaker, House Majority Leader Eric Cantor, House Budget Chairman Paul Ryan and Senate Minority Leader Mitch McConnell all voted for major drivers of the nation’s debt during the past decade: Wars in Afghanistan and Iraq, the 2001 and 2003 Bush tax cuts and Medicare prescription drug benefits. They also voted for the Troubled Asset Relief Program, or TARP, that rescued financial institutions and the auto industry.

Together, a Bloomberg News analysis shows, these initiatives added $3.4 trillion to the nation’s accumulated debt and to its current annual budget deficit of $1.5 trillion.

Read the full article on the Bloomberg website.

Republicans continue to mischaracterize President Obama’s policies as reckless and fiscally irresponsible—blaming him exclusively for America’s current level of debt. The reality is much different: President Bush’s policies cost $5.1 trillion; President Obama’s, $1.4 trillion.

Check out this infographic that breaks down the cost of President Bush’s policies, and those (projected) for President Obama:

According to this chart, the Recovery Act has been the largest expenditure during the Obama administration. It’s a law that was enacted 27 days after the President took office, and responded to an economy in crisis. While the cost may have been large, there’s little doubt that the Recovery Act helped put our country back on track.

President Obama did not cause the recession or America’s debt problem—but he’s committed to seeking a bipartisan solution that confronts challenges head on.

With only eight days until the August 2^nd deadline, Congress must act to raise the government’s borrowing limit. While the uncertainly leading up to this deadline is already causing market anxiety around the world and has put our economy at risk, the consequences of inaction would be devastating.

The uncertainty right now that stems from this process is the exact reason President Obama opposes a short-term extension. And that’s the reason that Republican leaders also opposed a short-term solution—or at least they did last month.

In a new blog post, White House Communications Director Dan Pfeiffer points out how Republican Congressional leaders have changed their positions on the length of the extension.

Here are some examples:

Rep. Cantor, 6/22/11: Cantor "Pushed Back Hard" On Notion of Short Term Debt Limit Increase. "House Majority Leader Eric Cantor pushed back hard Tuesday against Senate Republican suggestions of a scaled-back, short-term debt deal, saying it's 'crunch time' in White House budget talks and 'if we can't make the tough decisions now, why... would [we] be making those tough decisions later. I don't see how multiple votes on a debt ceiling increase can help get us to where we want to go,' the Virginia Republican told reporters. 'It is my preference that we do this thing one time.... Putting off tough decisions is not what people want in this town.'" [Politico, 6/22/11]

Rep. Cantor, 6/13/11:“Was Explicit That He Wants A Single Debt Ceiling Vote For This Congress - Not A Series Of Short-Term Extensions, As Some Have Suggested…’ And returning from a weeklong recess, House Majority Leader Eric Cantor spoke bluntly of seeing a ‘very sick economy’ at home in Virginia and the need to address the debt issue before the financial markets ‘make this decision for us.’ ‘We feel very strongly that one of the reasons why we continue to see an ailing economy is that people have very little confidence, have very little certainty in terms of where we are headed,’ Cantor told reporters. [Politico.com, 6/13/11]

Rep. Camp, 6/21/11:"House Ways and Means Committee Chairman Dave Camp (R-Mich.) also shot down a short-term increase. 'It doesn’t give you certainty,' Camp said. 'Ideally you’d like to get that settled and not have it continually a hanging-over issue.'" [The Hill, 6/22/11] 

Sen. McConnell, 6/22/11:  “[Sen.] McConnell Declined To Call For A Short-Term Increase In The Debt Ceiling When Reporters Asked Him About It Tuesday. ‘We Are Still Hoping For A Very Large Package That Will Impress The Ratings Agencies, Impress Foreign Countries And Astonish The American People…” “McConnell declined to call for a short-term increase in the debt ceiling when reporters asked him about it Tuesday. [A GOP aide] acknowledged that it could be difficult to even pass a short-term increase in the House and emphasized that McConnell wants big cuts and a long-term deal.”  [The Hill, 6/22/11] 

Click here to read Pfeiffer’s full post on the White House blog.

Last night, House Republicans delighted their Tea Party base and passed the bill called Duck, Dodge, and Dismantle (also known as Cut, Cap, and Balance) that safeguards tax cuts for the wealthy yet slashes health care for low-income children.

However, vulnerable children aren’t the only ones hurt by this wrongheaded approach. Because of their marriage to the ideological fringe, this Republican bill would cost 700,000 people their jobs in 2012 alone.

It’s a measure that shows Republicans’ backward priorities and their failure to stand up for working families.

The Republican bill requires $111 billion in cuts for fiscal year 2012, which begins on October 1^st. The Center for Budget and Policy Priorities explains that such a cut would “cause the loss of roughly 700,000 jobs.”

Eliminating 700,000 jobs for the sake of ideology? Putting 700,000 additional people out of work because Republicans won’t stand up to the Tea Party?

It’s like cutting off your legs because you want to lose weight.

The Republican willingness to threaten the livelihood of nearly a million workers under the phony guise of fiscal responsibility is offensive and unfathomable.

For 16 consecutive months, the American economy has created more than 2.2 million private-sector jobs total. But far too many people are still looking for work.

President Obama is committed to a balanced compromise that repairs years of reckless spending under the previous administration and helps our country live within its means. But spending cuts shouldn’t come at the expense of America’s most vulnerable or investments in our future – and it shouldn’t cripple economic growth.

Last night, House Republicans delighted their Tea Party base and passed the bill called Duck, Dodge, and Dismantle (also known as Cut, Cap, and Balance) that safeguards tax cuts for the wealthy yet slashes health care for low-income children.

However, vulnerable children aren’t the only ones hurt by this wrongheaded approach. Because of their marriage to the ideological fringe, this Republican bill would cost 700,000 people their jobs in 2012 alone.

It’s a measure that shows Republicans’ backward priorities and their failure to stand up for working families.

The Republican bill requires $111 billion in cuts for fiscal year 2012, which begins on October 1^st. The Center for Budget and Policy Priorities explains that such a cut would “cause the loss of roughly 700,000 jobs.”

Eliminating 700,000 jobs for the sake of ideology? Putting 700,000 additional people out of work because Republicans won’t stand up to the Tea Party?

The Republican willingness to threaten the livelihood of nearly a million workers under the phony guise of fiscal responsibility is offensive and unfathomable.

For 16 consecutive months, the American economy has created more than 2.2 million private-sector jobs total. But far too many people are still looking for work.

President Obama is committed to a balanced compromise that repairs years of reckless spending under the previous administration and helps our country live within its means. But spending cuts shouldn’t come at the expense of America’s most vulnerable or investments in our future – and it shouldn’t cripple economic growth.

Yesterday, House Republicans forced a vote on their plan that raises the debt limit, while also shredding the social fabric that supports America’s most vulnerable. It takes the radical cuts from the Ryan Republican bill and adds steroids.

Here’s what that means.

The GOP plan would slash health care for working families and end Medicare as we know it.

It would increase out-of-pocket health costs for 70 million seniors’ by an average of $6,400 a year, beginning in 2021. It would transform Medicare into a voucher program, billing seniors with added costs and putting that money into the pockets of insurance companies.

The Ryan Republican budget from earlier this year was designed to decimate Medicare, but even that contains much tamer cuts than those found in the current GOP bill.

Also on the Republican chopping block: health care for low-income families. Their bill would cut Medicaid by one-third over 10 years and nearly in half by 2050 – the Kaiser Family Foundation estimates that 36 million people could lose their Medicaid coverage, including individuals with disabilities and seniors in nursing homes. 

But don’t worry—millionaires and billionaires would still receive their tax cuts.

In an effort to score political points with their extreme base, Republicans evidently are willing to sacrifice seniors, working families, low-income children, and the most vulnerable among us.

President Obama continues to work with Congress to reach a balanced compromise that responsibly lowers the deficit, reforms programs to make them more efficient, and invests in America’s economic future. Just as the President said in his press conference today, “The problem we have now is we're in the 11th hour and we don't have a lot more time left.”

It’s time for a serious approach that works toward a solution. Political grandstanding, like yesterday’s vote in the House, just won’t cut it.