Mitt Romney’s reaction to yesterday’s announcement from S&P perfectly captures how the Congressional GOP should be assailing the president’s haphazard, directionless and increasingly market-maddening incoherence on the deficit and debt. Massive tax hikes will kill the recovery and won’t increase revenues. S&P was simply stating the obvious: Team Obama doesn’t have a plan except to win election by running a soak-the-rich, class-warfare campaign that will endanger the economy every day it unfolds.
The Congressional GOP needs to identify its demand for a debt ceiling hike, and it shouldn’t be a paper exercise like a balanced budget amendment or “triggers” that can always be set aside. It should demand one serious reform with immediate deficit reduction impact, like the block-granting of Medicaid.
Romney gets kudos for keeping the focus on the nation’s fiscal peril, and all the other serious candidates need to do the same. Every day is another day to attack the president’s fecklessness on the fiscal crisis.