The Debt Failsafe Trigger Danger

Brian Darling / April 23, 2011

What is the “debt failsafe” trigger that the President rolled out in his speech on April 13? This is an idea that may be introduced into the debt limit increase debate next month, and it is a dangerous idea.  If the Senate’s “Gang of Six” (a bipartisan group working to reduce the deficit) or the President’s bipartisan bicameral negotiating team lead by Vice President Joe Biden on reducing the debt adopt this idea, then conservative should object to it as a potentially unconstitutional delegation of power by the legislative branch.

One incarnation of the idea would empower the Treasury Department to raise tax rates without a specific authorization from Congress.

President Obama rolled out his idea for a “debt failsafe” trigger as a means to balance the budget The President explained it as “spending reductions in the tax code” and “spending cuts”: (more…)