D-Day on the Debt Ceiling (Update: The president speaks)

by Bryan Preston
The GOP House caucus leaders gave a brief press conference a few minutes ago as I write this, showing a very unified front on the debt ceiling talks. Their message was two-fold: No tax increases, and the president needs to step up and lead already. They noted that the president doesn’t seem to have a plan, which isn’t exactly news, and that it’s time to act — also, not exactly news.
They delivered the press remarks to get out ahead of the president’s own speech, planned for later in the morning. He is likely to pin the blame for the impasse on the Republicans. But it’s worth remembering just how we got to this point in the first place. Take it away, WSJ:
On spending, it is important to recall how extraordinary the blowout of the last three years has been. We’ve seen nothing like it since World War II. Nothing close. The nearby chart tracks federal outlays as a share of GDP since 1960. The early peaks coincide with the rise of the Great Society, the recession of 1974-75, and then a high of 23.5% with the recession of 1982 and the Reagan defense buildup.
From there, spending declines, most rapidly during the 1990s as defense outlays fell to 3% of GDP in 2000 from its Reagan peak of 6.2% in 1986. The early George W. Bush years saw spending bounce up to a plateau of roughly 20% of GDP, but no more than 20.7% as recently as 2008.

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