Oh no. I knew this would happen. We’re going to have to go, as President Obama once put it, to “the Bank of China” in order to finance our next war.
Obama once angrily complained that George W. Bush “put two wars on a credit card.” I wonder what the credit limit was, because now it’s going to be three.
Writing in Roll Call, veteran Washington reporter Steven Dennis has figured out that Obama will employ for his ISIS offensive the very same funding mechanism Bush used for his wars! The money, ultimately, is borrowed.
The White House doesn’t know yet how much the new war with ISIS will cost, but it knows how it will pay for it: the all-purpose war funding credit card.
Officially known as Overseas Contingency Operations, it’s the catchall account used to fund the Iraq and Afghanistan wars that is now funding the war against the group also known as the Islamic State or ISIL.
The White House is counting on OCO money in the pending continuing resolution to pay for President Barack Obama’s plan to go on offense against the group . . .
Obama had requested a sharp cut in the OCO — from $85 billion to $58.6 billion in the upcoming fiscal year starting Oct. 1 — to reflect the drawdown in Afghanistan, but the CR funds OCO at the $85 billion level. Bottom line: It makes billions available for the new war.
Dennis quotes a former OMB national security budget geek as saying total costs for bludgeoning ISIS could reach $1.5 billion a month.
Given all the debt Obama has run up, we’re probably going to need get a new credit card through the OCO. I hope this one doesn’t have annual fees. Maybe Obama could say something like, “We’re going to eat ISIS’s lunch” and get Diner’s Club to finance this.
Here’s Obama during the 2012 campaign railing against the use of credit cards for wars.
I mean, it’s unpatriotic . . .