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TheStreet Open House

FACT CHECK: Slippery Claims On Health Law, Budget

THE FACTS: Raising the debt ceiling is not the same as a consumer merely making monthly payments on existing debt. It's very much like a consumer getting approved for a higher cap on a credit card. It doesn't mean the consumer will necessarily spend more, but it makes higher spending possible.

In the government's case, it has to have a higher credit limit so it can keep borrowing to make necessary payments. Borrowing to pay interest on existing debt as well as the bills is a recipe for deep trouble for consumers. But governments don't â¿¿ and really, can't â¿¿ handle their budgets as typical households do, despite the kitchen-table analogies that politicians in both parties love to make.

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SEN. TED CRUZ, R-Texas: "Today, the House of Representatives did what Washington pundits only a few weeks ago said was impossible: A strong bipartisan majority voted to defund Obamacare." â¿¿ Statement after the Sept. 20 House vote.

McCARTHY: "That's why today when we acted, it wasn't just a group of Republicans, but it was a bipartisan vote. Let me state that again because I want to make sure you write it correctly. (Laughter in the room). It was a bipartisan vote because we're Americans." â¿¿ At the post-vote House GOP rally Sept. 20.

THE FACTS: Still chuckling.

Bipartisan might be in the eye of the beholder but the vote passing the resolution was far from it.

Only two Democrats voted with the Republican majority, Reps. Mike McIntyre of North Carolina and Jim Matheson of Utah. Only one Republican voted with the Democrats, Virginia Rep. Scott Rigell. The 230-189 vote illustrated bitter partisan divisions, not a harmonious we're-all-Americans moment.

A strong bipartisan vote to do away with the health care law remains impossible.

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HOUSE MAJORITY LEADER ERIC CANTOR, R-Va.: "We're seeing our economy turn from a full-time job economy into a part-time job economy." â¿¿ Cantor blamed this on "Obamacare" in the House GOP rally after the budget vote.

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