House Minority Leader Nancy Pelosi (D., Calif.) said the reason Democrats cannot negotiate on the debt ceiling is “there’s no more cuts to make” in federal spending Sunday on CNN’s “State of the Union”:
CANDY CROWLEY: But again, I just have to point out that President Clinton, President Bush, President Reagan, and this president have all negotiated the debt ceiling and given up something. So why now?
NANCY PELOSI: Because the cupboard is bare. There’s no more cuts to make. It’s really important that people understand that.
The last three GAO reports have identified over $200 billion of overlap and redundancy in federal expenditures.