It looks like this scenario will happen if Congress refuses to raise the National Debt ceiling past $17,000,000,000,000 (more than $53,000 for Every person in USA, even newborns!): Obama says no and refuses even to negotiate about borrowing. The President labels this a failure to pay our bills, but that isn’t true. We can pay all our existing bills out of tax receipts. It’s the new expenses that require borrowing. This year’s tax revenue is an all-time high, about $2.7-trillion. So we can pay $2.7-trillion without borrowing a penny, covering existing bills plus some new expenses. We have no need to borrow unless we spend more. Unfortunately, current plans call for spending $800-billion more than tax receipts. That would requiring revisiting the law that limits our credit line. We’ve already blown past the legal debt limit that Obama and Congress set two years ago, namely $16.7-trillion. The Treasury Department is hiding this fact. They use gimmicks like raiding federal retirement trust funds while claiming the raid doesn’t count as borrowing. We’re told that we must borrow because the budget isn’t balanced. But turn that around: If we stop borrowing, the budget balances. We just have to decide where to cut. A good start would be Obamacare; we don’t need this extra expense that is already costing jobs and lowering take-home pay. Obama refuses even to negotiate over the debt ceiling. He wants unlimited borrowing. He claims we already spent the money so now we have to pay the bills. That simply isn’t true; most spending is for future bills that we could avoid by reducing the size of government. Obama makes people dizzy. First, he approved the spending he’s now criticizing. Next, he blames Congress for the level of spending. Then he says we can’t cut spending because it would hurt essential programs. The way to de-fund Obamacare is not to write it any more checks and to stop payment on the post-dated checks. Obamacare’s tricky post-dated checks were written when Nancy Pelosi was still Speaker of the House. She is one of the richest members of Congress. She should cover her own checks.
Posted on: Fri, 20 Sep 2013 01:36:50 +0000
Trending Topics
Recently Viewed Topics
© 2015