Skip to comments.GOP should increase debt ceiling by exact amount of annual interest payment
Posted on 01/14/2013 11:32:52 AM PST by cotton1706
Call the president and the senate's bluff
This will avoid any default. And the government could then prioritize accordingly, hehe.
That’s too logical, which is why it will never happen.
They should then state that the current debt ceiling law is precisely the appropriate legislation to enforce Section 4 of the amendment and the president should stop threatening to violate the explicit instructions given to him therein.
Make the Senate pass a budget, reconcile with the House, then pass it.
THEN start talking about debt ceiling.
THERE IS NO DEFAULT
Yes, budget first before debt ceiling is addressed. How can you justify increasing the debt without a budget?
Borrow to pay interest on loans? If one of our friends was doing that, we’d sit them down, tell them that their latte budget, to begin with, has just gone to zero, and we’d help them figure out how to start paying down their debt.
Instead, Obama’s going to have dinner tonight at our expense, dining others on our dime, using security on our dime, who enjoy their own latte machines on our dime. To pay for this, they want to borrow to pay the interest on the debt.
Mr. Obama, you’re making this nation into deadbeats.
So, the debt-ceiling problem is really just a symptom of the underlying problem of the continuing resolutions that approve all this spending.
The real battle needs to be over the budget. Does the GOP want to take that battle on with any seriousness?
Here are the numbers:
In 2013, the govt will take in about $2.6T in revenue.
The interest on the debt is about $220B.
If we pay that interest, we avoid default.
There is a "mandatory" part of the budget that must be paid according to law - that part is a little more than $2T. This includes social security, medicare and some defense obligations.
That leaves only around $300B to fund "discretionary" spending, or all the rest of the govt. The discretionary part, if fully funded, would take around $1.2T more than would be available with no increase in the debt ceiling. This means most of the rest of our govt would have to shut down.
There may be a lot of discomfort involved in shutting down most of the govt, but:
THERE IS NO DEFAULT
When you continue to talk about "DEFAULT" you are supporting fear mongering propaganda spawned by the Democrats. It is not true.
According to the polls, people do seem to like Republicans. So, don’t do anything unless 0 offers substantial spending cuts. They are already in the dog house, according to the MSM. Why should not doing anything give them brownie points from the media?
There is NO DEFAULT!
Hell, has Congress even “approved the spending” like Obie said today? Hell NO! There has not been an Obie budget approved since he took office.
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