Skip to comments.Once Again, Let's Not Increase the Debt Ceiling
Posted on 11/16/2012 9:24:17 AM PST by SeekAndFind
Are our politicians all gutless wonders?
Almost two years ago, I suggested that the Congress not increase the debt ceiling. The debt ceiling was increased. No budgets were adopted. Spending continued. As of November 9, 2012 (this writing), the debt now stands at $16,245,318,820,569.34. Worse yet, the debt and the prospect of more of it is weighing down the economy. GDP growth remains very low, and consequently, federal government revenues are also lagging. The recent presidential election suggests that we will see more of the same.
The Speaker of the House has proposed an extension of the current tax rates (and most or all of the current spending) for six months or so to give Congress and the president time to propose spending cuts and revamp the Internal Revenue Code to reduce credits and deductions and tax rates across the board, as was suggested by the Simpson-Bowles Commission (National Commission on Fiscal Responsibility and Reform) appointed by the president on February 18, 2010 and reporting to him. The president, who never took any action on Simpson-Bowles, has indicated no deal unless rates on upper-income people can be raised. This sounds like the argument that we have been hearing for too long now. Another two years is too long to wait.
There is a trump card: refuse to raise the debt ceiling. Hold the government's feet to the fire and force an end to spending using borrowed money. Another opportunity to do this will arise in a month or so. Doing it would be a good idea for GDP growth and the general health of the economy. But it could also be the trump card for an agreement to stick to a solution like Simpson-Bowles.
(Excerpt) Read more at americanthinker.com ...
“The fact that we are here today to debate raising Americas debt limit is a sign of leadership failure.” - Barack Hussein Obama - 3/16/2006
“Are our politicians all gutless wonders? “
The Republican politicians are.
Not that I think raising the debt ceiling is a good idea. The thought of it makes me want to vomit. However, in the game of Washington politics and negotiation, I do see an avenue for deal making and compromise:
Republicans agree to raisind debt ceiling.
Democrats agree to keeping current tax rates as is.
Kick the can down the road to the next election.
Not an optimal scenario, I agree. But probably the best deal we could get with a Dem WH and Senate.
Don’t do as I do, do as I say!
When many “freepers” here haughtily tell us to leave the president’s FRAUD alone, I’d say it’s all over for America as we knew it.
Welcome to the United States Socialist Republic (USSR).
Thomas Paine and I disagree:
If there must be trouble, let it be in my day, that my child may have peace.
Borrowing one more dime to buy time for a corrupt political system is the purest form of lunacy.
And yes, all our politicans are gutless wonders.