House Minority Leader Nancy Pelosi (D.-Calif.) (AP Photo/J. Scott Applewhite) (CNSNews.com) House Minority Leader Nancy Pelosi (D-Calif.) said Friday that she would raise the debt limit unilaterally in a second if she were president of the United States. Pelosi and other Democrats have suggested that the president could bypass Congress and unilaterally raise the debt ceiling by invoking the 14th Amendment of the Constitution, which states, The validity of the public debt of the United Statesshall not be questioned. During her weekly press conference on Capitol Hill, Pelosi was asked about whether she would urge President Barack Obama to do...
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This is news, why?
Another staunch democrat offers to stoke the boiler with more coal on this runaway freight train of debt. That's practically party platform!
What I would like to know, just so I can plan for it, is this: what's at the end of the tracks?
The debt ceiling is not about new spending or even new debt. It's about allowing the government to pay for existing spending that congress, mostly Republicans, has already voted into law.
It is EXACTLY as if you went on a spending spree with your credit card then decided you weren't going to pay any of the bills on the grounds that you shouldn't have spent the money in the first place.
No one who understands exactly what is going on can possibly support the Republican position in good faith.
It's more like you went on a spending spree, put everything on credit, and went way over budget, maxing out your cards. Then, then next year, because the merchants will now expect your lavish patronage, you apply for new credit cards so you can massively overspend once again. When the lenders suggest that maybe you should pay them back before borrowing more from others, you say that the new spending is needed to help the economy!
It's exactly like that. But bigger. Much bigger.
1.4 trillion over budget each year, and no fix in sight. I don't actually think current spending is ABLE to be paid for in raised taxes. You'll run into the old problem of increased taxes causing decreased revenues before you get there.
Anyone know how many years we have left until the debt servicing becomes more than 50% of the gross tax receipts? At that point, the world bank puts the US in receivership and gives us a puppet government that dictates spending and taxing until such time as the debt is paid. Which will be never.
That's what tea partiers are concerned about. Sure, the movement is fractured, and most of the tea party congressmen think that means no new taxes whatsoever, but that doesn't negate the core argument: we can't keep doing this. It's going to wreck the country.
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