Debt Talks still at a standstill. Both GOP and Dems are creating new plans.
By: Rebecca Figone
According to Fox News today, we have a standstill in the debt ceiling talks. Both the Democratic party and the GOP have opted to create new plans of their own.
While to many, this does not seem to be good news, to me, this ranks highly as good news. With the 2010 election, we the people placed into office enough Republicans in the House to create a balance of power. This, historically, is how legislation takes a lot of time to pass, and ultimately this is how the government checks and balances itself, thereby suppressing overt, runaway power. The liberal side of the equation had the perfect storm prior to that, and they had the ability to pass, with no checks or balances, the unconstitutional Obamacare fiasco, among other things. Throughout our existence, failure to pass bills is normal. It has been amusing to see the President demand an increased debt ceiling, since in 2006, Mr. Obama, then Senator, was against an increase in the debt ceiling. As was Harry Reid back in 2006. Funny how opinions and priorities change in just 5 years.
From Fox News:
“Senate Majority Leader Harry Reid today told ABC News that he feels “embarrassed” that four years ago he argued against raising the country’s debt limit.“Why is it right to increase our nation’s dependence on foreign creditors?” Reid said on March 16, 2006. “Democrats won’t be making an argument to support this legalization, which will weaken our country.”
In an interview today on ABC’s “Top Line” with Jonathan Karl and Amy Walter, Reid said those comments were a mistake.”
The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.
Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion.That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.
Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.
And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.
Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities.
Senator Barack Obama
Senate Floor Speech on Public Debt
March 16, 2006
This statement certainly does not sound like the man in the White House, does it?
No one wants to face the down sizing of government and what will happen in society when that occurs. The liberals want to continue to spend and grow government. This will only further destroy the futures of generations to come. We must stop growing government, and downsize instead. The private sector, innovation and production jobs need to be what job seekers look for now. The GOP is offering the only conclusion that would begin to fix the problem, and even it, won’t be a complete fix. It would though, be a step in the right direction. Now both sides are working on plans, yet again. How will it all turn out? Only time will tell.
Tags: Debt, Debt Ceiling, Dems, GOP, House, Liberal, Obama, Reid, Senate
