Non-Passage of Debt Ceiling | Logic 101
"Despite that once-unthinkable possibility, financial markets appear calm. The stock market has not crashed, and interest rates have held steady. Still, one indicator is showing that investors are getting nervous: The cost of insuring U.S. government debt against default is starting to spike." NPR, July 25, 2011Congress Should Vote on Raising The Debt Ceiling to Make Each Congressman go on Record!
There is no legal tie between passage of the debt ceiling and reducing the federal budget.
Members of Congress are threatening not to increase the debt ceiling unless the federal budget is reduced
Therefore, if a financial disaster occurs because of Congress failing to raise the debt ceiling, all members of Congress who fail to vote in favor of raising the debt ceiling shall be recalled.
Should Obama be recalled for voting against raising the ceiling in 2006? Did he fail "Logic 101"?ReplyDelete
"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. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better." --Senator Obama, 2006.
His vote did not put country at risk of a catastrophe. There was no risk of passage. The balk of his spending relates to wars he inherited and a depression that he and Bush avoided. Health care was a big mistake in that it diverted the countries attention from other critical things that needed to get done.ReplyDelete
I am not a huge fan of Obama. I am even a lessor fan of doing something that will have devastating affects on this country. Obama's vote has nothing to with the consequences that we will experience if we default.
Don't ruin the country because you are mad at Obama.
The current logic- "we don't have a choice, we have a gun to our heads! If we don't act now very bad things will happen!"ReplyDelete
Also the logic for passing TARP and giving hundreds of billions to banks with no strings attached...
Or going to Libya, Iraq, etc.
This is a fake emergency, designed to fuel bad decisions and have the powers that be get what they want, just like the others.
TARP and Iraq was Bush's doing. TARP saved us from a depression.ReplyDelete
Let us hope we don't find out you are wrong. Think about it. If you are China and we stop paying on loans do you think there will be no ramifications?
I do not want to find out and we have the power to be sure.
Failure to pass ceiling increase is not equivalent to a default. It merely would require Treasury to prioritize payments such that those lower priority payments, in excess of receipts, not be incurred. I.e. send most govt workers home, and stop buying arms from industrial military complex. Or god forbid, have congress do its job and cut some spending, as the few sane voters who elected tea partiy representatives were promised in exchange for their vote.ReplyDelete