The Deceit in the Debt Ceiling Debate

By: American Decency Staff

by Chris Johnson The debate on the debt limit revolves around one single question. If we don't raise the debt limit, will we default on our nation's cataclysmic loans and start the sequence of an "economic Armageddon"? If so, it is clearly vital that Republicans, who want to deal with the problem by cutting unnecessary programs and spending, and Democrats, who want to raise taxes on people that they feel can afford it, find a deal that they can agree on to avert that disaster and hopefully take away the threat of it happening again. If that is not the case, however, raising the debt limit would, obviously, just drive us deeper into debt. In effect, it would raise the credit line of the man who has literally run up more credit than anyone else in the history of the world. According to Barack Obama and his followers, of course, the answer is "yes," it would be catastrophic. Not only that, but the president is pushing the idea that if we don't raise the debt limit,  we will not be able to pay out Social Security checks to the seniors who rely on them, or fund Medicare, Medicaid, troop paychecks, etc. "I cannot guarantee that those checks go out on August 3rd if we haven't resolved this issue. Because there may simply not be the money in the coffers to do it." That was Barack Obama during a CBS interview earlier this week. The thinly veiled message of that little blurb is just recycled from the attack on Paul Ryan's budget plan. "Republicans are trying to push granny off a cliff." Actually, in this case the president referred to it last week as "holding a gun to the American people's head." It's a good thing we learned our lesson from Congresswoman Gifford's shooting and we have this "new tone" now, huh? There is just one problem with the president's statement. He's wrong. There is enough money coming in to the government to send out all those checks and pay the interest on the debt. So not only would the senior citizens who rely on those checks to survive receive them, but we would not default either. The proof is in the Daily Treasury Reports put out by the Department of the Treasury as explained by Terry Jeffrey at CNSNews.com. "According to the Daily Treasury Statements, as of the close of business on May 16, the federal government had taken in $1.333454 trillion in tax revenues since the beginning of fiscal 2011. By the close of business on July 7, tax revenues for fiscal 2011 had grown to $1.629630 trillion. Therefore, between May 16 and July 7 the federal government took in a total of $296.176 billion in new tax revenue… Also during that same period, the federal government’s combined expenditures for interest payments on the national debt, Medicare, Medicaid, Social Security, the Veterans Affairs department and federal workers wages and insurance benefits equaled $270.151 billion." So the president could continue to pay the interest on the debt, the troops, and the entitlement programs and still have $26 billion to spare. Aside from paying on the national debt which is required by the 14th amendment, the president would have to prioritize where the rest of the money would go. So, bottom line, if seniors don't get their check, it's because the president decided to fund something else instead of them. So essentially, those of us who believe that the government needs to massively reduce spending are holding the cards in this little standoff. We should be completely prepared to call the presidents' bluff, because we can't lose. If we raise the debt ceiling with some substantial cuts and maybe a balanced budget amendment, mission accomplished. But, if we don't raise the debt ceiling the president has to trim the fat off our obese government anyway. One thing is for sure, we can't keep spending at the rate we are now. Under this president, the debt has gone up $1.723 trillion per year. As of 2009, the federal obligations per household boils down to $546,668. To continue spending money we do not have is insane. Why not stop it here? Register for our summer event featuring Gary Bauer, Friday, July 29, at 7:00 pm https://secure4.afo.net/ada/registration.php?eventno=28 *********************************** Your support is important to our ability to make a difference. Donate online at: https://secure4.afo.net/ada/donate.php American Decency Association is a member of the Evangelical Council for Financial Accountability. American Decency Association Bill Johnson, President P.O. Box 202 Fremont, MI 49412 ph: 231-924-4050 www.americandecency.org http://www.twitter.com/billwjohnson

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