American People Send A Message To President Obama: Take The $2,400 Billion Increase In National Debt Ceiling By Supporting H.R. 2560 The Cut, Cap, and Balance Act of 2011–Or Start Furloughing Non-essential Government Employees–No More Increases To The National Debt Ceiling Or Unbalanced Budgets–Videos

Posted on July 26, 2011. Filed under: American History, Banking, Blogroll, Business, Communications, Demographics, Economics, Education, Employment, Enivornment, Federal Government, Fiscal Policy, Foreign Policy, government, government spending, history, Investments, Language, Law, liberty, Life, Links, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Rants, Raves, Regulations, Strategy, Talk Radio, Taxes, Unemployment, Unions, Video, War, Wealth, Wisdom | Tags: Balanced Budgets, Cut Cap Balance, Jim Jordan, Mark Levin, Mike Lee, National Debt Ceiling, Pat Toomey, President Barack Obama, Rand Paul, Ron Paul |

U.S. National Debt Clock

http://www.usdebtclock.org/

Public Pulse: What Do Americans Really Think about the Debt Ceiling and Government Spending?

Americans Still Stuck on Economy as Top Problem in the U.S.

Editor-in-Chief Insights: Americans Assess the Debt Debate

Is Washington creating our jobs crisis? 

H.R. 2560 The Cut, Cap, and Balance Act of 2011

http://politics.nytimes.com/congress/bills/112/hr2560

Bill Text Versions
112th Congress (2011-2012)
H.R.2560

http://thomas.loc.gov/cgi-bin/query/z?c112:H.R.2560:

http://thomas.loc.gov/cgi-bin/query/D?c112:1:./temp/~c112pRR36I::

Cut, Cap & Balance! Senators Paul, Lee and Vitter want a Constitutional Amendment

Sen. Toomey holds press conference on bill to protect seniors and active military

Sen. Toomey on Fox and Friends discussing the debt debate

Mark Levin Interviews Congressman Jim Jordan Who Supports Cut,Cap And Balance

The Lee-Toomey-Paul Cut, Cap and Balance Act Press Conference

Sen. Rand Paul Supports Cut-Cap-Balance Pledge

Lee Says Debt Plan Must Have Balanced Budget Amendment

7-21-11 – Ron Paul on the Debt Negotiations & Cut, Cap and Balance

Sen. Rand Paul on Fox Business w/ Lou Dobbs – 07/20/11

Ron Paul on The Lou Dobbs Show: Explains Why he didn’t vote for the Cut, Cap and Balance Bill

Ron Paul on WMAL Morning Majority: Talks about Dept Limit & Cut, Cap, and Balance

Ron Paul Ad – Conviction

Bachmann: “I can not vote to raise the debt ceiling”

Thomas Sowell  

Debt-Ceiling Chicken

“…The national debt-ceiling law should be judged by what it actually does, not by how good an idea it seems to be. The one thing that the national debt-ceiling has never done is to put a ceiling on the rising national debt. Time and time again, for years on end, the national debt-ceiling has been raised whenever the national debt gets near whatever the current ceiling might be.

Regardless of what it is supposed to do, what the national debt-ceiling actually does is enable any administration to get all the political benefits of runaway spending for the benefit of their favorite constituencies — and then invite the opposition party to share the blame, by either raising the national debt ceiling, or by voting for unpopular cutbacks in spending or increases in taxes.

The Obama administration is a classic example. When all its skyrocketing spending bills were being rushed through Congress without even being read, the Democrats had such overwhelming majorities in both the Senate and the House of Representatives that Republicans had all they could do to get a word in edgewise — even though their words had no chance of stopping, or even slowing down, the spending of trillions of dollars.

Now that the bill is coming due for all that spending and borrowing, Republicans are suddenly being invited in to share the blame for either raising the national debt ceiling or for whatever other unpopular measures will be legislated.

Many years ago, someone said, “If you didn’t invite me to the big take-off, don’t invite me to the crash landing.” This was Obama’s big spending spree, but “bipartisanship” requires Republicans to either split the bill or be blamed if the government shuts down or defaults.

What would happen if there were no national debt-ceiling law?

Those who got the political benefits from handing out trillions of dollars of the taxpayers’ money (plus borrowed money) would also get the clear and sole blame for the resulting skyrocketing national debt and all the unpopular consequences.

Those people who want serious and substantial spending cuts are absolutely right in what they want. There are not only government programs that need to be cut but whole government agencies, including Cabinet-level Departments, that are not merely useless but positively harmful on net balance.

There are a lot of things that could be cut, and should be cut, instead of defaulting on the nation’s debts. But that is not likely to happen, if Obama and his media chorus can instead blame the Republicans for forcing a government shutdown or a credit default. …”

http://townhall.com/columnists/thomassowell/2011/07/26/debt-ceiling_chicken/page/full/

How to Freeze the Debt Ceiling Without Risking Default

Next year, the government will have 10 times more income than it needs to honor its interest obligations.

By Pat Toomey

“…As members of Congress debate whether to raise the U.S. debt ceiling—the limit on our government’s debt—we should all agree on at least one thing: Under no circumstances is it acceptable for the U.S. to default on its debt. Not only are we morally obligated to honor our debts, but we benefit greatly from the nearly universal conviction that those who lend to us will always be repaid, on time and in full. We should never undermine that conviction.

Fortunately, even if Congress doesn’t raise the debt ceiling, a default on our debt need not follow when our borrowings reach their limit in the next few months. I intend to introduce legislation to make sure of this.

For months, some political leaders and commentators have argued that failure to raise the debt ceiling would necessarily cause the U.S. to default on its debt. President Obama’s Council of Economic Advisors chairman, Austan Goolsbee, recently warned, “If we get to the point where you’ve damaged the full faith and credit of the United States, that would be the first default in history caused purely by insanity. I don’t see why anybody’s talking about playing chicken with the debt ceiling.”

In fact, if Congress refuses to raise the debt ceiling, the federal government will still have far more than enough money to fully service our debt. Next year, for instance, about 6.5% of all projected federal government expenditures will go to interest on our debt, and tax revenue is projected to cover about 67% of all government expenditures. With roughly 10 times more income than needed to honor our debt obligations, why would we ever default?

To make absolutely sure, I intend to introduce legislation that would require the Treasury to make interest payments on our debt its first priority in the event that the debt ceiling is not raised. This would not only ensure the continued confidence of investors at home and abroad, but would enable us to have an honest debate about the consequences of our eventual decision about the debt ceiling. …”

http://online.wsj.com/article/SB10001424052748703954004576089963912388314.html?mod=googlenews_wsj