May 2 2011
Maybe he’ll show up on the stage Thursday in Greenville
NOTE: The loss of confidence in America’s economy isn’t because we’re not raising the debt limit fast enough: it’s because we have no credible plan to ever stop raising it.
The Greenville News
Don’t surrender to the debt By Jim DeMint
There are only two choices when it comes to our nation’s debt crisis. Fight the debt, or surrender to it.
Some are already giving up.
Since President Barack Obama was inaugurated, $3.6 trillion has been added to the debt and if the country continues on the path he has laid, the debt will nearly double in the next 10 years to $26 trillion. Yet many Democrats are insisting that it’s more important to increase the debt limit than it is to seek spending reforms to prevent our nation from going into bankruptcy.
Borrowing more money without any plan to cut spending is like trying to put out a fire with gasoline. It won’t improve the nation’s financial standing; it will only endanger it.
Debt increase advocates are misleading the public when they say fiscal catastrophe will result from a failure to increase the debt ceiling. They are using scare tactics to keep up their big-borrowing and spending sprees, just like they did to justify their Wall Street and mortgage bailouts. The Chicken Little claims that a debt ceiling lapse would mean the nation’s creditors will not be paid are simply not true.
Next year, tax revenues are projected to cover 70 percent of federal expenditures. Only 7 percent of all projected federal government expenditures will be used to pay interest on the debt. While Washington would need to engage in significant cost-cutting measures, the non-partisan Congressional Research Service has confirmed that default would happen only if Treasury Secretary Tim Geithner chooses to let it. He has the authority to prioritize payments to ensure that default does not occur by using the available money to pay the nation’s creditors and cover essential services like Social Security payments without interruption.