Saturday, January 19, 2013

The debt ceiling and getting very scared again

We are headed to the next "crisis" or the debt ceiling debate.  

We spoke with Dr Ileana Johnson on Friday and she commented on "the debt ceiling and fear mongering":

"What if the debt limit is reached and not raised? Perhaps bills will be paid in the order in which they are received; bills to be paid will be prioritized; other bills would go into an unpaid and delayed bills category. Such decisions would be similar to those made by everyday Americans who have to live on a limited budget and within their means. Would prioritizing be a glaring example of U.S. government’s failure to meet its commitments? GAO said in 1985 that the “Treasury is free to liquidate obligations in any order it finds will best serve the interests of the United States.” But the Treasury thinks that all obligations have equal footing according to the law.

It is fear mongering to say that the U.S. cannot pay its bills if the debt ceiling is not raised again. “The Treasury has sufficient resources to liquidate all obligations arising from discretionary and mandatory (direct) spending, including interest payments on the debt.” (CRS, p. 10)"

Here is an idea.  Let's try living within our means for a change.  Let's prioritize our responsibilities and use our tax resources to meet them.

My point is simple:  Bite the bullet now or we will have to bite a much bigger bullet down the road.  In other words, we can not avoid biting the bullet

 Click here for the Friday show:


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