Tuesday, April 19, 2011

Do you have an extra trillion

This coming May, the United States Congress will begin the discussion into our country's debt limit. A discussion which can not be avoided any longer. The debt limit is a warning system which is built into our nation’s laws. What this does is force the members of Congress to address the out-of-control spending when our national debt reaches a certain level. Congress has chosen to ignore this built in oversight warning at least four times in the past five years. This time, the warning can not be over looked.  In my opinion it would be completely reckless for Congress to consider raising the debt limit without making some type of deep spending cuts and reform. Our nation’s credit worthiness is directly tied to our fiscal responsibility, and not to our desire to borrow more money from China and other countries. America could send a strong message to global financial markets by making reasonable and prudent steps to address our spending habits, and not by raising the debt limit. Currently our debt stands at 14.3 trillion and growing,  President Obama has proposed in his 2012 budget proposal to add about $9 trillion to the debt over the next ten years, yes 9 trillion dollars, with no idea how to pay for it. Comments made by Obama today reflects his desire to increase spending in education. Obama also indicated he will increase spending in the country's infrastructure. Which is all well and good, however how is he planning to pay for all of this additional spending.  This President has demonstrated he is not committed to addressing or reducing our national debt and seems content to bring financial ruin to the United States of America.  With that said,  it is no wonder the Republicans in Congress today are saying the Standard & Poor's warning that it could eventually lower its rating on U.S. debt proves that President Obama should take up their recommendations for deficit reduction. The indication however from Obama is "Status Quo", just keep spending. What about our AAA credit rating? "According to the credit rating agency yesterday maintained the U.S. government's AAA credit rating but said that concerns over "very large budget deficits and rising government indebtedness"  led the agency to lower its outlook on the long-term rating to "negative." If the S&P chose to downgrade the U.S. rating in the future, the government would have to pay more interest to borrow money by issuing debt in public markets, isn't that special. What is it going to take for Congress to understand that deep cuts are necessary, they have to understand that the American people do understand and are willing to adjust the necessary cuts and reforms which have to be made. Nancy Pelosi and Harry Reid are the ones that do not understand..again they are in it for themselves and not for the American people and certainly not for the United States, but that is my opinion.

Until next time,  God Bless You and God Bless America.....



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