Congress is moving quickly on an agreement to avert a potentially devastating default on U.S. obligations, with legislation that mixes a record increase in the government’s borrowing cap with the promise of more than $2 trillion in spending cuts.
After a tense weekend of bargaining, President Barack Obama and congressional leaders announced the agreement Sunday night, providing an instant boost to Asian financial markets and a huge dose of relief to an administration and Congress frazzled by months of partisan warfare and the chance that a default could send the still-fragile economy into recession.
The president said he has a deal to avert a default, and the way I look at this is, if the president wants this, it can’t be all that good. And looking at the details, it really isn’t. And to say this again. There would not have been a default. How many freaking times does this have to be said?
This morning on Garrison he had John Lott an economist, who had this to say about the deal that Congress made on the debt ceiling. If the debt ceiling stayed the same, would we suffer a default and would it be as catastrophic as the liberals are telling us?:
Yeah, it’s been really irresponsible, the scare tactics that have been going on about this. People have been making predictions about default, higher unemployment, lower GDP, and the stock market would collapse, and on and on about things that would happen. The most basic thing has been the default.
When we have, uh, each month, interest payments are less than 1/9th of what we bring in, in revenue.
If you don’t increase the debt ceiling, what that means is, it’s not that you can’t spend money, but your limited to spending money to what you bring in. Your limited to your income. You can’t go and borrow above and beyond what you bring in. It stops deficit spending. It’s kind of like enforcing a balanced budget amendment at that point. And we can easily pay that, and we’re obligated by the constitution to first of all pay off on our interest obligations, and as long as you do that, it’s like you make your monthly payment and just pay the interest, your not defaulting. Just like we wouldn’t be.”
But, it’s kind of a mute point now, because they passed it in the house last night, and it is expected to pass the senate today. My Congressman Todd Rokita didn’t vote for it, and only four of Indiana’s representatives did vote for it.
And this bothers me because of all the lies that have been told over and over again, even on FOX News about us going into Default if we don’t raise the debt limit. People, it wouldn’t have happened!
It would have actually shown our creditors that we have finally gotten adult supervision and started to take responsibility for our debt, instead of raising it again to allow the government to continue it’s insane spending policies. So with this new deal, we are still doing the wrong things. God help us.
May God bless our efforts to help get America back, and put God back into our country.
God, Bless America. Bless Americans. And Bless us to start using more common sense.