RAISING THE DEBT; LOWERING THE BOOM
By Chuck Baldwin
August 4, 2011
The big story this week is the decision of the US Congress and Senate to raise the debt ceiling. Did this really surprise anyone? Despite millions of pieces of communication from their constituents to the contrary, congressmen and senators voted by substantial margins to increase the debt ceiling by up to $2.4 trillion. The House vote was 269 to 161. The Senate vote was 74 to 26. Coincidentally, the amount of this increase to the debt ceiling is now the largest debt-limit increase in US history–all the rhetoric by politicians in DC that they are serious about “cutting” federal spending notwithstanding.
See Terence Jeffrey’s report here.
Here is a recent report regarding the debt-ceiling votes via C-SPAN.
And here is the liberal NPR report with more details.
At this point, I think it is fitting to quote Congressman Ron Paul. Dr. Paul is one of the very few people in Congress that has consistently warned the American people about the foolhardiness of America living beyond its means. Here are some excerpts from Dr. Paul’s statement regarding the debt ceiling deal:
“This deal will reportedly cut spending by only slightly over $900 billion over 10 years. But we will have a $1.6 trillion deficit after this year alone, meaning those meager cuts will do nothing to solve our unsustainable spending problem. In fact, this bill will never balance the budget. Instead, it will add untold trillions of dollars to our deficit. This also assumes the cuts are real cuts and not the same old Washington smoke and mirrors game of spending less than originally projected so you can claim the difference as a ‘cut.’