Copyright 2010 by John T. Reed All rights reserved
The national debt ceiling is $14.3 trillion. Congress set it at that level in February 2010. Now we are again approaching the limit.
The Tea Party is, above all, against more federal spending. The Tea Party arguably made John Boehner the next Speaker of the House. He was so overcome by emotion he cried in public about it.
But he was NOT so overwhelmed that he did not say this to new freshmen Representatives who vowed during the campaign NOT to vote to raise the debt ceiling:
We’re going to have to deal with it as adults. Whether we like it or not, the federal government has obligations and we have obligations on our part.
The U.S. government will run out of money—again—as it now does almost every year, and borrow more and more and more. This has to stop.
Many say the Republicans hurt themselves politically in 1995 during the Clinton administration by refusing to vote to raise the ceiling. Democrats accused them of “shutting down the government.” The public—290 million morons—bought it. They had to send regular workers home and make do with interns. Clinton made out with one.
If not us, who? If not now, when?
Not raising the debt ceiling is perhaps the best way to deal with the debt problem. It is the only gradual solution. Gradually is how we got into this financial mess. Maybe gradually is the best way to get out of it.
Republicans should refuse to raise the debt ceiling in the House and simultaneously pass a bill that makes the cuts that eliminate the need to raise the ceiling. If the President and Senate refuse to pass both laws, the government will shut down.
So be it. Shutting down the government is another way to give the American people a preview of what we are heading for. Only when the bond market shuts it down at some point in the not-too-distant future, because they have had enough of the U.S. government risking never paying them back or devaluation of the U.S. currency, it will not be reopened by Democrat whining.
Shutting down the government saves money unless the government pays the employees for the days they were at home.
Each side will blame the other. Each side will be right.
If the American people decide the raise-the-ceiling party is best for America, they can put them back in power in 2012. Then, when the bond market shuts down as far as buying U.S. bonds is concerned, which, in turn, really shuts the government down—permanently—the party in power will get the blame for that mess and another party will sweep them out of power. Ya gotta love that.
The vote on raising the deb ceiling in early 2011 is as good a place as any to draw the “They shall not pass” line. The destruction of the buck stops here.