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Nation’s Future Rests On Debt Ceiling Vote

April 29, 2011 by  

Nation's future rests on debt ceiling voteLawmakers recently averted a government shutdown by agreeing on a continuing budget for fiscal year 2011, but they are already prepping for another showdown over Federal spending.

The government is rapidly approaching its statutory borrowing limit, which means that lawmakers must raise the debt ceiling in order to prevent the United States Treasury from defaulting on its loans. Matthew Zames, managing director at JPMorgan Chase, recently wrote a letter to Treasury Secretary Timothy Geithner, warning that a failure to raise the debt ceiling could trigger another "catastrophic financial crisis."

House Republicans are preparing a package of massive spending reductions to accompany a bill to raise the borrowing limit. One of the cuts involves reducing government staffing, calling for one hire for every two officials who retire, according to The Huffington Post.

A GOP aide told the media outlet that the proposed cuts in mandatory spending would be in line with Representative Paul Ryan's (R-Wis.) long-term budget plan, which lays out $6.2 trillion in cuts over the next 10 years.

Senate Majority Leader Harry Reid (D-Nev.) said that the "full faith and credit" of the U.S. would be compromised if the nation defaults on its debt, CNN reported. Due to the severity of the situation, Reid said that he is not "drawing any lines in the sand" about what should or should not be included in a package to raise the debt ceiling.

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    • Ron Scott

      right on james! we have to management we just cant keepraising our revenues gov have waste too much manage better and we can pay bills emprove the economy get people back to work and they will get more revenues juggle a bit but dont raise it regardless of what the experts say!!!

    • Bus

      That is the problem James, the married couple isn’t worried about being re-elected, or about getting some free dinners from lobbyists, or being sued by one of thier kids for cutting his allowance. But we either start pairing things down now or the whole thing collapses and those kids (dependents on government handouts) are living in the back seat of a car next year.

    • Lewis Munn

      Agree. And the Congress needs to solve their problems within the present ceilings, which are way way too high anyhow.

      Maybe start with Congress lowering their own salaries down to what an average person gets these days, and put all the government on the same medical plan as every other citizen. Period.

      The theory is if they had to live on what they allow an ordinary citizen it might bring them to their senses!

  • Former Walmart person

    For starters we could end our wars. If the goal is to supposedly save American lives, then why don’t we see coordinated NATO air strikes against deficient DMVs and car dealerships? Do people have any idea how many Americans are just absolutely SLAUGHTERED in their vehicles? Until you reach a certain old age where heart attacks and cancer take over, your number one chance of dying is in a mopving vehicle. Compared to any other place you can be, being in your moving car is a just an abolute death trap. You would probably have a greater chance of suriving if you 1. never drove but lived in an inner city Ghetto compared to 2. driving at least an hour a day but living in a surbuban, terrified whitey gated community.

    • Peter Green

      Does Barack Obama want to destroy the United States?
      The fact is, following his straight down the line, left-wing, anti-American, radical ideology, Obama does want to destroy the U.S as it is now. Next, Obama wants rewrite the American constitution.

      We have experienced a complete denial from Obama and the some Democrats, of the destruction of our country by the present US national debt and the future financial obligations of our country. President Obama is a pathological liar, he will lie to the American people again, and we cannot trust this man.

      Obama doesn’t understand that Americans have the right to PURSUE prosperity — it’s about opportunity not entitlements. He believes happiness and prosperity should be taken from the rich, the middle class and redistributed. Because of inflation many People have lost their life savings and retirement.

      Alan Keyes on President Barack Obama’s policies: “……And he’s rushing forward with ideas like destroying our borders, an amnesty bill that will actually have the American taxpayer footing the bill for illegals to come here, to live, to get housing and to get everything they want. He is also someone just announced a program that would essentially destroy the validity of existing mortgages and encourages everybody in the country to stop paying their mortgage because their government is going to pay it inside. This is insanity. It’s as if we have put insane children and adolescents in charge of our government.”

  • Bob

    It is very simple. As Gov Huckabee has said, when you find yourself in a hole, the first rule is to stop digging. We must not live (either individually or as a nation) above our income. If we do not raise the debt ceiling, the debt will not rise. At least the hole will not be getting deeper.

    Since we cannot pass a debt reducing budget (and even the Ryan budget falls short, it only reduces the annual deficit), we must use the heavy handed way – limit spending to be equal to income. We cannot pass legislation until ’12, but we can now block legislation and this is our one opportunity to do so.

    Do not raise the debt ceiling. Force our bloated federal government to live within its means.

  • JimH

    Can I pay my VISA with my MASTERCARD?
    Digging a deeper hole, one of Obama’s shovel ready projects.

    • Lewis Munn


  • Al Sieber

    Let it all crash and get it over with, instead of this slow torture. then arrest and imprison the scumbags responsible for this, we’ve let it go on too long.

    • Lastmanstanding

      Al…I concur. bernanke and the Fed benefit the longer it continues.
      Day by day, penny by penny they rob us of our wealth…they will do so until we are broke. Physically, mentally and financially.

      • Al Sieber

        I know, that’s what they want.

        • Steve

          Hey maybe because the IMF thugs at the Federal Reserve have sucked us all dry for 100 years and destroyed our economy they could give us a break and go search for new prey….China is doing so great maybe a Chinese version of Woodrow Wilson can start the China Federal Reserve then they could enslave the entire Chinese population with taxes on their labor the same way they have done to us….

    • PMS

      Exactly! That will stop them in their tracks!

  • Wretched 1

    Instead of raising the debt limit use the median income of Americans and that should be a baseline for politicians pay. They should have the same retirement Social Security plans and Medicare coverage they put American workers under..think somewhere in the constitution it says that Congress cannot apply laws that do not apply to them. They are not above the law. If the President made $1.7 million from booksales using the office to increase the sales no taxpayer money should be given him nor any member of Congress that writes a book. No money should be accepted from businesses or benefits by any politician, if they accept it they should be charged with taking a bribe seeing as how they don’t pay taxes on it. There are thousands of people employed by the US government that really don’t do all of them. Repeal NAFTA and do away with rules on businesses where they are required to employ people not qualified to sweep the floors and have them making hundreds of thousands of dollars per year just to meet a quota.. And take the savings, pay off the National dept and use the rest of the savings and give Social Security recipients a COLA !

    • Lewis Munn

      I already need a whole case of COLAs!

  • http://PersonalLibertyDigest Randy 131

    Even if the Democrats accept Mr. Ryans long term budget plan, which I doubt, it may be too late to stave off the financial crisis caused by Obama’s and the Democrats’ out-of-control spending binge, with their huge trillion dollar plus deficits. Include in that, Bernanke’s insane increase in our money supply, in order to facilitate Obama’s and the Democrats out-of-control spending binge, by instituting his policy of ‘Quantative Easing’ and causing the devaluation of the US Dollar on the global markets and hyper-inflation, which has just begun, here in the USA, and you have the full force of the financial crisis coming down on the American peoples’s heads, with only the paultry budget reductions by Mr. Ryan, that Obama and the Democrats will definately not let take place. People, we are in dire financial trouble, and it’s going to start snow-balling here on out.

    • meteorlady

      A budget plan is not going to do it for us. A reduction in federal government itself and the agencies that are doing nothing is the answer. Deficit reduction only prolongs the agony and does nothing to service the DEBT. The DEBT is what’s going to kill this country in the long run.

      Meanwhile the Federal Reserve and banks are slowing draining you of your money. Once the money is printed it goes to the bank as $1.00, but once the banks disperse it it’s worth less, 17% less to be exact, since Obama took office.

      Add to that inflation at the rate of about 10/11% right now if you count correctly. The government has made 27 changes to the way the account for inflation, none of which really cover it honestly.

  • Robert

    the american people know what to do with dc. the problem is that it has not gotten bad enough for the people to do it. it’ll come. when our executive, judicial, and legislative branches are running our country into the ground, it’s just a matter of time before people get tired of someone scraping their head on the ground and kicks their butt. this stuff is old hat. if you want to take down a country you divide it, then you conquer it. watch for more polarization in our future…

  • Tom Anderson

    There is a lot of pissing and moaning here. If you voted for Obama or W Bush then you are simply reaping your reward. W and Obama’s foreign wars and Welfare State is taking the US Dollar to the dirt.

    Don’t complain – buy gold. Anyone holding US Dollars is simply left with the “hot potato”.

    In fact, if you hold US Dollars, YOU ARE THE PROBLEM!!! You are responsible for giving the Fed the power they need to screw you.

    Again, BUY GOLD, SILVER and PLATINUM and save yourselves! US Dollars are Dirt!!!

    • Lewis Munn


      Try buying Gold on my SS income, without shorting someone else on what I owe them! And getting worse as Greening the government officials is driving electric costs out of sight. Soon my modest electric costs will take my whole SS check, and I have the choice in Montana winters of stay warm, or eat.

      I could perhaps buy some lead, but even that is going up! Can’t even afford bullets!

    • meteorlady

      So Tom, who is making all the money off advocating gold and silver buying? Here a hypothetical for you. We are all bankrupt, the dollar is worthless, transportation is done because no one has any money, and the local stores have their doors shut.

      I have food, grains, water, alcohol, medicines, toiletries, live cattle and feed, propane, etc. These items I need for my family’s survival. Do you actually believe that your hoard of gold is worth anything to me? I would trade/barter if you had something of value to me that would enhance my families existence, but if you do not, you are depending on buying your way into safety. I am planning on saving myself and my family.

  • Tom Anderson

    If you hold US Dollar denominated assets ( stocks, bonds etc) YOU are the problem!! You are the reason we are in this financial mess!!!

    YOU! Not the politicians!! They couldn’t do anything unless you support the present US unconstitutional monetary system which is NOT based on gold or silver.

    Don’t bitch about Obama or Bush! They are one in the same.

    YOU ARE DISOBEYING THE US CONSTITUTION if you continue to hold and buy US Dollar denominated assets.

    Obey the US Constitution and buy GOLD and SILVER – get out of stocks and bonds and treasuries – they are illegal and unconstitutional. When the US Dollar collapses you will DESERVE what you get for disobeying the US Constitution.

    The FASTER we drive the US DOllar into the dirt the better for our constitution. Our Founding Fathers would see it EXACTLY they way I do.

    A new US currency will eventually emerge which will, again, be based on precious metals – in the mean time GET OUT of US stocks and bonds.

    Save Yourselves and Obey the US Constitution !

    • http://?? Joe H.

      tom Anderson,
      good idea!!! Course you might get a little hungry between now and the time that the grocers, haulers, producers, and all decide to do it as well!! Your precious metals will be very good AFTER the crash, but till it happens, you better have a supply of greenbacks to purchase what you need in the meantime!!

    • meteorlady

      Keep selling – maybe gold and silver will go up some more and you will make even more, but it still remains that I have food, water, energy, medicine, ammo, guns, livestock and feed and you don’t. So how good does gold taste when you eat it? How is silver for heating? You must be a typical city person. Where I live people have gardens, raise cattle and stock up on food supplies. We will be the survivors, not the people with gold, silver and nothing else.

  • BobG

    The Federal government should not be in the health care business, or any business for that matter. Medicaid and Medicare are ripe with fraud and abuse, that the government has never been able to control. Do you see fraud and abuse in medical insurance companies outside of the government – No! Because they make sure providers are charging correctly and insureds and those collecting benefits are truly elgible for those benefits. Privatize both Medicaid and Medicare.

    Do away with the department of education, the energy department and countless other bureaucratic agencies that do exactly nothing, but drain taxpayers dollars. Education belongs to the individual states.

    And I agree, our bloodsucking legislators, should have and pay for the same medical insurance we have to pay for, collect the same social security benefits that we get and contribute their own money to a 401K or similar pension plan.

    • meteorlady

      Exactly, give the states back their rights. The liberal states will go bankrupt, the conservative states will do better. My wish is that if Obama and the Democrats get re-elected, then Texas will secede from the Union and we can stop payments to this corrupt regime.

  • Bert Cundle

    KNOW WHAT HAPPENS TO PEOPLE THAT DON’T PAY THEIR DEBTS??? NOW OUR COUNYRY IS IN TROUBBLE, BEACUSE OF IT’S DEBTS… All the Deaths & Injuries in our many Forign Wars, is for naught! Politicans GREED, Gave our Country away, to our Foe! ( Few Care.)

  • barbm

    $6.2 trillion is a big old joke. looks good on paper but means freakin’ nothin’!!! they’ll have to do better than that if we’re going to get healthy in my lifetime.

    • Lewis Munn

      At least you will have a lifetime! Many of us who were never able to invest are, I guess, SOL!

      Wish someone would consider us in their plans!

  • http://com i41

    Former Walmart, nobody could coordinate a NATO strike, just look at Libya for a cluster f–k operation. As for deaths, for blacks, it is black on black violence. The ghettos are just cess pool of welfare s–t birds, who are worthless and non productive idoits. That breed like rats and are in to drugs. The best way to stop this stupidity, is stop the welfare and send them out to live on all the parks and federal land, either produce something to eat or expire. As for gated whitey communities, if any theif or peice of crap breaking in was shot on the spot, who would need a gated community, and if the minorities weren’t living off of the white working people. Of course the pukes would need to get a damn job, learn some work skills, and speak English, and do something besides doing drugs and selling stolen goods. Of course the blacks have such a prized puke in the WH who has done nothing in life but do drugs, live off of someone else and destroy the USA, what a crossbred chump hero.

  • northbrook

    Unless Congress places and insures limits on this administrations spending We all will be slaves working for foreign governments. They will own us and our children and their children. There is little reason to raise the debt limit if we are being told the truth that the government can service the debt, they only would not be able to fund all the other pet projects that they want. If we were to suspend raising the debt for 1 year could we reduce the deficit? Right now I am not concerned about the full faith of the US being upheld/ I am concerned about what this debt is doing to the future generations. As for a balanced budget amendment a good idea once we have some control on spending – the problem with a balanced budget amendment is that it likely could take 4 -5 years to enact. Too long for this wild ride to last if we are to have a country as we once had.

    HOPE for Change – Dump Obama in 2012

  • chuckb

    northrook, you have it right, we need to stop the spending now, to increase the debt would only dig the hole deeper. rep. ryans budget is written to accommodate the current congress, that’s part of the problem,this new congress was voted in to stop the spending immediately not five years down the road. i was skeptical of the new congress and they so far are proving my skepticism. the republicans did this same thing back in the nineties, now they are deja vu.


    I said in my book quoted above: the time to cut congressional and other federal staffing is now. Decimating the federal goverment is the key to ending the deficits.

    • Lewis Munn

      But who is brave enough to say “The emperor has no clothes”??

      Or is that tale no longer allowed to circulate? Hitting too close to home?

  • meteorlady

    Lowering the deficit is getting alot of publicity, but lowering the debt is not. The DEBT is the most important thing today. If they raise that ceiling again, and we sit by and allow it, we are heading for economic collapse. What are they thinking? Our currency is about to loose it’s reserve status, Soros is campaigning for a world reserve currency, and our dollar is worth 17% less than when Obama took office due the money laundering between the Fed Reserve and the Banks.

    This is the ruin of America.

  • cleaningsprite

    I’d must look at along with you the following. And that is probably none thing I do! I delight in studying a write-up that could make folks consider. In addition, appreciate it for allowing us to be able to review!


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