From RedState.com, By Daniel Horowitz, 10/07/13 – Over the past few weeks, Democrats have indicated that they have no intention of negotiating over Obamacare, opting instead to shut down the government. They are justifying their obstinacy by asserting that Obamacare is the law of the land. Well, if that is the game they want to play, we should return the favor with the debt ceiling. The debt ceiling, pursuant to the Second Liberty Bond Act of 1917, is the law of the land. And it has been so for far longer than Obamacare.
However the current debt-ceiling crisis turns out, the current economic turmoil in financial markets around the world should cause some serious thoughts about the long run, and about the whole idea of a national debt-ceiling. Continue reading →
IN THIS ISSUE:
1. The Economic Recovery Remains Soft
2. What is the National Debt?
3. A Brief History of the National Debt
4. What is the National Debt Ceiling?
5. The Republicans Have No Leverage
6. What Happens When the Bond Market “Blows Up”?
As this is written, the US national debt that is subject to the “debt limit” stands at apprx. $14.27 trillion. The current statutory debt limit is $14.3 trillion. With a projected budget deficit of $1.65 trillion for this year, we are set to hit the debt ceiling sometime in the next few weeks. A battle is brewing in Washington over how much to raise the debt ceiling.
Congress has raised the debt ceiling limit many, many times before, and there is no doubt that it will be raised again… and again and again. Yet every time we face an impending increase in the debt limit, the media makes it out to be a dangerous and potentially apocalyptic battle. Nothing could be further from the truth. Continue reading →
As the new Congress convenes this week, our first priority must be to get our nation’s debt under control. However, many of my colleagues in the House are afraid to stand up and speak out against raising the debt ceiling. Last month, you received this email with a call to action to sign our petition against raising the debt ceiling. The response has been so overwhelming that I’ve decided to extend our 72-hour deadline to this Friday. We have collected over 50,000 signatures so far, but I know we can collect more.
If you have not yet added your name to the petition, please take a minute to follow this link to do so. We must show Democrats and Republicans in Congress that the conservative grassroots activists around the country oppose raising the debt ceiling that will further burden our children and grandchildren with massive debt.
MICHELE-PAC is dedicated to supporting elected officials who share our constitutional conservative values. With votes like this one looming in the next Congress, we need to know you stand with us. Please sign the petition right away! Thank you.
Michele Bachmann Continue reading →