House Republicans already voted for a debt ceiling increase
On April 15, 2011, 235 House Republicans voted in favor of H. Con. Res. 34, a bill that stipulated an increase in the debt ceiling. In case one’s brain is reluctant to rehash such political grandstanding, this was part of Paul Ryan’s “courageous” budget. Title I, Sec. 101 of Ryan’s plan reads:
(5) DEBT SUBJECT TO LIMIT.—Pursuant to section 301(a)(5) of the Congressional Budget Act of 1974, the appropriate levels of the public debt are as follows:
- Fiscal year 2012: $16,204,000,000,000
- Fiscal year 2013: $17,177,000,000,000
- Fiscal year 2020: $22,408,000,000,000
- Fiscal year 2012: $23,102,000,000,000
The debt ceiling “debate” is not a debate; it is political grandstanding. The fact that Republicans have continued this charade, even as leading economists warn of impending doom, Moody’s and S&P prepare to lower the United States’ credit rating, and consumer confidence decreases, is baffling. When will the elected representatives of the United States start showing even an iota of maturity? In the end, the debt ceiling must be raised in order to avoid a default, and ensure financial stability.