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House Republicans already voted for a debt ceiling increase

by rescuetruth on July 16th, 2011

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

Interesting, eh?

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.

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From → Economics, Politics

  • joeinhell

    I’m sorry if you actually believe in this crap.

    There is none except Bernie Sanders in politics and absolutely no one in banking, insurance, gambling on the stock market, being a hedge fund manager, just being rich or the other sleazy things who would not short the American bonds to $0.25 on the face value.  They would liquidate everything for cash. The corporations are sitting on almost $2 trillion in admitted cash. There is probably $3 to $5 trillion stashed away in off shore banks.

    If the ceiling isn’t raised, bonds will drop like stones on the market.  The greedy thugs will buy at the bottom of the market before announcing that the first thing to be paid would be the bonds, before welfare payments, disability checks, nursing home costs, etc.

    Bonds would rebound to their actual value.  So the speculators would quadruple their value in  a few months.

    So the richest would swallow up between $24 and $30 trillion more of the wealth of the country.  Guaranteed by the full faith and credit, property and sweat of the suckers who pay taxes.

  • http://rescuetruth.com rescuetruth

    Hi Joe,

    I’m a little confused about the first comment: “I’m sorry if you actually believe in this crap.”

    What exactly was that in reference to?

    Thanks for your response!

  • joeinhell

    Sorry about the crack. I find this to be an informed blog and I hate to see people sucked in by the nonsense.

    What I meant was that if you pay attention to the supposed debt crisis, they have suckered you in.There is no debt crisis.  There are lot of “national leaders” that are playing big stakes gambling in a rather coordinated rip-off of the American taxpayers.None of it is real. It is the propaganda machine ginning up hysteria about a fictitious problem.The Congressional Budget Office was asked to run numbers in June about what would happen if absolutely no changes were made and budget spending were made at the level of the last annual budget that actually passed.Their conclusion was that if the Bush tax giveaway to the rich were allowed to expire when it is supposed to  and the budget were maintained at the same level, the economy would balance out in 10 years.

    There would need to be some extra borrowing to bridge over the tax shortfall from the unemployed but that this could be on short term debt.

    I went through this “sky is falling” crap when the banks decided to destroy the Savings and Loan business. The looting came with “deregulation” in the Carter administration. Then the regulators left were underfunded for the number of S & Ls they were supposed to regulate. Almost unanimously the remaining regulators were screaming about S & Ls being taken over by grifters and conmen who had no money.  The Reagan Administration did practically nothing for 5 years. Then the propaganda machine ginned up trying to get all of the S & Ls shut down.

    That went on for 5 or 6 years.  There was no S & L crisis, there was a continuing looting of S & L by the rich, the banks and the politicians.  The whole thing was wound up in a year with the taxpayer on the hook for the billion or so dollars that moved to the rich. There were only about 3 elected politicians in Washington, DC, that didn’t get involved in “campaign contributions” “property refinancing” at low rates and wives, children and relatives being appointed directors of S & Ls that were being looted.

    It was all buried by unanimous consent during the presidential election in 1992. Two bills passing out money to make the S & Ls able to pay their debts to the banks, the rich and the insurance companies and then liquidating a lot of the S & Ls.

    Didn’t even make a blip on the “news” since everyone was in on the scam and the “news” was focused on the election.

    The new debt crisis does not exist. There is a coordinated effort to rip off the taxpayers for a lot more money, this time. There are simply too many rich, connected and politicians involved in this crap for it not to be a conjob, shuck and hustle.  It extends into the Presidency, but it is not real.