The Most Important Issue...EVER!!!!
The Administration has a bit of a problem. The cap on the national debt, which must be approved by Congress, is $12.1 trillion. The Treasury is borrowing money so fast to fund the stimulus and budget deficits, that it will push up against the level in about two months.
With many members of Congress against the rising federal red ink, the battle lines are likely to be drawn with the stakes being how much higher the limits on federal borrowing will be allowed to go.
According to Reuters, Treasury chief Timothy Geithner sent Senate Majority Leader Harry Reid a letter saying, “It is critically important that Congress act before the limit is reached so that citizens and investors here and around the world can remain confident that the United States will always meet its obligations.”
The recession seems to be coming to the end, but high unemployment could be a negative factor in IRS collections for years.The current request to raise the debt ceiling won’t be the last.
Remember, we are all collectively liable for this debt....up until now, we as a nation were able to service it comfortably. For the first time in recent memory, the revenues to our country is evaporating as its expenses and debt are exploding. As incomes crash and more and more get fired, fewer and fewer of us can afford to pay as more and more declare bankruptcy.
When our nation goes to war, if necessary, it takes our children. What happens when it needs our money to pay back creditors...ALL OF OUR MONEY? In the end, if your nation needs all of your money, you are in the same position of the citizens that declared bankruptcy before you....no matter how much you think you saved or how "conservative" your behavior, you have nothing left when the government takes it all.
This issue should be the central issue Americans are discussing.....basically the equitable resolution in dealing with our nation'sexpenses and debt...right now we are simply giving our last dimes to Wall Street bankers.
Without money, there is NO HEALTHCARE. How can you have healthcare reform without any ability to pay for health care, or social security, or medicare, or medicaid, or welfare, or food stamps, or unemployment benefits, or defense?
If we don't restructure debt soon, soon there will be little to restrcture.
Remember, as a citizen of the United States, we are JOINTLY liable for the debts of our nation. It is collectively all of our debt and expenses. If the government is borrowing it, we are borrowing it. At some point, the bankers want to be paid, so far they have taken a lot to keep this game going, soon they will run out of patience, my guess is sooner than many of you think.