“We have an Administration that is saying, we want you to vote on the debt ceiling and continue business as usual. No reforms, no cuts in spending,” explains Senator Pat Toomey (R-PA). With pragmatic perspective and common-sense suggestions, Toomey debunked the debt limit hysteria in a speech at The Heritage Foundation this morning. After his speech, he joined us for an In The Green Room interview to discuss the misconceptions that surround the issue and a few solutions that might actually weed out the root problem of irresponsible spending.
Toomey has been a leader in recent months in the debt ceiling debate, writing in a recent Wall Street Journal op-ed, “The vote on whether to raise the debt ceiling—and, if so, by how much—is our best opportunity to insist that any increase in our nation’s debt be coupled with concrete steps toward fiscal sanity.” As Toomey said in the interview, “What I’m trying to correct is the misperception—being propagated by some in the Administration—that if we don’t immediately raise the debt ceiling on reaching it, that constitutes a default on our debt.”
Don’t miss Heritage’s factsheet on the debt ceiling and take a moment to share our full interview.
Considering we have very little available cash to fund the goons, we will have to raise the debt ceiling. But I think we need to cut at least 15% from everything before raising it. That will reduce the current budget by $570 billion. There should be legislation in place for a 15% across the board cut on everything signed by Obama before the debt ceiling is raised. Then the debt ceiling should be raised only to $15 trillion with no more increases allowed – by legislation. The legislation should then dictate that the ceiling will be lowered by $250 billion every year starting at the beginning of FY 2013.
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Dear Sen. Toomey
Unsustainable spending habits? You forgot tax collection shortfalls; e.g., $400 billion in FY 2009. Or did you conveniently ignore this?
You can’t cut taxes for years to come and then wage two wars without fiscal consequences as evident below.
I think you should do your homework on debt ceiling increases. Have you forgotten the past administration? Or is it politically convenient.
Date, Debt Ceiling, Change in Debt Ceiling.
(Billions of dollars.)
June, 2002. $6,400, +$450
May, 2003. $7,384, +$984
November, 2004. $8,184, +$800
March, 2006. $8,965, +$781
September, 2007. $9,815, +$850
June 5, 2008. $10,615, +$800
October, 2008. $11,315, +$700
February 17, 2009. $12,104, +$789
December 24, 2009. $12,394, +$290
February 12, 2010. $14,294, +$1,900
Source: Congressional Research Service, Wikipedia.
And by the way, where was the last administration on mortgage regulation. (Didn’t mean to frighten you with the word “regulation.) What if debt ceilings were imposed for subprime mortgages and for excessive equity borrowing. While the last administration was bragging about record high home ownership their excesses led to the worst recession since the 30s.
Don’t distort history. Do the right thing. Be a good American. Or is it politically convenient not to do so.
Nick10
Well, if you remeber, Nick, the past administration tried to introduce legislation which would have reigned in Freddi and fannie (McCain sponsored the bill) in an effort to avoid the coming catastrophe, but the democratically controlled congress made sure the bill never made it to a vote. Yeah, the same folks that now incessantly bleat about it all being bush's fault. yes it was partially his fault, And so far as "their" excess, don't forget (however convenient) that it started with a presidential mandate that anyone who wanted to buy a house should be able to, and it wasn't GW. That's really immaterial, though, as those, including yourself, who want to keep looking back and arguing about who is at fault (ugly truth: they ALL were, as were we for letting them do it) simply keep us mired down in the same old arguments, which really precludes the kind of behavior which might actuall FIX this mess.
Yeah! Good idea, don't let Geithner cause the disaster that Obama will benefit from! They want chaos, so sure a Treasury Secretary will default on our Debt! Because they serve the Foreign Interest, always serve the Foreign and never not serve the Foreign Interest it is predictable that the Administration would purposely default just to bring America's Economy down! Everything else they do defies common sense! The Obama Administration (judging from his new budget) is perfectly intent on spending our Nation into oblivion! Well! Hey! A Federal default and resultant downgrade of Federal Treasury Bonds would cause increased Interest rates! That would produce the crisis Obama needs to reshape America in the Soviet image.
For sure, do not let Geithner have the power to make that disastrous decision! Republicans, I am proud of you!
Senator Toomey was President of a Club for Growth thats only purpose was a front for huge Businesses. He believes it is just fine to have the middle class carry much of the burdens of the debt, and expects them to do without, all the while he is kissing the a** of corporations and finding ways to illiminate their burdens and have them operate without regulations or oversight. This is his idea of creating jobs. But, with people like Tommey serving PA, we will be welcoming back the long days of laboring under unsafe and deplorable conditions and sweatshops.