We Are Being Sold a bill of goods on the debt ceiling

July 9, 2011 in Debt Crisis

We are being sold a bill of goods on the debt ceiling and we need to call these folks and let them no we are watching and they need to vote NO on raising the debt ceiling: Here are the targets and below is the reason why need not raise it:

You Should also watch this video.

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Five reasons we don’t need to raise the debt ceiling

1.     We won’t default if we prioritize our spending.

  • Tax revenues for this year are projected to be around $2.2 trillion.
  • Interest payments for this year amount to approximately $300 billion.
  • If we pay the interest first, that leaves us with about $1.9 trillion to spend on our most important priorities, and we avoid a default.
  • If we enact Senator Toomey’s Full Faith and Credit Act (S. 163) directing the Treasury to pay principal and interest on the debt held by the public before all other obligations it would ensure that the nation does not default.

 

2.     If they raise it they will spend it

  • The debt ceiling has been raised 10 times in 11 years.  In fact, since Congress enacted the first debt limit it has never failed to raise it.  (http://www.whitehouse.gov/omb/budget/Historicals)
  • The federal government spends more per second than the average family brings home in income per year.
  • Since World War II, government spending, on average, accounted for around one fifth, or 19.6 percent, of GDP. Today, federal spending accounts for nearly one quarter, or 23.8 percent, of GDP.
  • The national debt in 2006 stood at approximately $8.5 trillion, we are now over $14 trillion in debt (over $100 trillion if we count unfunded liabilities).

 

3.     We have been warned to stop the reckless spending.

  • Moody’s and Standard & Poor’s have warned us that our credit rating will be downgraded if we do not control our debt.
  • If the nation’s credit rating goes down, borrowing money becomes more expensive, making our existing debt crisis even worse.
  • China issued a statement, as our primary lender, saying that the US must rein in spending – now – or face severe austerity measures suddenly.

 

4.     We don’t have to reinvent the wheel on spending.

  • It would take about $750 billion in spending cuts by the end of this fiscal year (ending September 30) to get us back to 2003 spending levels, which would allow us to avoid default and pay for the rest of government, all without raising the debt ceiling or increasing taxes.
  • The Federal Government holds more than $1 trillion in highly liquid assets that should be sold to the private sector, and doing this now would allow the cuts to be phased in more slowly.
  • If we even rolled spending back to the Clinton-era budget we could make our obligations without raising the debt ceiling or increasing taxes.
  • America’s politicians have a spending problem NOT and revenue problem.  There is no reason to raise taxes or the debt ceiling except to grow government

 

5.     A rising national debt hinders jobs and the economy.

Targets for Debt Ceiling Debate      
REP Name State and District PHONE FAX EMAIL
         
Paul Gosar Arizona : 1 (202) 225-2315 (202) 226-9739 https://gosar.house.gov/contact-me
 Rick Crawford Arkansas: 1 (202) 225-4076 202) 225-5602 https://crawford.house.gov/Contact/
 Tim Griffin Arkansas: 2 202) 225-2506 202) 225-5903 https://griffin.house.gov/contact-me/email-me
Steve Womack Arkansas: 3 202.225.4301 202.225.5713 https://womack.house.gov/Contact/
John Campbell California: 48 (202) 225-5611 (202) 225-9177 https://forms.house.gov/campbell/webforms/issue_subscribe.htm
Duncan Hunter California: 52 (202) 225-5672 (202) 225-0235 https://forms.house.gov/hunter/webforms/zipauthen_contact.shtml
Ed Royce California: 40  (202) 225-4111 714) 744-4056 https://royce.house.gov/Contact/ZipCheck.htm
 Bill Posey Florida: 15 (202) 225-3671 (202) 225-3516 https://posey.house.gov/forms/writeyourrep/
Scott Austin Georgia: 8 (202) 225-6531 202) 225-3013 https://austinscott.house.gov/contact-me
Robert Woodall Georgia: 7 (202) 225-4272 202) 225-4696 https://woodall.house.gov/contact-me/email-me
 Robert Dold Illinois :10 202) 225-4835 202) 225-0837 https://dold.house.gov/contact-me
 Randy Hultigren Illinois :14 202) 225-2976 202) 225-0697 https://hultgren.house.gov/index.cfm?sectionid=89&sectiontree=3,89
Dan Burton Indiana : 5 202) 225-2276 (202) 225-0016 http://burton.house.gov/contacts/new
Todd Rokita Indiana : 4 202) 225-5037 (202) 226-0544 https://rokita.house.gov/contact-me
 Todd Young Indiana: 9 (202) 225-5315 202) 226-6866 https://toddyoung.house.gov/index.cfm?sectionid=58
Mike Pompeo Kansas: 4 202) 225-6216 202) 225-3489 https://pompeo.house.gov/contact-me
Jeffrey Landry Louisiana: 3 (202) 225-4031 (202) 226-3944 https://landry.house.gov/contact-me
Tim Walberg Michigan: 7 (202) 225-6276 202) 225-6281 http://walberg.house.gov/index.cfm?sectionid=58
Steve Palazzo Mississippi:4 202) 225-5772 202) 225-7074 https://palazzo.house.gov/contact-me
 Vicki Hartzler Missouri:4 202) 225-2876 202) 225-0148 https://hartzler.house.gov/contact-me
 Joe Heck Nevada: 3 202) 225-3252 202) 225-2185 https://heck.house.gov/contact-me
Frank Guinta New Hampshire:1 (202) 225-5456 (202) 225-5822 https://guinta.house.gov/contact-me
 John Runyon New Jersey: 3 202) 225-4765 N/A http://runyan.house.gov/contact-me/email-me
 Ann Marie Buerkle New York: 25 (202) 225-3701 (315) 423-5669 https://buerkle.house.gov/contact-me/email-me
Chris Gibson New York: 20 (202) 225-5614 (202) 225-1168 https://chrisgibson.house.gov/Contact/default.aspx
Tom Reed New York: 29 202) 225-3161 202) 226-6599 https://reed.house.gov/contact-me/email-me
Renee Ellmers North Carolina:2 202) 225-4531 (202) 225-5662 https://ellmers.house.gov/index.cfm?sectionid=58&sectiontree=3,58
Walter Jones North Carolina:3 202-225-3415 202-225-3286 http://jones.house.gov/Contact/
Rick Berg North Dakota: At Large (202) 225-2611 N/A https://berg.house.gov/contact-me
James Lankford Oklahoma:5 202) 225-2132 N/A https://forms.house.gov/lankford/webforms/zipauthen_contact.shtml
 Tom Marino Pennsylvania: 10 (202) 225-3731 202) 225-9594 https://marino.house.gov/contact-me
Glenn Thompson Pennsylvania: 5 202) 225-5121 202) 225-5796 http://thompson.house.gov/contact/email-me.shtml
Kristi Noem South Dakota: At Large 202) 225-2801 202) 225-5823 http://noem.house.gov/index.cfm/contact?p=email-kristi
Michael Burgess Texas: 26 (202) 225-7772 (202) 225-2919 https://writerep.house.gov/writerep/welcome.shtml
Francisco Canseco Texas: 23 202) 225-4511 (202) 225-2237 https://canseco.house.gov/index.cfm?sectionid=58
 Sam Johnson Texas: 3 (202) 225-4201 N/A http://www.samjohnson.house.gov/Contact/
Kenny Marchant Texas: 24 202-225-6605 202-225-0074 https://marchant.house.gov/Contact/default.aspx
Pete Olsan Texas: 22 202) 225-5951 202) 225-5241 http://olson.house.gov/index.cfm?sectionid=3&sectiontree=3
 Jaime Beutlee Herrera Washington: 3 202) 225-3536 (202) 225-3478 https://herrerabeutler.house.gov/Contact/default.aspx#
David McKinley West Virginia:1 202) 225-4172 (202) 225-7564 http://mckinley.house.gov/index.cfm?sectionid=3&sectiontree=3
 Reid Ribble Wisconsin:8 (202) 225-5665 202) 225-5729 https://ribble.house.gov/contact-me