“But with respect to future debt; would it not be wise and just for that nation to declare in the constitution they are forming that neither the legislature, nor the nation itself can validly contract more debt, than they may pay within their own age, or within the term of 19 years.”
–Thomas
Jefferson, 1789
As of July 29,2011 The President did not have a budget plan on the
table to reduce the deficit and cut spending.
I went to my finance guru to get clarification:
·
There are current expenses and future expenses. An increase in the
debt ceiling would allow the payment of current expenses and some future
expenses under the Boehner plan. The Reid plan would cover current expenses and
future expenses through next year.
Now both of these plans are off the table and
they fast and furious working on a new one.
The deficit reduction over the next 10 years in exchange for an
immediate increase in the debt ceiling. In other words, it will take 10 years
to see the spending cuts. In the meantime the President will get his debt
ceiling increase in exchange for a promise of cuts over the course of 10 years
that are not defined, that WILL
NOT eliminate the deficit, that WILL
increase our national debt, and will still risk a downgrade of our credit
rating.
We've heard it all before: more current spending in exchange for
future promises. The American People are tired of broken promises.
