Today, The Heritage Foundation’s sister organization - Heritage Action for America - issued a letter to all Members of Congress regarding the debt limit impasse.
Originally I planned to utilize the following as a newsbite, but it seems more appropriate to post it here as a "stand alone" newsbite.
Our nation is in the midst of a fiscal crisis, but it is one that has nothing to do with an August 2 “deadline” for a deal or President Obama and Secretary Geithner’s fear mongering over recent days and weeks. The crisis is one of over $62 trillion in unfunded obligations that are the loudest warning bell possible of the systemic problems plaguing our nation.
* FOLKS... $62 TRILLION IS JUST A MID-RANGE ESTIMATE OF UNFUNDED OBLIGATIONS. IT ALL DEPENDS UPON HOW FAR OUT YOU GO. BOTTOM LINE, EVERY EXTRA DOLLAR SQUANDERED IS ANOTHER STRAW ON THE CAMEL'S BACK.
Washington should not ignore or postpone dealing with this problem once again.
* WHICH IS WHAT THEY'RE ABOUT TO DO. FOLKS... THERE ARE NO IMMEDIATE "REAL" CUTS THAT I'M AWARE OF. THE "BOEHNER PLAN" IS OVER 10 YEARS. THE "RYAN PLAN" IS OVER SOMETHING LIKE 60 YEARS. THIS IS INSANITY!
The entire purpose of the debt limit is to put an end to borrowing when it reaches a point that our nation finds unacceptable. There is no point in having a debt limit if the option of using it to address over-spending and over-borrowing is so intimidating that it is unilaterally taken off the table.
* DOES ANYONE DISAGREE...? SERIOUSLY... ANYONE...???
Speaker Boehner’s most recent proposal to raise the debt limit is regrettably insufficient to our times.
* YOU CAN SAY THAT AGAIN! (INDEED, THE WORD "FRAUDULENT" COMES IMMEDIATELY TO MIND!)
Step one of the Speaker’s proposal would cut $1.2 trillion in discretionary spending.
* ACTUALLY $850 MILLION ACCORDING TO THE LATEST ANALYSIS. (*SIGH*)
Assuming all of these cuts materialized...
* A BIG "IF" - AND NOTE, THEY'RE NOT EVEN BEING PUBLICLY LAID OUT SO THAT CITIZENS CAN SEE WHAT THEY ARE! (AGAIN... THE WORD "FRAUDULENT" COMES TO MIND...)
...this would reduce our nation’s projected debt at the end of the decade from $24.9 trillion to $23.7 trillion.
* UNDERSTAND, FOLKS...?!?! THE DEBT IS NOW $14.3 TRILLION. THE "BOEHNER PLAN" WILL GIVE US DEBT TOTALING $23.7 TRILLION BY THE END OF THE DECADE! THIS IS INCREASED DEBT - NOT DECREASED DEBT! THIS IS INSANITY...!!!
Step two would create a special committee, which has three major problems: (1) The “deficit reduction” of $1.8 trillion remains insufficient for our times; (2) “Deficit reduction” is a well-known codeword for “tax increases”; and (3) Seventeen blue-ribbon panels, commissions and the like since 1982 have gotten our nation into the mess we are in and there is no obvious reason as to why the 18th will get us out.
(*BLOOD SHOOTING OUT OF MY EYES*)
Further, this proposal would outline a fast track proposal that unduly limits the rights of the congressional minority.
* IN ENGLISH: THE WHOLE DAMN CONCEPT IS AT BEST EXTRACONSTITUTIONAL - AT WORST UNCONSTITUTIONAL.
All in all, under a best case scenario where all of the cuts envisioned in the Boehner plan come to fruition, they would only reduce our nation’s projected debt-to-GDP ratio from 104% to 92% - a ratio far higher than its current 62%, which Moody's has already said must come down to maintain our nation’s stable outlook.
(*BLOOD SHOOTING OUT OF EVERY ORIFICE OF MY BODY*)
Harry Reid’s proposal to raise the debt ceiling is equally unacceptable. It appears to be the latest in a line of proposals that began with the McConnell Proposal, morphed into the McConnell-Reid Proposal, further deteriorated into the Gang of Six Proposal, and has now resurfaced as the Reid Proposal. Each of these insufficiently bold ideas would lead to an increase in the debt limit in exchange for few, if any, actual cuts off existing spending levels.
(*GROWING FAINT WITH THE LOSS OF BLOOD*)
All in all, Heritage Action remains where we were at the start of the summer: absolutely convinced our nation is in fiscal crisis and certain that bold political leadership is necessary to save the American dream.
Congress should drive down federal spending on the way to a balanced budget, while protecting America, and without raising taxes. Unfortunately, that does not appear to be what we will get from Washington, which has irresponsibly turned its back on the only real plans out there: The House Budget and the Cut, Cap and Balance Act.
Washington should be forced to live under the current debt limit until it’s ready to make tough choices - choices that it should make, and has time to make, this week.
Sincerely,
Michael A. Needham
Chief Executive Officer
* AMEN!
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