At what point does the Govenrment of the United States have to actually act in a fiscally responsible manner, in your mind?
Secondly, the government should start actually fiscally responsible right now which requires reasonable behavior from both the Republicans and the Democrats.
Lastly, being in debt for a nation state is not fiscally irresponsible in and of itself, sovereign debt is a major source of market stability as well as a means for a country to invest in itself. That's not to say a country can borrow, borrow, borrow without any regard to its ability to repay but some borrowing is good and desirable, the issue comes when you become like Greece where they borrowed so much money that their required GDP growth would have to have been in the double digits in order for enough government revenue to be generated from taxes for the government to pay its debts. Then of course the recession hit which made it even worse, the US is not anywhere near that point it has every economic means to repay its debts so long as the government is willing to honor them.
Even if you want the government to lower its debts, which I do as well, the solution is not to simply stop paying them. You wouldn't advise someone who's in debt that simply stopping to pay his bills is a smart way to get out of debt would you? The US government must honor the debt's its made while reducing its future creation of debts
As for overall justification for refusal to vote for raising debt ceiling, I think one Senator Barack Obama had summed it up quite well, back in 2006:
"Mr. OBAMA. Mr. President, I rise
today to talk about America’s debt
The fact that we are here today to
debate raising America’s debt limit is a
sign of leadership failure. It is a sign
that the U.S. Government can’t pay its
own bills. It is a sign that we now depend
on ongoing financial assistance
from foreign countries to finance our
Government’s reckless fiscal policies.
Over the past 5 years, our federal
debt has increased by $3.5 trillion to
$8.6 trillion. That is ‘‘trillion’’ with a
‘‘T.’’ That is money that we have borrowed
from the Social Security trust
fund, borrowed from China and Japan,
borrowed from American taxpayers.
And over the next 5 years, between now
and 2011, the President’s budget will increase
the debt by almost another $3.5
Numbers that large are sometimes
hard to understand. Some people may
wonder why they matter. Here is why:
This year, the Federal Government will
spend $220 billion on interestThat is
more money to pay interest on our national
debt than we’ll spend on Medicaid
and the State Children’s Health
Insurance Program. That is more
money to pay interest on our debt this
year than we will spend on education,
homeland security, transportation, and
veterans benefits combined. It is more
money in one year than we are likely
to spend to rebuild the devastated gulf
coast in a way that honors the best of
And the cost of our debt is one of the
fastest growing expenses in the Federal
budget. This rising debt is a hidden domestic
enemy, robbing our cities and
States of critical investments in infrastructure
like bridges, ports, and levees;
robbing our families and our children
of critical investments in education
and health care reform; robbing
our seniors of the retirement and
health security they have counted on.
Every dollar we pay in interest is a
dollar that is not going to investment
in America’s priorities. Instead, interest
payments are a significant tax on
all Americans—a debt tax that Washington
doesn’t want to talk about. If
Washington were serious about honest
tax relief in this country, we would see
an effort to reduce our national debt by
returning to responsible fiscal policies.
But we are not doing that. Despite
repeated efforts by Senators CONRAD
and FEINGOLD, the Senate continues to
reject a return to the commonsense
Pay-go rules that used to apply. Previously,
Pay-go rules applied both to
increases in mandatory spending and
to tax cuts. The Senate had to abide by
the commonsense budgeting principle
of balancing expenses and revenues.
Unfortunately, the principle was abandoned,
and now the demands of budget
discipline apply only to spending.
As a result, tax breaks have not been
paid for by reductions in Federal
spending, and thus the only way to pay
for them has been to increase our deficit
to historically high levels and borrow
more and more money. Now we
have to pay for those tax breaks plus
the cost of borrowing for them. Instead
of reducing the deficit, as some people
claimed, the fiscal policies of this administration
and its allies in Congress
will add more than $600 million in debt
for each of the next 5 years. That is
why I will once again cosponsor the
Pay-go amendment and continue to
hope that my colleagues will return to
a smart rule that has worked in the
past and can work again.
Our debt also matters internationally.
My friend, the ranking member of
the Senate Budget Committee, likes to
remind us that it took 42 Presidents 224
years to run up only $1 trillion of foreign-
held debt. This administration did
more than that in just 5 years. Now,
there is nothing wrong with borrowing
from foreign countries. But we must
remember that the more we depend on
foreign nations to lend us money, the
more our economic security is tied to
the whims of foreign leaders whose interests
might not be aligned with ours.
Increasing America’s debt weakens
us domestically and internationally.
Leadership means that ‘‘the buck stops
here.’’ Instead, Washington is shifting
the burden of bad choices today onto
the backs of our children and grandchildren.
America has a debt problem and a failure of leadership. Americans
I therefore intend to oppose the effort
to increase America’s debt limit.
(March 16, 2006).
(Oh, and don't even try to say: That was a symbolic protest vote and a bit of excusable posturing. The roll call in Senate was close, 52-48. Not a single Democrat voted Yea, and 3 Republicans had switched sides. Three more - and the debt ceiling would not be raised:
Last edited by Cyrylek; 09-30-13 at 06:44 AM.
The GOP will pay a price for this.
Don't take my word for this, just wait and see.
This is a stupid thing for them to do. There is no upside for them with this stupidity.
They will pay a price for this.
That was then, this is now.
Let's all wait and see how this works out for the GOP.
I predict that they won't like the results of their own stupidity.
“If we must have an enemy at the head of Government, let it be one whom we can oppose, and for whom we are not responsible, who will not involve our party in the disgrace of his foolish and bad measures.”
- Alexander Hamilton. Spiritual father of #NeverTrump