Restore Fiscal Responsibility by Opposing Debt Limit Increases
Wednesday, January 13th, 2010Restore Fiscal Responsibility by Opposing Debt Limit Increases
With absolutely no credible plan or process to reduce the national debt being offered by Republicans or Democrats in Congress, the move is still on to increase the statutory debt limit once again so that the federal government’s usual borrowing and spending sprees can continue uninterrupted. This need to raise the debt limit to almost unfathomable heights and so frequently exposes the continuing fiscal irresponsibility of most members of Congress.
The national debt now stands at precisely $12,304,190,796,463 and is climbing rapidly. Over $7 trillion is held by the public (both foreign and domestic investors), and the rest by intragovernment bodies (Click here to see who holds our national debt.). It is now approximately 90 percent of the size of the annual gross domestic product for our nation. Congress is set to begin debate on increasing the debt limit by $1.2 to $1.8 trillion on January 20, significantly adding to the already overly burdensome national debt for generations to come.
Several proposals are in the works to pacify the people into thinking that real deficit reduction is taking place, such as PAYGO and a so-called Safe commission. But the PAYGO system has already proven itself to be easily circumvented or outrightly ignored, while the Safe commission task force is merely a discussion and recommendation panel that would not hold the authority of law.
In order to alleviate the devastating consequences of unsustainable spending, Congress needs to take immediate steps to commit themselves to reduce unconstitutional spending before they continue on with the regular financing of government operations.
You can take action now and let your representatives in Washington know that you are unwilling to destroy future generations’ chances at financial freedom by continuing the very unsound economic policy of increasing indebtedness. Urge your senators and representatives to resist raising the debt limit and then to take action to restore a limited federal government under the Constitution by ending unconstitutional programs.
Thanks.
Your friends at The John Birch Society