Archive for January, 2013

01/14/2013

Need “Borrowing” Not “Debt” Ceiling

The “Debt Ceiling” is once again being debated in Congress, but it shouldn’t be, since we have no choice, but to pay the financial obligations we already have. Defaulting on our loans is not a realistic or responsible option as it would do nothing but lower our credit rating and trigger negative global responses.

The debate should instead occur much earlier whenever Congress borrows money.  If we are going to have a “ceiling,” it should be as to the amount we borrow. Whenever right-wing politicians vote for another war, or a new weapons system, without raising taxes to pay for them, they should first be required to raise a “Borrowing Ceiling.” This is where the issue might make a difference, since borrowing is not a necessity.

Under the U.S. Constitution, the power “to borrow money” is specifically delegated to the Congress (Art. I, Sec. 8). Congress must approve of any measure that causes borrowing. It is not a power assigned to the Executive. The President does not write the budget. The House must stop blaming the President for spending and they must face their constitutional duty to control it.

Right-wing politicians, who control the House, where all budget bills originate, are famous for supporting all sorts of wasteful military spending, without raising taxes, but once they authorize spending, it’s a waste of time to debate the issue of paying for the military toys previously purchased with a credit card.

It’s time for the Republican House to act like adults, take responsibility, and significantly cut the Defense Budget, or raise taxes to pay for the military spending they previously supported.

Advertisements