Congress already voted in law after law to buy and spend and give money for this that and the other. What they have done is set spending at one level, and set taxing at a lower level. (untenable) The current debate over debt limit is a false event, it is routinely done every year or so and has never before been an issue, as it should not, done to cover what has been spent. It is as if they are saying we can enjoy all this stuff, but we are not going to pay for it. Belief if our spending as good or evil has nothing to do with it, it must be paid for so says the constitution, and the President should declare that what the Congress is doing is unconstitutional.
Power, influence, respect within the world arena is hard to define all the events that build it, but the appearance projected these last couple of years to the world that we have a congress and senate that can no longer work to solve the richest nation on earths problems clearly does erode our position.
The validity of the public debt of the United States, authorized by law, ...... shall not be questioned.
Fringe:
ReplyDeleteWithout doubt, we now have a dysfunctional Congress.
Ironic news was that some debt rating agency was going to lower the US rating if we DIDN'T raise the debt limit. Crazy.
ReplyDeleteSkinny,
ReplyDeleteAll ratings agencies will lower the ratings if we do not raise the limit. This would be because without raising the limit, which allows us to borrow for what congress already voted to spend. Not raising the limit would cause the government to default if we are unable to borrow the money that should be coming in from taxes. What you wrote is the correct way it will work.