Posted on 09/15/2011 11:23:29 AM PDT by blog.Eyeblast.tv
On September 14, 2011, three House Democrats introduced a bill to eliminate the debt ceiling to allow the Treasury to borrow money at will and without limit.
Rep. Moran, one of the bills co-sponsors, said the debt limit is a 'danger' to our county and Republicans are using it as a political weapon.
“The debt limit is an unnecessary and counterproductive legislative hurdle that has proved to be both an ineffective means of controlling deficits and a danger to this country’s standing in the financial markets,” Moran stated. He added that it has been "weaponized" by Republicans.
(Excerpt) Read more at mrctv.org ...
Imagine if the Dems still had control of the House at this point.
“Mad Max” would have been a documentary.
Un-freaking-believable.
They want to strip all of the power from the Legislative branch and give it to the Executive branch.
Democrats now stand completely for Communism. There’s no doubt in my mind that we are in a transitional period that could mean the end of the American Republic.
Money is loaned into existence, which means that when people are defaulting on home loans by the millions, the money supply is contracting and we end up with deflation. When your country’s debt is dependent on an ever growing economy (the government keeps getting a bigger and bigger “raise” to handle the growing debt) this can be fatal. They have to create (borrow) more money to keep the inflation going. But it is like pushing a car on a slight incline. If the hill steepens too much it runs away from you.
And you have Zimbabwe or Argentina. And unlike those two countries, if the economy of the US goes that way, the whole world will be in a world of hurt.
I've been writing about this since 2008, and I still don't think most people understand the concept.
Good post.
I've been writing about this since 2008, and I still don't think most people understand the concept.
Good post.
When are you going to fire Rep Jim Moron? He is an embarrassment to your whole Commonwealth.
Bill Text
112th Congress (2011-2012)
H.R.2663.IH
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Printer Friendly[Help] Congressional Record References Bill Summary & Status
H.R.2663 — America Pays Its Bills Act of 2011 (Introduced in House - IH)
HR 2663 IH
112th CONGRESS
1st Session
H. R. 2663
To amend title 31, United States Code, to increase the statutory limit on the public debt.
IN THE HOUSE OF REPRESENTATIVES
July 27, 2011
Mr. WELCH (for himself, Mr. ANDREWS, Mr. BERMAN, Mr. BISHOP of Georgia, Mr. BLUMENAUER, Mr. BRADY of Pennsylvania, Ms. BROWN of Florida, Mr. BUTTERFIELD, Mrs. CAPPS, Mr. CARNAHAN, Mr. CARSON of Indiana, Mr. CLARKE of Michigan, Ms. CLARKE of New York, Mr. CLEAVER, Mr. CLYBURN, Mr. COHEN, Mr. CONNOLLY of Virginia, Mr. COSTA, Mr. CRITZ, Mr. CROWLEY, Mr. CUMMINGS, Mr. DAVIS of Illinois, Ms. DELAURO, Mr. DEUTCH, Mr. DICKS, Mr. DINGELL, Mr. DOGGETT, Mr. DOYLE, Ms. EDWARDS, Mr. ELLISON, Mr. FARR, Mr. FRANK of Massachusetts, Ms. FUDGE, Mr. GARAMENDI, Mr. AL GREEN of Texas, Mr. GRIJALVA, Ms. HAHN, Ms. HANABUSA, Mr. HIGGINS, Mr. HIMES, Ms. HIRONO, Mr. HOLDEN, Mr. HOLT, Mr. HOYER, Mr. JACKSON of Illinois, Ms. JACKSON LEE of Texas, Ms. EDDIE BERNICE JOHNSON of Texas, Ms. KAPTUR, Mr. KILDEE, Mr. KUCINICH, Mr. LARSON of Connecticut, Mr. LARSEN of Washington, Ms. LEE of California, Mr. LEVIN, Mr. LEWIS of Georgia, Mrs. LOWEY, Mr. LYNCH, Ms. MCCOLLUM, Mr. MCDERMOTT, Mr. MCGOVERN, Mr. MEEKS, Ms. MOORE, Mr. NADLER, Mr. NEAL, Mr. OLVER, Mr. PASCRELL, Mr. PERLMUTTER, Mr. PRICE of North Carolina, Mr. RAHALL, Mr. RANGEL, Mr. REYES, Mr. RICHMOND, Mr. ROTHMAN of New Jersey, Mr. RUSH, Mr. RYAN of Ohio, Ms. LINDA T. SANCHEZ of California, Ms. SCHAKOWSKY, Mr. SCOTT of Virginia, Mr. DAVID SCOTT of Georgia, Ms. SEWELL, Mr. SIRES, Ms. SLAUGHTER, Mr. SMITH of Washington, Ms. SPEIER, Ms. SUTTON, Mr. VAN HOLLEN, Mr. WALZ of Minnesota, Mr. WATT, Mr. WAXMAN, Ms. WILSON of Florida, Ms. WOOLSEY, Mr. YARMUTH, Mr. BECERRA, Mr. THOMPSON of California, Ms. MATSUI, Mr. ENGEL, Ms. PINGREE of Maine, Ms. BASS of California, Ms. RICHARDSON, Ms. ESHOO, Ms. ZOE LOFGREN of California, Mr. TOWNS, Mr. ACKERMAN, Ms. VELAZQUEZ, Mr. GUTIERREZ, Mr. CONYERS, and Mr. MURPHY of Connecticut) introduced the following bill; which was referred to the Committee on Ways and Means
A BILL
To amend title 31, United States Code, to increase the statutory limit on the public debt.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the `America Pays Its Bills Act of 2011’.
SEC. 2. INCREASE IN STATUTORY LIMIT ON THE PUBLIC DEBT.
Subsection (b) of section 3101 of title 31, United States Code, is amended by striking out the dollar limitation contained in such subsection and inserting in lieu thereof `$16,700,000,000,000’.
Maybe we should go back to the old way before the debt limit was put into place. Every issuance of bonds had to be approved by Congress. So even some maturing 30 year bonds being rolled over into a new issue of them with no new net debt had to approved by Congress.
"Rep. Moran, one of the bills co-sponsors, said the debt limit is a 'danger' to ourcountryDemocrat Party and Republicans are using it as a political weapon."
There... much better.
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