Posted on 10/10/2013 6:00:06 AM PDT by Cincinatus' Wife
Treasury Secretary Jack Lew on Thursday denounced "irresponsible and reckless" arguments against boosting the $16.7 trillion debt limit.
In testimony before Congress, the president's top economic adviser took aim at Republican "deniers" who contend that the nation need not default if the debt limit is not raised. Lew argued such an approach risks "irrevocable damage" to the nation's reputation on the global stage and in financial markets.
Everything from military pay to Social Security payments could be put at risk without a debt limit boost, he warned.
"It is irresponsible and reckless to insist that we experience a forced default to learn how bad it is. If anything at all is learned from the shutdown, it will convince the deniers – or a majority who can work their will – to avoid putting the entire economy at risk in the name of an ideological fight," he said, according to prepared testimony.
He also dismissed GOP claims that the government could prioritize payments to ensure the government makes interest payments on time and avoids the most damaging consequences of a default. But Lew also dismissed this plan, calling it "an irresponsible retreat from a core American value: since 1789, regardless of party, Presidents and Congress have always honored all of our commitments."...
(Excerpt) Read more at thehill.com ...
L i a r s All!
So, Mr. Lew, what part of the FICA says that the government does not have to pay benefits to entitled seniors from the 12.4% deducted for each AGI paycheck FIRST? You’re just a damned liar.
Could be, meaning what exactly? Obama's scared. The only good news for him is that this 'crisis' has gotten Benghazi, F&F, the IRS targeting scandal, et al out of the news cycle.
Hmmm. Sequestration = apocolypse.
Now, debt limit = apocolypse.
Does “boy who cried wolf” sound familiar?
If Jack Lew fails to pay it, then arrest him —
Every GD time this happens we cave and they fail to cut one stinking dime from anything. FU and your debt limit. I don’t care what you have to cut.
Treasury Secretary Jack Lew is a socialist bootlicker
“boosting the $16.7 trillion debt limit...”
Think about that number. If you spent dollars at the speed of light (e.g. $186,000.00/second), it would take nearly three years of continuous spending at that rate to reach the $16.7 trillion debt limit. What are we doing?
What is the virtue of having a debt ceiling if we keep raising it year after year after year?
“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 US Government cannot 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. 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 deserve better.”
~ Senator Barack H. Obama, March 2006
Even Lew knows that he and Obama would screw it up.
It used to be that the economy and the government were two different things.
It doesn’t occur to Lew that this is a bad thing that they are the same thing in this day and age.
” WHEN YOUR OUTGO EXCEEDS YOUR INCOME, YOUR UPKEEP WILL BE YOUR DOWNFALL.”
Source: Paul Harvey, radio announcer.
Bring back American factories.
We cannot buy our way to success.
We will simply spend ourselves into the poorhouse.
BRING BACK US JOBS.
That's because, for most of those years, we ran balanced budgets and lived within our means. The Income Tax Amendment (16th, 1913) and the "Pay As You Go" Withholding Tax Law (1943) led to monstrous, out of control government. Not many years ago, the nation was in anguish over running deficits of a few TENS of BILLIONS of dollars. Then we started getting upset when the deficits soared to the HUNDREDS of BILLIONS. Under Obama, we are racing to total societal collapse with TRILLION dollar annual deficits and impoverishment under a crushing load of taxes.
If Republicans were any good at logic and explanation, they would teach the nation that "Honoring Commitments" is not a problem, there is plenty of money to cover the interest payments due, and we have a spending addiction problem. Of course, that would require responsible government which is in short supply.
This Lew pin-head is lieing. Taking in about $200,000,000,000 a month allows the current commie government to pay the debt service easily at about $20,000,000,000 per month. That leaves these criminals $180,000,000,000 each month for everything else. The problem is that they want to spend us into oblivion and slavery. Pigs...criminals...losers.
http://www.redstate.com/alanjoelny/2013/01/15/full-text-of-obamas-speech-against-raising-the-debt-ceiling-in-2006/
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 interest. That 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 America.
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.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.