Wednesday, June 22, 2011

"Cut, Cap, and Balance

by:Les Carpenter
Rational Nation USA
Birthplace of Independent conservatism
Liberty -vs- Tyranny

The "cut, cap, and balance" concept gaining popularity in congress sounds an awful lot like what Rational Nation USA, as well as many others have been saying for a long time. The reality is it is now a necessity we take responsible action to curb spending, cap government growth,and balance the budget. The time is certainly upon us when politicians on both sides of the aisle start putting the future of the nation ahead of their own political aspirations and economics.


NETRIGHT DAILY has much more in an article entitled "Cut, Cap, and Balance Pledge the Only Way." The article offers commonsense insight into the very real dangers increasing our 14.3 trillion dollar debt ceiling presents.

Article from NETRIGHT.
By Robert Romano – “The only way Republicans’ leverage on the debt ceiling will work is if they’re willing to not increase the debt ceiling,” Americans for Limited Government (ALG) President Bill Wilson declared in a recent plea for congressional Republicans.

He wants them to hold firm on their commitment to attach significant spending cuts to any increase in the nation’s borrowing limit.

Today, Wilson is joining congressional conservatives and other free market and limited government leaders today in a press conference in support of the “Cut, Cap, and Balance” pledge.

ALG and others are concerned that without firm conditions, the current fight over increasing the $14.294 trillion national debt ceiling will only yield token cuts that will fail to rein in Washington, D.C.’s out-of-control spending. The pledge is targeted to all federal elected officials as well as candidates for federal office including the presidency.

“House Republicans gambled big time on the continuing resolution earlier this year, when they had the threat of a government shutdown to use. But that only yielded $352 million in actual spending reductions for this fiscal year,” Wilson noted, warning, “After promising the American people something big on the debt ceiling, they cannot politically afford to fall short like they did in April.”

Wilson believes the debt ceiling is an opportunity for members to redeem themselves in the eyes of the American people. “It’s never too late to do the right thing,” he said.

By signing the pledge, members of Congress are agreeing not to under any circumstances increase the $14.294 trillion debt ceiling — unless the deficit is reduced by hundreds of billions of dollars immediately, spending is statutorily capped to no more than 18 percent of the Gross Domestic Product, and a Balanced Budget Amendment is passed in both houses of Congress and sent to the several states for adoption.

If the White House and Senate Majority Leader Harry Reid refuse to deal, under the “Cut, Cap, and Balance” pledge, the debt ceiling would not be raised.

“Now it is time for Republican leaders in Congress to draw a line in the sand and take the pledge,” Wilson said, adding, “There should be no vote to further increase the debt ceiling unless the American people have the assurance that it will not need to be increased again, and again, and again.”

Americans really do need that assurance. The current system of government never contemplates repayment. It should. {Read More}

Indeed it is time to show fiscal responsibility on the national level. For far to long both the progressive democratic party as well as the republican party has Chosen to ignore the impending crisis. Neither party can continue to do so.

It is time for both parties to put up or shut up. The American people, as shown in a recent poll, are rather dissatisfied with the performance of their government.

In a related publication the Congressional Budget Office had the following to saywith respect to our future fiscal stability.
This Congressional Budget Office (CBO) report presents the agency's projections of federal spending and revenues over the coming decades. Under current law, an aging population and rapidly rising health care costs will sharply increase federal spending for health care programs and Social Security. If revenues remained at their historical average share of gross domestic product (GDP), such spending growth would cause federal debt to grow to unsustainable levels. If policymakers are to put the federal government on a sustainable budgetary path, they will need to increase revenues substantially as a percentage of GDP, decrease spending significantly from projected levels, or adopt some combination of those two approaches. In keeping with CBO's mandate to provide objective, impartial analysis, this report makes no recommendations. {Continue Reading}

Via: Liberty Action Report
Via: Memeorandum
Via: Memorandum

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