10 Inconvenient Truths About the Debt Ceiling

Source: Crooks & Liars

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Credit: CBPP

Bolstered by new polls and fresh off their vote to bar an increase in the nation’s $14.3 trillion debt ceiling, House Republicans swaggered into the White House Wednesday for the latest negotiation to end their economic hostage taking. One, Rep. Jeff Landry of Louisiana, refused to attend and be “lectured to by a president whose failed policies have put our children and grandchildren in a huge burden of debt.”

Sadly for Rep. Landry, the nation’s mounting debt is largely attributable to wars, a recession and tax policies President Obama inherited from his predecessor. Worse still, the Ryan 2012 budget proposal backed by almost every Republican in both houses of Congress would not only drain another $4 trillion in tax revenue from the Treasury, but fail all of the spending and balanced budget targets they themselves propose. Nevertheless, Republicans who voted seven times to double the debt ceiling under George W. Bush would risk the national economic suicide they admit would come to pass if their demands are not met.

Here, then, are 10 Inconvenient Truths About the Debt Ceiling:

1. Republican Leaders Agree U.S. Default Would Be a “Financial Disaster”
2. Ronald Reagan Tripled the National Debt
3. George W. Bush Doubled the National Debt
4. Republicans Voted Seven Times to Raise Debt Ceiling for President Bush
5. Federal Taxes Are Now at a 60 Year Low
6. Bush Tax Cuts Didn’t Pay for Themselves or Spur “Job Creators”
7. Ryan Budget Delivers Another Tax Cut Windfall for Wealthy
8. Ryan Budget Will Require Raising Debt Ceiling – Repeatedly
9. Tax Cuts Drive the Next Decade of Debt
10. $3 Trillion Tab for Unfunded Wars Remains Unpaid

(Click a link to jump to the data and details for each.)

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About James Crist

How do we stop America's decline? The country is in trouble and we can all feel it. Where did we go wrong? How do we fix it? We now have an auction-based government, for sale to the highest bidder. Politicians have become nothing more than corporate whores and pawns for the rich. If we want our representatives to represent us, let them get their campaign money from us, their constituents. We have to amend the constitution to get the big money out of politics.
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