Thursday, December 29, 2005

U.S. Debt - Up, up and Away.....

On the evening of President Bush's victory speech when he won re-election in 2004, the Treasury Department sent a letter to members of the House and Senate requesting that the debt ceiling be increased by $800 Billion, to an astonishing $8.184 Trillion. The debt ceiling is legally something that Congress needs to set in order for the federal government to not default on its financial obligations, because it is needed for the government to continue to borrow (largely from overseas governments like Japan, China, India, and so on). Guess what? Secretary Snow of the Treasury has just sent a letter to Congress requesting that they quickly raise the debt ceiling again, because we will have burned through that additional $800 billion from last year by February, 2006. I would have to think this will push the ceiling to nearly $9 trillion (Snow did not include a number in his letter...yet...but these are usually fairly large numbers).

With all of this going on, in order to have "debt reduction," Congress has passed legislation that will cut nearly $40 billion from programs that involve little, insignificant things like food stamps, college loans, and Medicaid (used to pay for health care costs for low-income Americans). Of course, this will be washed out and then some when Congress will likely pass $70 billion in tax cuts (almost all for wealthy Americans) when they return from recess, so their plan is to take from the poor and in order to recduce debt, but then actually add a net gain in debt by giving to the wealthy. And then, to continue borrowing hundreds of billions more that will add on to the trillions in debt our kids and grandkids will have to worry about. Notice they did not cut any of their pet projects in the transportation bill or energy bill, which they use to bribe us for their votes in next year's midterm elections.

How about this; pass this along to your friends. Let's spread the word and vote out all the assh*#@%s in the House who went along with this nonsense and try to do what is right for a change, and get the country back on the path of economic stability and sanity. Who's with me?!?!

No comments: