“Last August, only 66 House Republicans, or 27% of the Republican Conference, voted against the debt ceiling deal. (BG Note: not one US Representative Republican or Democrat voted against raising the Debt Ceiling.) The rest voted to kill CCB [Cut, Cap and Balance]. Just 19 Republican senators voted against this travesty. Ever since last August, many of the yea votes have been inveighing against the debt deal and complaining that they were dealt a bad hand. As primary challenges to these members begin to mount, they are stepping up their outrage over the debt.”
This is what has Daniel Horowitz upset: “Last week, Senator Rob Portman released an analysis showing that we will reach the debt ceiling before the end of the fiscal year:
According to Table 6-2 in the President’s Budget’s “Analytical Perspectives” volume, the President estimates the total debt subject to the statutory limit – growing by $132 billion per month – will reach $16.334 trillion at the end of FY 2012 (September 30, 2012). This is just $60 billion below the current debt limit. Thus, without a change in the debt trajectory, the debt ceiling will be eclipsed by October 15, 2012 unless the Department of Treasury again uses emergency protocols to shift that date past Election Day 2012.”
How do we pay for Social Security? How, and who, pays this debt? Are these Right Wing or Left Wing questions? What are we going to do?
Arrogant, educated experts dismissed the possibility that the unskinkable Titanic could sink. Ignoring the problem does make it go away.