SIGN OUR PETITION TO TELL CONGRESS NOT TO INCREASE THE DEBT LIMIT!
We absolutely will not default if we prioritize our spending.
President Obama and politicians of both parties in DC want us to believe that America will default on our obligations if we do not raise the debt ceiling again. They think that we don’t understand the situation well enough, so we should just allow them to do what they want to do. They believe that we are so naïve that we will believe them when they promise to make spending cuts… someday.
If their big reason for raising the debt ceiling is the claim that we will default, then we’ve got good news for the politicians!
- Tax revenues for this year are projected to be around $2.2 trillion.
- Interest payments for this year amount to approximately $300 billion.
- If we pay the interest first, that leaves us with about $1.9 trillion to spend on our most important priorities, and we avoid default.
- If we enact Senator Toomey’s Full Faith and Credit Act (S. 163) directing the Treasury to pay principal and interest on the debt held by the public before all other obligations it would ensure that the nation does not default.
Think of it this way:
Your annual income is $44,000. Your annual interest payment on your debt is $6,000. This would leave you with $38,000. Now if you had been living beyond your means for a while it might be hard to go back to living on that $38,000. But you would make it work.
And that’s the difference between you and a bunch of spend-aholic politicians.
You would cut out the unnecessary expenditures, the things you’d like but just can’t afford, and you would probably work to get out of debt.
If America defaults on her obligations, make no mistake about it… IT WOULD BE DELIBERATE.
Mr. Timothy Geithner says that we need to consider tax increases along with raising the debt ceiling. The truth is that the power to prioritize our spending is in his hands. It is no wonder that Mr. Geithner of all people would be the one to say that we must borrow more money to pay our debt obligations. He is no stranger to skipping out on paying his debt obligations. Mr. Geithner, this time it is not your money… this time it is the American people’s money!
Tell Congress that you want them to pass the Full Faith and Credit Act (S 163 in the Senate and HR 421 in the House) so that America’s credit doesn’t hang in the balance while politicians do their familiar dance with each other. The President, the Secretary of Treasury, and Congress all have the ability to secure our credit.
Our states prioritize their spending by applying the first portion of their revenue to their debt. The federal government can, and MUST, do the same.
Enough is enough.
America deserves better.
Thanks for your continued support!!
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