Senior Finances: Understanding the Federal Debt Ceiling Issue

Jan 14th, 2011 | By Sharon Shaw Elrod MSW EdD | Category: Senior Finances

We senior citizens have all been reading a lot about the federal debt ceiling issue; some of us supported candidates based on their commitment not to increase federal debt.  They said they would not support any legislation that would increase our national debt. 

Now we are being told those politicians who said they would not (never) support any legislation that would increase the national debt lied to us.  We are smart enough to know political candidates will lie to get our vote, but this time it’s a little disconcerting.  Our national debt is a very serious issue.  We seniors take it very seriously.  And now we know we were lied to in order to get a vote in the ballot box. 

The debt ceiling is an issue that cannot be compromised.  John Boehner said last year, ” Republicans would have to deal with the debt ceiling like “adults.”

And this week, the House Budget Chair Paul Ryan admitted that: “You can’t not raise the debt ceiling. Default is the unworkable solution.”

Leading conservative strategist William Kristol called Rep. Michelle Bachmann’s petition to break the debt ceiling “silly” and “irresponsible.”

Most notably, conservative pundit and strategist Charles Krauthammer flat out admitted the threat is a bluff, on Fox News.  This is what he said:

“The Republicans have to be careful here. In the end the debt limit will be raised. You can’t not pass it. It is catastrophic. It means American debt is in question. It can’t happen.

So when Republicans make demands on this, they have to have it in the back, if the demands are seen as unreasonable and too far of a reach, Obama could call their bluff.

And then the reaction would be to blame the Republicans.”

This post is based on a news article in ‘Campaign for America’s Future’.  You can read the entire news article here, and we ask you all to read it carefully.  We’re dealing with an important issue, and we all need to be educated about it.



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