Senator Reid’s Plan To Deal With Debt Limit Ceiling
By: Doug Busselman, Executive Vice President
With the effort in Washington, D.C. to come up with a legislated solution to the problem of Uncle Sam having his credit card maxed out and needing an additional cushion of deeper debt to pay the 40-cents (which needs to be borrowed) of every dollar that government spends – agricultural spending is being included in the mix of things that Senate Majority Leader Harry Reid is proposing. This is not to say that agricultural spending shouldn’t be included in the overall reduction of unsustainable government spending…probably, the $10-15 Billion, spread out over a ten year span wouldn’t have a serious effect. Although it isn’t real clear on the exact actual reductions of the Reid plan and how much the whole thing isn’t simply an illusion of smoke and mirrors to get the extension needed for the debt ceiling moved past the 2012 elections that Democrats are pushing as essential.
Whether the two versions of spending reductions/increased debt ceiling amount to more than what the past differing proposals have been is uncertain, as we read in this Washington Post article. So it doesn’t pay to get too excited over what might come about with reductions in any area.
As is common with most proposals in Washington, D.C. deliberations, the real world consequences of any changes are so far beyond comprehension that most don’t believe the political rhetoric one way or the other. Besides that, what gets “cut” today doesn’t mean that those elected to be our representatives won’t reverse themselves tomorrow. That’s probably the reason that the majority party of the U.S. Senate all voted against the cut, cap and balance legislation that was sent to them by the U.S. House…how dare anyone restrict the ability to be fiscally irresponsible and spend more than what taxpayers have already forked over!
In better understanding the real issues of the debt ceiling issue, this article (also from the Washington Post) offers a good overview of the actual situation.
What will unfold over the next couple of weeks will likely be a lot more of what we’ve already been treated to this summer…finger pointing, breathless indignation at the other political party’s unreasonable unwillingness to compromise…yahta, yahta, yahta. When they actually pass a bill, through both legislative bodies that does something…we’ll see what the details they’ve agreed to then.
With the effort in Washington, D.C. to come up with a legislated solution to the problem of Uncle Sam having his credit card maxed out and needing an additional cushion of deeper debt to pay the 40-cents (which needs to be borrowed) of every dollar that government spends – agricultural spending is being included in the mix of things that Senate Majority Leader Harry Reid is proposing. This is not to say that agricultural spending shouldn’t be included in the overall reduction of unsustainable government spending…probably, the $10-15 Billion, spread out over a ten year span wouldn’t have a serious effect. Although it isn’t real clear on the exact actual reductions of the Reid plan and how much the whole thing isn’t simply an illusion of smoke and mirrors to get the extension needed for the debt ceiling moved past the 2012 elections that Democrats are pushing as essential.
Whether the two versions of spending reductions/increased debt ceiling amount to more than what the past differing proposals have been is uncertain, as we read in this Washington Post article. So it doesn’t pay to get too excited over what might come about with reductions in any area.
As is common with most proposals in Washington, D.C. deliberations, the real world consequences of any changes are so far beyond comprehension that most don’t believe the political rhetoric one way or the other. Besides that, what gets “cut” today doesn’t mean that those elected to be our representatives won’t reverse themselves tomorrow. That’s probably the reason that the majority party of the U.S. Senate all voted against the cut, cap and balance legislation that was sent to them by the U.S. House…how dare anyone restrict the ability to be fiscally irresponsible and spend more than what taxpayers have already forked over!
In better understanding the real issues of the debt ceiling issue, this article (also from the Washington Post) offers a good overview of the actual situation.
What will unfold over the next couple of weeks will likely be a lot more of what we’ve already been treated to this summer…finger pointing, breathless indignation at the other political party’s unreasonable unwillingness to compromise…yahta, yahta, yahta. When they actually pass a bill, through both legislative bodies that does something…we’ll see what the details they’ve agreed to then.
Posted by Doug Busselman at 7/26/2011 7:49 AM 
Categories: Congress
Tags: Congress U.S. Senate Senator Harry Reid Agricultural Spending Federal Debt Ceiling
Categories: Congress
Tags: Congress U.S. Senate Senator Harry Reid Agricultural Spending Federal Debt Ceiling
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