Sunday, February 13, 2011

RE: Both Sides Are Braced for Debt-Limit Debate

On my flight back to Denver this weekend I read the NY Times article about the budget debate. The article is mostly a report on the thoughts and proceedings of both parties. The Treasury Department's legal borrowing limit will be reached soon, the Secretary of the Treasury, Timothy Geithner is advising that the limit will be reached at it's earliest on March 31.

Republicans apparently can't decide what they would like to cut. They are willing to only cut out of what they consider discretionary spending. Obviously for them this doesn't include the military budget ($660 billion) which is six times higher than China's and accounts for 40% of the total global arms spending (see, another). The US and our allies are responsible for over 66% of the world's military spending. Surely we can't cut dollars out of our military budget. No, let's cut things like green energy and keep Bush tax cuts. That seems like a great idea.

The Tea Party view is also profound "We’re telling them not to raise the debt limit," said Mark Meckler, the co-founder and national coordinator for the Tea Party Patriots. “When your credit card is maxed out, you don’t go to the credit-card company and say, 'Hey, if you would just give us more debt, it would be O.K.' " It's a great idea to just let the US Treasury department default on their line of credit. That wouldn't affect the markets in any way. Let's just be stubborn and let a fragile economy decline again.

Democrats aren't satisfying either. Obama is rolling over and giving away his power. It's beyond my understanding as to why he lets Republicans stay put on every single view they have and he meets them on their side, willing to "compromise." It's not a compromise if you're not getting anything in return (conflict resolution).

It's so bothersome to see our national debt rise year after year and the Democrats won't stand their ground and eliminate these stupid tax cuts for the top 2% and that we can't cut the military budget, which is insanely big, and keep some good things...or this, this must be good.

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