by Jack Minor
With rising gas prices taking more money out of the family budget, many economists are saying the problem is the devaluing of the dollar caused by excessive government debt.
Currently the federal debt limit is $14 trillion according to some government economists. Other private sector economists say it is much higher.
Currently the government is expected to hit the debt ceiling in the next few days. Timothy Geithner, treasury secretary, has been sounding the alarm that if the ceiling is not raised the government would go into default regarding its financial obligations.
Political leaders in both parties are calling for raising the debt limit. Speaker of the House, John Boehner, has consistently said he will raise the debt limit if the Democrats agree to substantial cuts in spending.
The Heritage Foundation has stated that even if the debt limit were not raised, the government would still be able to meet its obligations, including interest on the debt with existing revenues.
Most Americans agree and believe the debt limit should not be raised. Recent polls indicate 69 percent of registered voters are opposed to raising the debt ceiling.
A C-Span video by Tea Party activists said they would be holding members of Congress to account for their vote on raising the debt limit. William Temple, chairman of The Tea Party Founding Fathers, said, “Washington is piling 40 cents per dollar of federal spending, $4 billion per day, on to the national debt and our children’s backs, yet these wimpy House R.I.N.O.’s refuse to hide President Obama’s Mastercard!”
Temple went on to say current Republican attempts to cut spending are just “smoke and mirrors.” He said Republicans do not need to do anything to prevent the debt ceiling from being raised. With control of the house, if Republicans simply refuse to bring the issue up for a vote, the ceiling cannot be raised regardless of the wishes of the Senate or President.
Temple warned GOP members of Congress the vote to raise the debt limit would determine their scorecard number for the year. “If you vote to raise the debt ceiling, you get a zero for the whole year. If you don’t vote to raise the debt ceiling, you score 100.”
The statements on the debt ceiling by Temple, are echoed by Joseph Farah, editor of WorldNetDaily.com, who has been calling for Republicans to refuse to vote on raising the debt ceiling since the Republican party took control of the house last November.
Farah pointed out the government currently has over $2 trillion in revenue every year. “U.S. government revenues are in excess of $2 trillion a year. That’s before any borrowing. Interest on the debt is about $200 billion. That leaves $1.8 trillion for the U.S. government to spend on its myriad programs – far too much, if you ask me.”
Rep. Cory Gardner is among a list of Republican lawmakers who oppose raising the debt limit.