Certainly we need to change course and stop borrowing however the issue is to go about it in responsible manner. In the past we have simply raised the limit and gone on our way for example, I was surprized to learn the debt was raised 17 times under Regan. Currently we face a double whammy in that spending was increased (two wars, bail outs, etc.) and tax revenues have dropped (recession); for each dollar we spend; 60 cents is from tax revenues and 40 cents is borrowed.
Maintaining the debt limit at the current level simply means 40% of our bills need to go away immediately - who will not get paid. Raising the debt limit allows time to get spending in line with revenues without causing collateral damage.
The issue is not the debt limit the issue is the spending level needs to be pulled back.
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Today's Featured Article - My Ford Golden Jubilee - by Troy Estes. This article is about my '53 Ford Jubilee and a story that starts with taking the tractor to my brother's Starter/Alternator Rebuilding shop for a wiring fix. The generator was shot as well as all the wiring. I dropped off the tractor expecting a transformation from a 6 volt to a 12 volt system utilizing the original generator housing, and a total rewiring of the whole tractor. The front end center pin bushing was worn also so I ask that they replace it if they had time. Well, that’s wha
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