Will federal fiscal failures be the status quo?
*Texas Straight Talk, by Congressman Ron Paul, May 23, 2011:
''The federal government once again has reached the limit of its
legal ability to borrow money, meaning it cannot issue new Treasury
debt without action by Congress to increase the debt ceiling
limit. As of this month, our 'official' national debt -- which
doesn't include the staggering future payments promised to Social
Security and Medicare beneficiaries -- stands at $14.2 trillion.
The debt ceiling law, passed in 1917, enables Congress to place a
statutory cap on the total amount of government debt rather than having
to approve each individual Treasury bond offering. It also,
however, forces Congress into an open and presumably somewhat shameful
vote to approve more borrowing. If the new Republican majority in
the House of Representatives gives in to establishment pressure by
voting to increase the debt ceiling once again, you will know that the
status quo has prevailed. You will know that the simple notion of
balancing the budget, by limiting federal spending to federal revenue,
remains a shallow and laughable campaign platitude.
It is predictable that Congress will once again merely delay the
inevitable and raise the debt ceiling, after the usual rhetoric about
controlling spending, making cuts, and yes, raising taxes. We
have heard endless warnings about how irresponsible it would be to
'shut down the government.' The implication is that sober,
rational, mature pundits and politicians understand reality, while
those who oppose raising the debt ceiling limit are reckless ideologues
who will harm the economy just to make a point.''
*This information is solely a highlight of the opinion of a third-party publication and is incomplete. Please subscribe to this publication for the full and timely opinion of the author and call a Monex Account Representative for any additional up-to-date information. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.
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