In the midst of our economic emergency, which is beginning to resemble a full-on Greece-style meltdown, every politician in America has taken to the soap box to say the exact same thing: We need to reduce our national debt and cut spending to get America back on track.
Unfortunately, Congress has produced all talk — and very, very little action.
You hear folks say “talk is cheap,” but in this case, Washington’s endless rhetoric is incredibly expensive. The inaction on spending cuts has kept us so deep in the red that our nation is facing a total collapse if we do not get back to a balanced budget as soon as possible.
Today, I introduced a unique bill that goes in a completely different direction than everything else we’ve been hearing out of Washington. It would force politicians to start practicing what they’ve been preaching by lowering the debt ceiling from $14.3 trillion back down to $13 trillion. Admittedly, this is not your run-of-the-mill kind of law, but it would make it imperative for Congress to think outside of the box and come up with ways to pay off a portion of our debt while drastically cutting back spending. Since 1996, the national debt has increased by an inexcusable $8.79 trillion. I firmly believe that this calls for emergency measures to reduce the debt.
Lawmakers on both sides of the aisle are equally responsible for the government’s past fiscal irresponsibility. Sadly, whenever Congress has been given a chance to make a real impact on the budget, our spending habits, and our nation’s livelihood, Democrats and Republicans alike have caved.
Moreover, in this time of crisis, liberals are pushing for a $2 trillion increase in our debt ceiling. And their only answer for our financial fiasco is to cut nothing and raise taxes on everything — which would simply give Washington more money to burn through. Even more disturbingly, under the president’s budget proposal, the debt would double to $26.3 trillion by 2021, and he has no intention or plan to pay it down.
Should my legislation be signed into law, Washington would have to get serious about making the cuts they’ve been talking about, and our national debt would be one step closer to being manageable. My legislation would not just slow down, or stop the reckless spending train; it would completely turn it around. To be realistic, we can’t lower the debt limit today, but if we set a deadline, the beginning of FY 2012, it would force politicians to make those decisions in the months to come.
Americans are tired of lawmakers who talk out of both sides of their mouths and make promises that they can’t keep. My one-of-a-kind bill offers a real and true solution for our fiscal dilemma, and I whole heartedly hope that my colleagues will either ante up — or try their luck at another profession.
— Rep. Paul Broun, M.D. is a Republican from Georgia.
Wow, this could win the prize for 'worst idea I've ever seen at The Corner.'
"Moreover, in this time of crisis, liberals are pushing for a $2 trillion increase in our debt ceiling."
That's necessary to pay for spending which has ALREADY been authorized, and interest on our debt. For last year's budget. Not next year's budget.
I think Rep. Broun fundamentally doesn't understand what he's talking about in this post.
Reply to this commentLinkReport AbuseIt's a good idea.
There wasn't any budget last year.
They can de-authorize $2T spending elsewhere in order to pay the interest on the debt.
Ad hominem attacks are a substitute for thinking.
Reply to this commentLinkReport AbuseThe worst idea is yours, more spending, two trillion more because that's what the Dems want, isn't thinking clearly. Why raise it just two trillion, why not five? Six? He's right, time to pull the plug on Washington.
Reply to this commentLinkReport AbuseActually, the Senate hasn't passed a budget for 800 days. They failed to do so even when they had a filibuster-proof majority. It's their job and they punted. President Obama presented a budget that received zero votes in the Senate. No one in his party voted for his budget. Even the socialist Bernie Sanders didn't vote for it. Federal spending has increased every year for the past 40 years without exception. It's time to put a stop to this insanity. Mr. Broun's suggestion to lower the ceiling is a good starting point for negotiations. After all, the President and his partner Harry Reid have said that "...everything must be on the table..."
Reply to this commentLinkReport AbuseWhat's your idea? No sarc intended. We all know that the debt is too high, entitlements are running out of money, reckless spending on the part of both parties,literally out of FY2011 money et.al.
Reply to this commentLinkReport AbuseThe debt-limit increase is to PAY for FY2011. So it's going to have to be increased no matter what. My idea is that Broun should already realize this, but he apparently does not.
As for the future? Cut spending AND raise taxes. The budget becomes balanced very quickly when we use our tools to do so. It's not a difficult concept.
Reply to this commentLinkReport AbuseIf the government can mandate 56 mpg cars by 2025, I think it was, why can't it mandate only 5 trillion dollars of remaining national debt by 2025?
After all, if the rightful place of science is to serve a political agenda, both are equally sensible.
And equally impossible.
Reply to this commentLinkReport AbuseCute. Maybe next you can introduce a bill that mandates world peace and another that requires bad guys to stop being bad, and while you're busy getting gold stars and pats on the back for introducing bold, soundbite friendly, untenable, unrealistic, (and perhaps most importantly) completely un-passable fantasy legislation, the adults in the room can try to figure out was to deal with our problems that actually engage with the reality of the situation.
Sure I'd love to see the debt limit cut by a trillion and a half dollars and have the economy respond well because of it. I'd also like to eat all the ice cream I want without getting fat, but neither of those things are actually possible.
Still, the line ought to play well at campaign rallies and it has the benefit of being completely risk free, since no one in Congress (who actually knows better) will take it seriously enough to even take the time to point out why its so stupid.
Reply to this commentLinkReport AbuseAh, yet another self righteous and intellectually empty comment; full of conclusions and insults but devoid of even the slightest bit of actual economic analysis. Thank goodness we have "adults" like you to keep us children in check.
Reply to this commentLinkReport AbuseIt is fantasy to think Congress can stuff $1.3 trillion in debt into the magic dissapear-o box by passing legislation.
How would the existing debt go away? By what possible mechanism besides default would this happen?
Federal default is not like a homeowner walking away from an upside down mortgage.
The US would for one see the end of the dollar as the world reserve currency. The first direct impact of that would be that oil and other imports would see a massive price surge right as Wall Street bond valuations would plummet.
2008 would look like a cake walk.
This proposal is utter folly. Take it from someone who's been in international trade and is an active personal investor. Default, either by ignoring the debt ceiling crisis, or particularly by trying for a stunt like Brouns would be devastating to the economy.
This is not a game. This is my and everyone's livelihood.
Reply to this commentLinkReport AbuseListen, I understand why a "tighten our belts" solution sounds satisfying, and on a smaller scale that is how you deal with debt problems so I can understand how it might seem like the way to go with the US debt. That's not how things work, unfortunately. The immediate repercussions of a drastic cut like Broun is suggesting would be disastrous and impossible to implement without causing a another financial crisis.
I want the debt to be cut. I want us to get on a secure financial footing, but unfortunately the path to doing that requires a longer road and a lot more work than Broun's irresponsible quick fix. We can and should cut the debt, but to do it responsibly will take many years and a lot of work by committed and knowledgeable conservative leaders. Broun's proposal makes me angry because it means he is either startling ignorant about the financial system he has a say in governing, or his proposal is a cynical political gimmick that sounds like a bold and worthy sentiment but which he knows is actually just unrealistic posturing for which he will never be held accountable.
If he believes what he's saying will work then he is ignorant, and willfully so, because as a congressman he ought to know better. I have a hard time believing he is ignorant. It seems far more likely to me that he knows the debt limit needs to be raised (and most likely will be), and in the meantime he can exploit his well meaning constituents who like his proposal for perfectly admirable reasons, but don't understand enough about the financial system to know why it would be disastrous.
Broun can make this proposal with impunity because there is literally no way on earth that it well ever come up for serious consideration, and he wouldn't want it to, because that would either involve a long discussion that would show exactly why his idea is terrible or it would cause it to actually be implemented. I promise you, he does not want either of these things to happen. In the mean time he gets the benefit of looking like he has made a bold proposal to help us be fiscally responsible and when the debt ceiling is raised (as he knows it will be) he has political cover when his angry (but misguided) constituents go to the polls to throw out the people who raised the debt ceiling.
I realize you will find this post insulting, but that is not my intention. Unfortunately, there is just no polite way to say that you don't know enough about the world financial system to understand why this is a terrible idea (that's fine and understandable, there's no reason that normal people should. I'm not going to take the time to explain it either, because it would take too long and you probably wouldn't believe it anyway.
This isn't a conservative vs liberal thing either (regardless of what politicians are saying this year). There's a reason that both Republicans and Democrats have always raised the debt ceiling without fail and it's not because being in government makes people more fiscally irresponsible (that's true, but it's not why the debt ceiling get raised). They raise the debt ceiling because they have to, or they will risk economic collapse. If we want to cut the debt it will involve a long legislative process wherein we cut entitlements and set up revenue streams that can pay it off. THAT will be hard and the people who pursue that path will be the bold ones, not Broun with his cheap gimmicky no-solution-solution.
Reply to this commentLinkReport AbuseCurious as to what qualifies Brown to suggest any financial plan for the country, I googled him. However it takes some digging to find any hint of knowledge in the area (hint : there is none) as you have to dig through page after page of references in all media noting the enormous amount of questionable and often crazy remarks he's made. Why he thinks anyone would listen to him in this area might only illuminate the extent of his delusions.
Reply to this commentLinkReport AbuseI'm guessing Representative Broun's election to Federal office qualifies him to speak on the Federal budget.
But if you're really worried about credentials, there's a community organizer who needs some oversight since he's not only making ill-informed decisions about the Country's finances, but also commanding US forces in 3 wars.
Reply to this commentLinkReport AbuseOooh, now you're just being mean to the hughman. He can't help being a knit wit.
Reply to this commentLinkReport AbuseAmen, me bredda...
Reply to this commentLinkReport Abuse"My one-of-a-kind bill offers a real and true solution for our fiscal dilemma, and I whole heartedly hope that my colleagues will either ante up — or try their luck at another profession."
Maybe you should go back to being a doctor and leave the economic decisions to those that have the time to read any literature about issues regarding the debt ceiling.
Reply to this commentLinkReport Abuseleave the economic decisions to those that have the time to read
Like the way they read the Healthcare Bill? (pass to find out what is in it-Pelosi)
Or how Dick Durbin Senator from Il. read the Constitution? (an illegal alien may be President one day)
Reply to this commentLinkReport AbuseDo you have any suggestions on what he ought to read there Seeroy? Or maybe you have some actual point to make about economics, as opposed to an empty quip accusing him of not reading? As if anyone who disagrees with you must not have read anything. What a dope you are. You could benefit from reading some Robert Barro. He is an actual economist, not an economologist like Krugman. So he may be over your head. But give it a try.
Reply to this commentLinkReport AbuseBelieve it when I see it, which means, never.
All reports are the GOP is caving on cutting spending, and will accept tax and other revenue increases...whatever they are.
Mitt Romney sounds like Mini-me and is the frontrunner?
As Derb says, we are doomed. Why do the Republicans constantly sn#tch defeat from the jaws of victory? (are you kidding? Sn?tch is prohibited speech on NRO?) And worse, there is no reason to believe they are putting country first when they hold self serving, face saving votes like they are about to on the debt ceiling. Just as Cryin John Boehner and Eric Cantdo lied about cutting spending on this year's budget.
Won't vote for Obama, but I won't necessarily vote for anyone else, either. If the revolution/succession/financial disaster/hyperinflation is going to come, may as well happen while I am young enough to fight.
Reply to this commentLinkReport AbuseHey! Let's mandate that all millionaires must pay 5% of their net worth in taxes! This will then motivate them to work harder and make more money, to lower their effective tax rates!
Reply to this commentLinkReport Abuse