Senator Pat Toomey want vote on “Pay Foreign Creditors First”. The great debt limit plan. It is the same as the one in the House sponsored by Mr. , Mr. Jordan and others. Their act is the “Full Faith and Credit Act.”
H R. 421
To require that the Government prioritize all obligations on the debt held by the public in the event that the debt limit is reached.
Section 1. Short Title
This Act may be Cited as the “Full Faith and Credit Act.”
Sec. 2 Prioritize Obligations on the debt held by the public
In the event that the debt of the United States Government, as defined in section 3101 of title 31, U. S. Code,
reaches the statutory limit, the authority of the Department of the Treasury provided in section 3123 of title
31, U S. Code, to pay with legal tender the principal and interest on debt held by the public shall take
priority over all other obligations incurred by the Government of the United States.
Teapublicans have succeeded in reviving confidence in American and National patriotism. They long for the Reagan years. Tax cuts and small government. In their zeal they have forgotten the people they represent, and their pledge to America. Reduce the deficit. So here is their plan. Pay down debt. Write checks to foreign creditors before the domestic needs of the country, such as Social Security and the military. They talk a good game.
Ronald Reagan did the same thing. It really has been done before. This is not new. The size of government grew under Regan, the size of government grew when the Republicans controlled all levers of the federal government [remember the ‘Contract with America?’]. They may talk about much they hate spending and just how much they love small government, but they never, ever, ever do they deliver.
And for the people who genuinely care about reducing the size of government in this country, like the tea party folks say they do, it would be folly to turn and join your fate to the same Republican Party that has time and again delivered big government. So they really have to decide, if they are really committed to this, what they are going to do about it because the Republicans, no matter what they say, never, never, ever deliver on that central promise.
Update: GOP Scales b ck budget cuts goals:
Updating budget estimates the best hope is to reduce current appropriations ob $32 billion for the remainder of this fiscal year. The new cap on appropriations will set a 2011 ceiling of $1.055 trillian – $32 billion less that the latest estimate by CBO of the full year of the stop-gap spending bill due to expire March 4. Republicans complained, saying the Pres. Obama was destroying America by adding to the national debt, but now the GOP is in power again, they have proposed a budget wich would decrease the federal budget deficit by only 2%. Go figure!