Sunday, July 17, 2011

Debt Ceiling: Clean Increase verses Republican House Plan

I am currently alarmed at the possibility of the United States defaulting on its debts.

There appears to be an "infinite chasm" between the Democratic and Republican approaches to the Debt Ceiling debate. Many Democrats are in favor of simply increasing the Debt Limit, the same way it was done during the George W. Bush administration. (Other Democrats, while supporting some budget cuts, want more tax revenues also, in search of fairness).

Many of the Republicans (especially the House Republicans) are holding out on requiring that the 2012 Budget, submitted by Rep. Paul Ryan (R-WI), become law, as a condition of approving the Debt Ceiling increase.

The problem that I see with this is that the Ryan 2012 Budget is Revenue Neutral.

What does this mean? The the Debt Ceiling is required, even with the Ryan 2012 Budget!

Therefore, I am in favor of increasing the Debt Ceiling, cleanly, and then debating the budget separately.

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