Treasury Secretary Snow has anounced that the Debt ceiling must be raised from its current position of $8.1+ trillion before mid-March, else the Federal Government will be unable to meet its obligations. The Author believes that a Response should be extended to the proposed Bush 2007 Budget. The Debt Ceiling might be the exact place to provide the Response.
What happens if the Debt Ceiling increase is refused?
The entire situation is dumped back on President and Congress. They would have to make Program Cuts, else no one is paid! What will this mean? Congress is up for Election this Year--all Representatives, and one-third of the Senators. They would not be able to cut popular programs, or they would be saying Goodbye to their Jobs.
Where could the Program Cuts come from then?
They would have to come from the Profits-rich Defense and Home Security contracts to Corporations, possibly through legislation enacting that such Contracts must be priced to make only 8% Profit on all Work. This would only gain about $80 bn toward Budget management. Cancellation of over-expensive Weapons contracts could cancel some $350 bn over the next five years. Elimination of the Bush Tax Cuts would save at least $1.5 trillion over the next ten years, and proper elimination of Lobbyied Tax Cuts for Business could pick up an additional $3 trillion over the next Score of years. Business might not like return to the Year 2000 in terms of taxation and Economic performance, but the American citizenry may feel different.
How can We force hold on the Debt Ceiling?
An email campaign on members of Congress, one with commitment: stating that as Voters, no one will reelect any member of Congress who votes for expansion of the Debt Ceiling. Calmly inform their elected officials will be remembered in November, and the American Voter has had enough of the wastage of their funds and financial credit in the interest of Corporations and lobbyists. Receipt of 50-60 million emails to Congress should change attitudes on Capital Hill. The one thing which must be accepted by American Voters is they must carry out their threat, if members of Congress defy their Constituents. lgl