Newsmax
20 Sep 2013
House Republicans will consider a measure next week that would suspend the U.S. borrowing limit instead of raising it by a specific amount, according to Representative Paul Ryan, the chairman of the House Budget Committee.
Republican leaders will seek to attach several provisions to the measure that would reduce the federal budget deficit in the long run, Ryan said.
The measure will look “at debt over the long term, and that is what matters the most,” Ryan, a Wisconsin Republican, told reporters in Washington today.
President Barack Obama has called for a debt-limit increase without conditions, and said he won’t negotiate on the issue…
..The measure won’t specify by how much the cap will be increased, rather it will allow the government to borrow for a specified amount of time, probably for a year, according to Representative Tom Cole, an Oklahoma Republican…
The complete article is at Newsmax.
Related: Obama: ‘Raising the Debt Ceiling…Does Not Increase Our Debt,’ Though It Has ‘Over 100 Times’
…”Now, this debt ceiling — I just want to remind people in case you haven’t been keeping up — raising the debt ceiling, which has been done over a hundred times, does not increase our debt; it does not somehow promote profligacy. All it does is it says you got to pay the bills that you’ve already racked up, Congress. It’s a basic function of making sure that the full faith and credit of the United States is preserved.”…
…But, isn’t the fact that the U.S. has hit its debt ceiling “over a hundred times” – and, thus, has had to keep raising it – proof that raising the limit does, in fact, lead to increased debt?
The Ivy League must teach new math in its economics classes.
