Bill Clinton: Warned against not raising debt ceiling (Part 2)

Clinton: We Will Have Bipartisan Resolution on Budget

During a fiscal summit sponsored by the Pete Peterson foundation Wednesday, Gwen Ifill talked to former President Bill Clinton about the economy, politics and foreign policy.

CNN Money reported on May 25, 2011:

Ryan, who spoke after Clinton at the summit, wasn’t asked directly about the New York race. But he did accuse Democrats of trying to use Medicare to scare seniors.

“Democrats are shamelessly demagoging and distorting this,” Ryan said. “Trying to scare seniors and (making) these things as political weapons creates political paralysis,” he said.

Clinton also weighed in on the most pressing fiscal issue facing policymakers: the debt ceiling. Treasury Secretary Timothy Geithner has said the ceiling, a cap on total federal government debt, must be raised by Aug. 2 to prevent the country from defaulting on its bonds.

The former president said President Obama should consider giving a national address to educate American voters about the consequences of a failure to raise it in time.

“They never lived through it; nobody knows what will happen,” Clinton said.

Clinton warned that political leaders “can’t be paralyzed,” and that they must find a bipartisan way to raise the debt limit, even if it’s unpopular.

“A lot of the most important things I did were unpopular,” Clinton said. To top of page

Michael Tanner made some great observations in his article “Debt-Ceiling Myths,” National Review Online, May 11, 2011. 

Michael D. Tanner is a senior fellow at the Cato Institute and author of Leviathan on the Right: How Big-Government Conservatism Brought Down the Republican Revolution. Here is a portion of this recent article: 

Now that Osama bin Laden has been successfully dispatched to the eternal damnation he so richly deserves, Washington is ready to return to the more mundane question of whether the Obama administration will be allowed to spend this country into oblivion.

The next big fiscal fight will be over when and how to increase the debt limit. The administration has been hard at work trying to shape the message and public opinion. Unsurprisingly, much of that message is less than 100 percent accurate. Here are some myths about the debt ceiling and the upcoming debate about raising it:

1. Failure to pass means defaulting on our debts. If there has been consistent message from the White House, it that the United States can’t afford to “default on our debts.” That is almost certainly true. However, refusing to raise the debt limit does not mean defaulting on our debts. The U.S. Treasury currently takes in more than enough revenue to pay both the interest and the principal on the debts we currently owe. And if the Obama administration is truly worried about whether it will do so, then it should urge Congress to pass the legislation proposed by Sen. Pat Toomey (R., Pa.) requiring the Treasury Department to pay those bills first. It is true that, once we had paid our debt-service bills, there wouldn’t be enough money left over to pay for everything else the Obama administration wants to spend money on. The government would have to prioritize its expenditures — sending out checks for the troops’ pay and Social Security first. Other spending would have to wait. Treasury Secretary Tim Geithner says that not spending money Congress has appropriated is “the same as default.” It is not. It is economizing, which is what you do when you are out of money.

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This video below accurately shows how I think the Democrats are acting concerning the debt ceiling:

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I have written about the debt ceiling many times and here are some of the past posts:

 

Senator Pryor’s office is taking spending cuts seriously according to email response

The Debt Bomb: A Decade of DC Spending is Driving America Closer to an Economic Apocalypse Alexis Garcia reports on America’s exploding debt. Experts blame entitlements like Social Security and government spending. But what is the solution? Can we raise taxes without crushing the economy and the middle class? Does Obama really want to lower […]

Republicans may compromise with Democrats in order to get control of debt

The Debt Bomb: A Decade of DC Spending is Driving America Closer to an Economic Apocalypse Alexis Garcia reports on America’s exploding debt. Experts blame entitlements like Social Security and government spending. But what is the solution? Can we raise taxes without crushing the economy and the middle class? Does Obama really want to lower […]

Secretary Tim Geithner says US will default on debt August 2 if debt ceiling not raised, John Brummett agrees (Part 5)

Rick Crawford does a great job of answering these questions from these liberal democrats that attempted the badger the congressman!!!! Picture of Pat Toomey above. Today  Thomas Fitzgerald of the Philadelphia Inquirer reported: As the federal government hit its debt limit of $14.3 trillion Monday, Pennsylvania Sen. Pat Toomey said the Obama administration must accept […]

Brummett:We must increase debt ceiling or disaster will occur (Part 4)

John Brummett in his article “Dear visa, my debt ceiling is capped,” April 25, 2011, Arkansas News Bureau, he observes: The first thing I intend to do is join the tea party. Then I’m going to refuse to raise my debt limit. Then I’m going to call the Visa people. “Y’all have me down here […]

 
Senator Pryor asks for Spending Cut Suggestions! Here are a few!(Part 32)(Brummett: Pryor not interested in getting hands dirty on deficit reduction)(Royal Wedding Part 21)

 Reuters reported today: Before a flawless exchange of vows, a veiled Middleton wearing a laced dress with a long train, the first “commoner” to marry a prince in close proximity to the throne in more than 350 years, walked slowly through the 1,900-strong congregation. As they met at the altar William, second in line to […]

Senator Pryor asks for Spending Cut Suggestions! Here are a few!(Part 31)(Brummett suggests we have wasted our time listening to Pryor’s pledge to cut spending)

Senator Mark Pryor wants our ideas on how to cut federal spending. Take a look at this video clip below: Senator Pryor has asked us to send our ideas to him at cutspending@pryor.senate.gov and I have done so in the past and will continue to do so in the future. Here are a few more […]

 
Brummett:We must increase debt ceiling or disaster will occur (Part 3) (Royal Wedding Part 7)

John Brummett in his article “Pryor’s words drift in gentle breeze,” Arkansas News Bureau, April 24, 2011 asserted: Raising the debt ceiling is essential to paying our debts and keeping the national and world economy functioning. Spending cuts must be made in the future, not by reneging on debt from the past. It is disingenuous […]

 

Will Senator Pryor be re-elected in 2014? (Part 4)(Royal Wedding Part 5)

Dr. Jay Barth with Hendrix College comments on our latest poll results on Arkansas politics (clip from Talkbusiness) Talk Business reported today in the article “Poll Shows Beebe Strength, Pryor Shaky,” the following: A new Talk Business-Hendrix College Poll shows Gov. Mike Beebe (D) maintaining his high job approval rating, while Sen. Mark Pryor (D) […]

 

Brummett:We must increase debt ceiling or disaster will occur (Part 2) (Royal Wedding Part 4)

John Brummett in his article “Dear visa, my debt ceiling is capped,” April 25, 2011, Arkansas News Bureau, he asserted: Nine times in the last decade the federal government has crept near its debt ceiling and Congress has voted to raise it. Tea party types say they intend this time to tie their votes to […]

 

Brummett:We must increase debt ceiling or disaster will occur (Part 1) (Royal Wedding Part 2)

John Brummett in his article “Dear visa, my debt ceiling is capped,” April 25, 2011, Arkansas News Bureau, he observes: The first thing I intend to do is join the tea party. Then I’m going to refuse to raise my debt limit. Then I’m going to call the Visa people. “Y’all have me down here […]

 

Will Senator Pryor be re-elected in 2014? Part 3 (The Conspirator Part 16)

U.S. Sen. Mark Pryor at the 2009 Democratic Party Jefferson Jackson Dinner, Arkansas’s largest annual political event. Mark Pryor is up for re-election to the Senate in 2014. It is my opinion that the only reason he did not have an opponent in 2008 was because the Republicans in Arkansas did not want to go […]

 

Balanced Budget Amendment the answer? Boozman says yes, Pryor no (Part 11)(Conspirator Part 11)

Mark Levin interviews Senator Hatch 1/27/2011 about the balanced budget amendment. Mark is very excited about the balanced budget amendment being proposed by Senator Orin Hatch and John Cornyn and he discusses the amendment with Senator Hatch. Senator Hatch explains the bill it’s ramifications and limitations. Senator Hatch actually worked on this bill with renowned […]

 

Mark Pryor will not vote for debt limit increase unless there are real spending cuts (Conspirator part 9)

In the article “Mark Pryor: I won’t vote to raise debt limit without reforms,” April 20, 2011, Arkansas Business reports: U.S. Sen. Mark Pryor says he won’t vote to raise the federal government’s borrowing limit unless there is a “real and meaningful commitment” to reducing the nation’s debt by cutting spending and overhauling the tax […]

 

Balanced Budget Amendment the Answer? Pryor says no, Boozman says yes (part 8)(Famous Arkansan, Patsy Montana)(The Conspirator, part 2)

 It is 9:35 pm and we have been hiding from Tornadoes all night and I hope they are finished bothering us for the evening.  Ronald Reagan on Balanced Budget Amendment Steve Brawner in his article “Safer roads and balanced budgets,” Arkansas News Bureau, April 13, 2011, noted: The disagreement is over the solutions — on […]

 

Balanced Budget Amendment the Answer? Pryor says no, Boozman says yes (part 6)(Famous Arkansan, Norris Goff)

  On Tuesday, March 29, Senator Marco Rubio appeared on Fox News’ “Hannity” for the first time since becoming a U.S. Senator. Senator Rubio talked about refusing to vote to raise the debt ceiling and the need for serious spending cuts.   Steve Brawner in his article “Safer roads and balanced budgets,” Arkansas News Bureau, […]

 

Mike Pence votes against budget deal. Roll call

  I am still upset with Congressman Mike Pence for saying that he was going to stick to his guns concerning the removal of federal funding of Planned Parenthood before he would vote to increase the debt ceiling on April 8th and then he went and voted yes on that day anyway. David Boaz makes […]

 

Mike Pence and the Republicans should hold the Democrats’ feet to the fire.

I must say that I agree with about everything that Mike Pence says below and I disagree with about everything that Chris Van Hollen has to say. However, I am not pleased that the Republicans do not try to get a balanced budget in 3 years instead of trying to balance it in 10 years. […]

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