The fact is that the spending already occurred. Congress makes commitments to spend every year, so all the bills coming due are spending that has already been authorized by Congress. Congress has been consistently spending more than it takes in for operations for at least the past 30 years. The Trust Funds, including Social Security, have been consistently taking in MORE than they needed to spend (until this year). Up until Obama took office, over 80% of all the debt drawing interest was incurred under Republican presidents. In fact, we’ll be paying interest of 14%! (highest ever) on some non-callable Reagan debt until 2014. It is ENORMOUSLY IRRESPONSIBLE to authorize spending and then block borrowing to pay for the money you’ve already committed to spend. The foolish gaming is destroying our global credibility, and without that credibility, the interest we must pay is going to skyrocket, making the chump change line in the sand arguments of the T-Party especially foolish.
The fact is that the spending already occurred. Congress makes commitments to spend every year, so all the bills coming due are spending that has already been authorized by Congress. Congress has been consistently spending more than it takes in for operations for at least the past 30 years. The Trust Funds, including Social Security, have been consistently taking in MORE than they needed to spend (until this year). Up until Obama took office, over 80% of all the debt drawing interest was incurred under Republican presidents. In fact, we’ll be paying interest of 14%! (highest ever) on some non-callable Reagan debt until 2014. It is ENORMOUSLY IRRESPONSIBLE to authorize spending and then block borrowing to pay for the money you’ve already committed to spend. The foolish gaming is destroying our global credibility, and without that credibility, the interest we must pay is going to skyrocket, making the chump change line in the sand arguments of the T-Party especially foolish.