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Debt Limit Myth VS Fact

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posted on Aug, 4 2011 @ 12:59 PM
original source

"The debt limit is the total amount of money that the United States government is authorized to borrow to meet its existing legal obligations, including Social Security and Medicare benefits, military salaries, interest on the national debt, tax refunds, and other payments. The debt limit does not authorize new spending commitments. It simply allows the government to finance existing legal obligations that Congresses and presidents of both parties have made in the past."

because those are not new spending commitments at all

back to

"MYTH: If Congress fails to increase the debt limit, the consequences would not be any worse than the effects of a government shutdown.
FACT: If Congress fails to increase the debt limit, the government would default on its legal obligations – an event unprecedented in American history. This would cause investors here and around the world to doubt, for the first time, whether the United States will meet its commitments. That would precipitate a self-inflicted financial crisis potentially more severe than the one from which we are now recovering."

(haha....for the first time.....)

"MYTH: Raising the debt limit increases the federal government’s obligations.
FACT: Raising the debt limit simply allows the government to meet its existing legal

(this ones hilarious)
The amount of debt that the government must issue to meet its existing legal obligations is determined based on previous spending and revenue decisions made over many years by Congresses and presidents of both parties. Raising the debt limit simply allows the government to meet those existing legal commitments to investors, seniors, soldiers, and millions of other Americans. Refusing to raise the debt limit does nothing to reduce those existing obligations or cut the deficit.

"MYTH: If Congress simply enacted the House Republican Budget Resolution that
Representative Paul Ryan proposed, there would be no need to increase the debt limit.
FACT: The House Republican Budget Resolution would require multi-trillion dollar increases in the debt limit for the next several decades."

"MYTH: If Congress and the Administration would just cut spending then they wouldn’t
need to increase the debt limit.
FACT: There is no credible budget plan that would allow the government to avoid a debt limit increase."

MYTH: Passing legislation to “prioritize” payments on the national debt above other legal
obligations would allow the government to avoid a default without increasing the debt limit.
FACT: Legislation to “prioritize” payments would simply represent default by another

(like raising the debt ceiling??????)

"MYTH: The Treasury Department can simply continually push back the date it hits the
debt limit.
FACT: The government will reach the debt limit in mid-May and extraordinary measures
to buy additional time will be exhausted by about August 2, 2011."

now that the debt limit has been pushed back, does this mean anything at all??

posted on Aug, 4 2011 @ 01:05 PM
reply to post by GenerationXisMarching

"MYTH: If Congress and the Administration would just cut spending then they wouldn’t need to increase the debt limit. FACT: There is no credible budget plan that would allow the government to avoid a debt limit increase."
This is absolutely true. No politician will propose a budget that will do so, thus we are seriously screwed.

posted on Aug, 4 2011 @ 01:07 PM
so if anone can debunk any of these "FACTS" and actually put some evidence behind it unlike, it would be more than welcome. hopefully this shows some people that our "parents" know whats best, after all. if not for the gov telling us what to do, we would owe everyone so glad we nipped that issue in the butt

what would we ever do without the fed? after all, its not like a COUNTRY can come up with ways to grow their own money without raising taxes, and without more revenue collecting from the police. but dont worry, the economy is recovering and everything will be ok.. just accept more debt....

translated for the people who prefer optimism.....

posted on Aug, 4 2011 @ 01:10 PM
reply to post by sonofliberty1776

right, there is no credible plan because everyone (ELSE) has to chip in, they dont wanna share anymore than we the people wanna lose medicaid, SS, and all that other fun stuff. unfortunately, this is just beginning

posted on Aug, 4 2011 @ 01:31 PM
If you really want to make a change. Cancel your bank accounts, credit cards, etc. Use only cash, you can cash your check at a western union for less than half of what a bank does, money orders are .75 compared to a banks $6. as well. I use a pre-paid credit card to pay for online purchases, no fees other than the initial $5. start up, no interest. If you don't need it, don't buy it. If 20% of America did this, watch how fast the banks start to freak out. They will raise the fees on their current members and they will wise up and end their accounts. If We The People just paid cash for everything and stopped using banks, we would prosper, the government can figure their own mess out.

posted on Aug, 4 2011 @ 01:46 PM
As usual they are playing mind games and carefully choosing words for the best effect to frighten the bull out of us.

Obama and the Mass media are throwing around threats such as Obama's not bluffing: Social Security and military checks are in danger

So what are the Insiders on Capital Hill being told?

I found this very interesting report:

Shutdown of the Federal Government: Causes, Processes, and Effect by Clinton T. Brass, Analyst in Government Organization and Management.

He states:

.... If interim or full-year appropriations are not enacted into law, the time interval when agency appropriations are not enacted is referred to as a “funding gap.”5 A funding gap also may occur any time a CR expires and another CR (or regular appropriations bill) is not enacted immediately thereafter. When a funding gap occurs, the federal government begins a “shutdown” of the affected activities, including the furlough of non-emergency personnel and curtailment of agency activities and services. Programs that are funded by laws other than annual appropriations acts (e.g., entitlements like Social Security) also may be affected by a funding gap, if program execution relies on activities that receive annually appropriated funding.....

Some discussion in my THREAD

SO it looks like nonessential bureaucrats get their pay stopped and perhaps the military.

We yank our troops home, boot the bumbling and/or corrupt Bureaucrats out on their butts. and the WHOLE WORLD CHEERS!

posted on Aug, 4 2011 @ 02:19 PM
reply to post by NeoAlef2012

to be honest, i did this in 2009, when i realized we couldnt recover from this, and would love 20% to do this. unfortunately you get the people too busy to actually research all the fraud/predatory lending/ tricking people into accepting all this debt, and go about their normal schedule. its sickening, and at the same time, i expect nothing less. that is what illusionists do..make you watch one hand, as the other has already stolen your wallet.

how long before people realize their wallet is gone? before they realize all of their money is worthless

i still stick by my theory that now we have the resources to deal with "civil unrest" and thats all they want to push us towards. i would love to see actions to prove that theory wrong, but we just get words...then actions that show the opposite is occuring daily.

how far can we be pushed? that seems to be the question on all of their minds.....

posted on Aug, 4 2011 @ 04:02 PM
reply to post by GenerationXisMarching

how far can we be pushed? that seems to be the question on all of their minds.....

Some are smarter and side stepping the direction we are being herded.

Farm -to Consumer is side-stepping the FDA and USDA using contract law. (Cow shares) to distribute raw milk to club members.

Fully Informed Jury Movement:
Jury Nullification: What lawyers and judges won't tell you

RecallTheRogues: "Recall is now available to constituents in 18 states. Another 13 states have initiative procedures whereby petitioners could put recall measures on the ballot. "

CAMPAIGN FOR STATE-OWNED BANKS: North Dakota is the only state doing well and has a state owned bank. Florida, Illinois, Oregon, Massachusetts, Idaho and California are all proposing a similar solution to the credit crisis.

New Hampshire is going back to gold coins as a parrallel money system.

The Supreme Court has since FDR interpreted the Constitution in a manner to further empower the federal government, states are now taking a second look at the tenth Amendment.

In looking at taxes recently I found that the Federal Government returns about 50% of its dollars to the states - READ BRIBES.

With State owned banks the need for Federal Money goes away and the Federal Dollar Choke chain is removed


STATES have the right to NULLIFY a treaty!!!! so a state can put the axe to the WTO and NAFTA and CAFTA and ther est of the "globalizing" treaties

Treaties Do Not Supersede
the Constitution

The following qualifies as one of the greatest lies the globalists continue to push upon the American people. That lie is: "Treaties supersede the U.S. Constitution".....

3) A treaty can be nullified by a statute passed by the U.S. Congress (or by a sovereign State or States if Congress refuses to do so), when the State deems a treaty the performance of a treaty is self-destructive. The law of self-preservation overrules the law of obligation in others. When you've read this thoroughly, hopefully, you will never again sit quietly by when someone -- anyone -- claims that treaties supercede the Constitution. Help to dispell this myth.

"This [Supreme] Court has regularly and uniformly recognized the supremacy of the Constitution over a treaty." - Reid v. Covert, October 1956, 354 U.S. 1, at pg 17....

Forget the protests and crap go for the Achilles heel STATE LAWS!!!

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