Raising the debt ceiling

A great article in the Heritage Morning Bell this morning about raising the debt ceiling. You may think that closing loopholes and making corporations pay more taxes is a good idea, but remember: “Companies don’t pay taxes; companies collect taxes.” Raising the debt ceiling without the government including spending cuts will show that they are not serious about getting expenditures under control. This will result in a catastrophic lowering of our credit rating in the world market. Think about your own personal budget. You have finite income. Do you spend more, or do you make cuts to things that are not vital to your security and survival? We are not even chipping away at the principal, only paying the interest at this point. If our credit rating is lowered our creditors will raise the interest rate. We can’t afford to let this happen. Make sure your representatives know you are not willing to raise the debt ceiing without legitimate spending cuts. Both parties are to blame for this mess and both parties must “man up” and stop kicking this down the road. It has been over 2 years now that they have not even passed a budget – their primary DUTY! This is under the Obama Administration, and as CEO of the country it falls on him to assure that our financial house is in order.