The House approved the GOP's "Cut, Cap, and Balance" plan with a vote of 234 to 190 according to Fox News.Â www.foxnews.com/politics/2011/07/19/house-approves-cut-cap-and-balance-plan/Â Â Â If you read the article you will see that they are willing to increase the det ceiling by 2.4 trillion dollars in exchange for a approved balanced budget amendment.Â
I do not trust the government to balance the budget after we allowÂ the increase of the debt ceiling to occur.Â Cutting spending is the best way withÂ as small of an increase in taxes as we can get away with.Â I know many peopleÂ do not want to hear that but increasing taxesÂ is going to happen not matter which way we go so we might as well face it now before they increase our debt another 2.4 trillion dollars.
The article goes on to say that Obama threatens to veto the plan as he wants lawmakers to use the "Gang of Six" plan to develop a "broader agreement".Â We need to let our representatives know that enouph spending has already occured.Â We must keep this message on their communication lists so that the pressures they are under in Washington will notÂ cause them toÂ compromise any more of our future.Â
It is time to make hard decisions and stick to the plan of decreasingÂ government spending as we are in danger of having our credit rating demoted by the financial governing agencies over nations.Â
If this happens we will beÂ in danger of the interest rate on the 14 trillion dollar debt being increased.Â We are bearly paying the interest on that debt now, what will happen if the interest rate increases?Â Â The posibility of our lenders calling the note due is a ever growing threat.Â The collateral for that debt is our land and we the people as chattel (bondsmen or slaves).Â
I personally think we need to stick to our guns and insist on balancing the budget - not increasing the debt ceiling.Â What do you think?