Archive for the ‘paul ryan’ Category

‘If China Calls, Let it Go to Voicemail’

Monday, June 6th, 2011

“Congress has rejected raising the debt ceiling, so if China calls, let it go to voicemail.” - Stephen Colbert

“odd political theater”

“just for show”

 

U.S. Reps. Phil Roe, Jimmy Duncan, Chuck Fleischmann, Scott Desjarlias, Diane Black, Marsha Blackburn and Stephen Fincher all voted for a budget that raises America’s debt 60% but voted against raising the debt limit.

FACT: Republican Votes Against Raising Debt Ceiling “JUST FOR SHOW.” Tenn. Republicans are happily playing politics with the full faith and credit of the United States. Republicans urged the defeat of their own measure, while Democrats — who not long ago were seeking just such a vote to raise the debt ceiling without attaching spending cuts — assailed Republicans for bringing it up, saying its certain defeat might unnerve the financial markets. Just in case, Republican leaders scheduled the vote for after the stock market’s close, and in the preceding days called Wall Street executives to assure them that the vote was just for show, to show Mr. Obama that he would have to make concessions in budget negotiations if a debt-limit increase is to pass Congress. [New York Times,
6/1/11]


FACT: PAUL RYAN BUDGET WOULD INCREASE U.S. DEBT 60% (& DESTROY MEDICARE). The Paul Ryan Budget that U.S. Reps. Phil Roe, Jimmy Duncan, Chuck Fleischmann, Scott Desjarlias, Diane Black, Marsha Blackburn and Stephen Fincher voted for, would raise the debt limit over 60%. Republicans are holding the debt ceiling hostage by claiming that “Washington must begin living within its means.” However, the Paul Ryan budget, supported by every Tennessee Republican U.S. Representative, would increase the national debt (61.5%) from $14.3 trillion today to more than $23.1 trillion by 2021. [Los Angeles Times, 4/15/11]

 

NOT RAISING THE DEBT LIMIT WOULD BE ‘CATASTROPHIC’

JP Morgan Chase CEO: Raising The Debt Ceiling “It’s A Moral Obligation.” “The U.S. Treasury will officially hit its credit limit around May 16 for the 10th time in 10 years. If House Republicans prolong the fight over raising the debt ceiling past that date, government officials and Wall Street investors agree that it would cause financial chaos. ‘This chatter about not meeting our obligations, I just don’t understand it,’ JPMorgan Chase CEO Jamie Dimon said late last month during an event at the U.S. Chamber of Commerce.  Dimon is one of the few business leaders who have been outspoken on the issue. ‘It’s a moral obligation to ourselves and anyone who owns U.S. debt,’ he said. ‘They should know the United States is good for its money, period.’” [NPR, 4/13/11]

Chief Economist For The U.S. Chamber Of Commerce Said If Congress Didn’t Raise The Debt Limit The Result Would Be Higher Interest Rates , Financial Uncertainty And Damage To The Nation’s Fragile Economy. “Martin Regalia, chief economist for the [U.S. Chamber of Commerce], agrees that there’s no other option but to raise the debt limit. The chamber is lobbying Congress and educating lawmakers about what it could mean if that doesn’t happen: higher interest rates, financial uncertainty and damage to the nation’s fragile economy. Regalia says the ramifications of a default — or even a close call — can be an eye-opener for lawmakers. ‘It’s no reflection on them that they don’t fully understand the nuances of a budget process that I don’t think anyone fully understands.’” [NPR,4/13/11]

“The Debt Problem Won’t Be Resolved – And May Even Be Made Worse – By Not Raising The [Debt Ceiling.” “A number of lawmakers -- some of whom will speak at a Tea Party rally on Thursday -- have said they will not vote to increase the debt limit because it would be fiscally irresponsible. But their rhetoric is misleading because it conflates two different things. There's raising the debt ceiling, which is a technical necessity. Then there is the country's actual debt problem, which is a political and policy matter. Indeed, the debt problem won't be resolved -- and may even be made worse -- by not raising the ceiling.”  [CNN Money, 4/1/11]

House Republican Conference Chairman Jeb Hensarling “It Would Be Catastrophic To Have The Nation Default Upon Its Debt.” “Both House Republican Conference Chairman Jeb Hensarling (Texas) and Senate Majority Whip Dick Durbin (D-Ill.) said on CNN’s “State of the Union” that not raising the debt ceiling is not an option – although they disagree on how future budgets should address closing the budget gap.  ‘What I do think is, yes, it would be catastrophic to have the nation default upon its debt,’ Hensarling said.” [Hill, 4/10/11]

House Speaker Boehner Said Defaulting On The Debt By Not Raising The Ceiling “Would Be A Financial Disaster, Not Only For Us, But For The Worldwide Economy.” “The possibility of the U.S. defaulting on its debt due to congressional inaction isn’t on the table, House Speaker John Boehner (R-Ohio) said Sunday. Boehner said it would mean ‘financial disaster’ for the global economy if Congress were unable to come to a deal to raise the debt ceiling this spring. ‘That would be a financial disaster, not only for us, but for the worldwide economy,’ Boehner said on ‘Fox News Sunday’ of the risk of default. ‘I don’t think it’s a question that’s even on the table.’” [Hill, 1/30/11]