Harry Reid has been chastising republicans about their position on the upcoming vote to raise the debt ceiling. He says "We can't back out on the money we owe the rest of the world."
Well, we don't have to. We can pay the money we owe, and stop payments towards Obamacare (especially since it is currently unconstitutional), and not pay out the rest of the several stimulus packages that have been enacted. That would easily cover it.
Perhaps Senator Reid would take his beloved Obama's advice on the matter:
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Originally Posted by Obama - 2006
The fact that we are here today to debate raising America?s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can?t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government?s reckless fiscal policies.
Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion. That is ?trillion? with a ?T.? That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President?s budget will increase the debt by almost another $3.5 trillion. (actually it's increased around $5 trillion - Who would sign off on such debt increases?)
Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we?ll spend on Medicaid and the State Children?s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.
And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.
Every dollar we pay in interest is a dollar that is not going to investment in America?s priorities.
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Don't believe him Senator Reid? Well there's another person who I think you'd find yourself forced to agree with about the matter:
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Originally Posted by Senator Reid - 2006
If my [Democrat] friends believe that increasing our debt by almost $800 billion today and more than $3 trillion over the last five years is the right thing to do, they should be upfront about it. They should explain why they think more debt is good for the economy.
How can the [Democrat] majority in this Congress explain to their constituents that trillions of dollars in new debt is good for our economy? How can they explain that they think it?s fair to force our children, our grandchildren, our great grandchildren to finance this debt through higher taxes. That?s what it will have to be. Why is it right to increase our nation?s dependence on foreign creditors?
They should explain this. Maybe they can convince the public they?re right. I doubt it. Because most Americans know that increasing debt is the last thing we should be doing. After all, I repeat, the Baby Boomers are about to retire. Under the circumstances, any credible economist would tell you we should be reducing debt, not increasing it.
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(Republican has been changed to Democrat to better apply the economic lesson to this situation)
I hope this clarifies things for you Senator Reid. You should be glad that the Republicans have finally heard Senator Reid and Barack Obama.