No Debt Ceiling Increase: Balance the Budget Now!

What they aren’t telling you: we don’t need to increase the debt ceiling again, ever. We just need to the guts to cut spending to the levels required. Who has the guts to do it?

Liberals such as the Fed’s chairman Ben Bernanke, Treasury Secretary Timothy Geithner, and Democratic leaders in the House and Senate, are predicting utter economic chaos if the debt ceiling is not raised. But history shows that in 1985, 1995 and in 2002 Congress delayed raising the debt ceiling for months without an Armageddon-style economic meltdown. When the statutory debt limit is reached, the government isn’t required to pay off the entire debt at once — it simply isn’t allowed to increase its borrowing. To avoid a default the Treasury Department uses accounting methods in order to to prioritize interest and debt payments to keep things running relatively smoothly with only a few short-term cash flow problems to deal with. However, these “accounting methods” only serve to put off the problem for a few months

via No Debt Ceiling Increase: Balance the Budget Now! – John Birch Society.