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Let’s Hope They Work It Out

July 20, 2011

No this isn’t about Jennifer Lopez and Marc Anthony’s marriage, or the NFL walkout. It is about something that will determine if millions of Americans will have a shot at eating or healthcare.

Wensday the House of Representatives Passed the Cut, Cap, Balance Act (The bill the House-passed bill is H.R.2560) by a bipartisan vote of 234-190. Saturday(07/22/2011) the Senate will attempt to pass bill,(The companion Senate bill is S.1340), but it doesn’t look like that is going to happen.

The Democrats have control of the Senate and have vowed not pass the bill in its current form. One of the big sticking points is the Debt Ceiling. The democrats and the Obama administration want to raise the ceiling which hit the $14.292 trillion debt limit set in February 2010. If it is raised again without making some cuts, it would be raising taxes on the future generations.

McConnell-Reid which is called “Cut Run & Hide” plan, by the Republicans is the Democrats answer to Cut, Cap, Balance Act, which would give President Obama the power to increase the national debt by $2.5 trillion.

The problem is if nothing is done the Economy will be crippled. One of the things that will happen is Standard & Poor’s will downgrade US debt from its AAA rating if the US doesn’t cut spending substantially and reform the way it budgets, for future spending. If this happens, the interest rate will be raised and this will cause taxes to go up to cover the cost and the process starts over.

Lets look at the reality of the situation. No matter what happens to make the budget work it is going to be a temporary fix. It won’t be long until we are right back in the same place. Except, the next time it will be a more expensive place. There is never going to be an end to this unless the people are willing to make sacrifices, and I don’t see that happening.

I think even though it goes against some of what I believe in and things that benefit my wellbeing, some cuts are going to have to be made or the future of our country is going down the crapper.

ABA

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