Who Voted to Perpetuate Trillion Dollar Deficits?

Who Voted to Perpetuate Trillion Dollar Deficits?

Now that the Kabuki theatre, also known as the debt ceiling negotiations, is over, what really happened? And, who voted for the debt deal?

Now that the Kabuki theatre, also known as the debt ceiling negotiations, is over, what really happened? And, who voted for the debt deal?

Without dragging you through the details of the debt deal, here are the broad contours of what happened.

In exchange for congressional authorization for an increase in the debt ceiling of an amount between $2.1 and $2.4 trillion (in a two-step process), congressional leaders promise to cut approximately $2.5 trillion in spending over the next ten years.

So, even though our annual federal deficits have been averaging over $1 trillion per year for a few years now, which would lead us to expect an increase of over $10 trillion in our national debt over the next ten years, the much ballyhooed debt deal will only shave $2.5 trillion off the over $10 trillion expected increase.

The basic problem is that we’re experiencing an increase in the national debt in the area of $2.5 trillion every two years, but the debt deal only provides a reduction of spending of $2.5 trillion over the next ten years.

However, there is an even bigger problem. The unfunded liabilities for Social Security, Medicare, and Medicaid are variously estimated at $60-$100 trillion dollars or more. So the official, current national debt figure of $14 trillion dollars is a gross underestimation of our federal debt problem.

Everyone knows that by early 2013 we’ll be back in the same situation as we were before the debt deal of 2011. That is, we’ll be knocking on the debt ceiling again. Once again we’ll see whether the Kabuki theatre will carry the day to justify yet another multi-trillion-dollar debt ceiling increase, or whether sufficient grassroots pressure will have developed in the 2012 election cycle to change the makeup of Congress enough to stop increasing the debt limit and to start making the drastic cuts in unconstitutional spending that are needed to restore fiscal responsibility to our nation once again.

In the meantime, the federal government is already defaulting on the national debt through a massive inflation of our currency. This is devaluing the dollar and leading to the rapid price increases we’re all suffering from. For more details on how this is happening and an excellent repudiation of the debt deal, view the video below of Ron Paul’s “Floor Speech on Debt Ceiling, July 19, 2011.”

Click here for a state-by-state listing of those Representatives who voted for and against the debt deal’s perpetuation of trillion dollar deficits. Click here for the same thing in the Senate.

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