- Posted September 15, 2013 by
This iReport is part of an assignment:
My Appeal to Congress, let’s not Create another Debt Crises.
I understand that some of the people including law makers, high net investors and corporate bosses are upset since losing presidential election twice in a row. It may not be easy to let go the old grudges but trying to punish the winner by creating constant road blocks which have not helped so far, in-fact, the side effects of these tactics are hurting the entire economic landscape, which is causing greater division among citizens on the political spectrum.
Raising the debt ceiling does not give a new authority to government to spend more but only to borrow money to pay all the bills and outstanding debts which have been authorized by congress in the first place. Congress must act fast to pay the past due bills by raising the debt ceiling, which will continue to accrue interest if not paid in time. So far, Congress has approved increased to debt ceiling on average of more than once a year and total of 79, in which the lowest of 4% in 1940 and the highest of 21% in 1980 which is nowhere to close to 14% or higher may be needed in 2013.
US government cannot turn back on its debts and ultimate responsibility lies with Congress to make every effort to accommodate the debts in question, delaying any type of payments should not be an option. At this moment, only smart option available to Congress is to raise the debt ceiling without hesitation and question. I may remind the Congress that the fourth section of the 14th amendment clearly states the Unites States’ public debt “shall not be questioned,” which means it must be paid without any question.
If any suggestion to budget reduction then it should be the U.S. military budget which accounts for almost 40% of global arms spending. U.S. Defense budget is six times larger than the China’s Defense budget and even most of other nations budgets are less than 8%. We need to bring our defense budget down to 10% or less; we must stop acting as lone ranger and be a valuable partner for global peace by working with United Nations and the international community to manage the world crises and all other major issues.
Congress should not renege on their pledge to fully honoring the presidency and avoid hurting our economy and markets by not defaulting on our debts and all other mandatory obligations.