Samuel Burns
The August 2 deadline that was set by the Treasury Department is just around the corner and the fact that no final agreement has been met, what will happen on August 3? If the debt ceiling is not raised and the US does not meet its outstanding debts, what would be our choices? August federal spending would have to be cut by almost 44%, and treasury would get to decide what bills are paid and what bills don't get paid. These are a few examples of the paid and unpaid bills.
1. Interest on our existing debt
2. Medicare, Medicaid and Social Security
3. Unemployment insurance
4. Defense contracts
Without cutting from the above items, there will not be enough money to fund entire US departments.
1. The Justice Department
2. Labor Department
3. Commerce Department
4. Veterans benefits
5. IRS refunds
6. Military active-duty pay
7. Federal salaries and benefits
8. Special education programs
9. Pale grants
10. Food and rent payments for the poor
To name just a few.
With budget overage at about 1.6 trillion for this year, it would appear to me as a spending problem and not a revenue problem. Since coming into office, Pres. Obama has increased the size of government by 25% and paying for it with borrowed money. You cannot increase the size of government without increasing the cost therein. With Obama care looming in our future, it is still uncertain what its costs will be. Unemployment is 9.2% and job creation is dismal. We are in a real pickle folks and our political leaders are still playing politics with our future. It is time to stop being a Democrat or a Republican and work together to get America back on track. If we don't cut spending now, it will be dark days ahead for us all.
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