Debt ceiling crisis is really an opportunity for U.S.

Letter to Editor in Marietta Times 7/30/11


The debt ceiling is like the limit on your credit card, except the federal government sets the limit on itself. Congress began setting this ceiling in 1917 so that the Treasurery could independently issue debt.

Both Democrats and Republicans tell us that by not raising the debt ceiling America will experience catastrophic failure of not only our economy but that of the world. They tell us that Social Security, Medicare and even the active duty military pay will suffer.

Here are the facts, as reported by MarketWatch and the Bipartisan Pollicy Center. I am confident you can do the math:

The federal government receives approximately $200 billion in revenues each month.

Interest on the national debt in August will be approximately $29 billion.

Social Security will cost about $49. 2 billion.

Medicare and Medicaid will cost about $50 billion.

Active duty military pay will cost about $2.9 billion.

Veterans affairs programs will cost about $2.9 billion.

Education Funding will cost about $11 billion.

Once you do the basic subtraction you see that still leaves the central governement $55 billion each month. This is where most of politians fear to go. Sure they will have to make tough choices about which of the remaining programs gets paid or cut and by how much. Here is a list of just a few:

Defense vendors.

IRS.

Food stamps and welfare.

Unemployment benefits.

Department of Energy.

Department of Housing and Urban Development.

Department of Justice, etc., etc.

So the next time you hear our fearless leaders in the 10 mile square city clamoring over why it must be raised by Aug. 2, remember "You don't ever want a crisis to go to waste; it's an opportunity to do important things that you would otherwise avoid." Now is the time, this is the place to let our representatives know-stop the spending!