The Debt Clock is Ticking: Tell Congress to Make Real Spending Cuts NOW!
June 29, 2011
The country is struggling to recover from one of the worst economic downturns in American history and unemployment is still more than 9 percent. Politicians in Washington seem oblivious to reality while they struggle to institute real spending cuts as the impending debt ceiling limit is reached and the country is faced with a potential massive financial crisis. Tell your member of Congress to stop the over spending and demand real spending cuts NOW! Call the main switchboard of the Capitol at 202-224-3121
With a $14.3 trillion debt and a projected deficit of $1.6 trillion, Americans are well are of the impending financial crisis. Last week (June 21) the Congressional Budget Office (CBO) issued it’s “CBO’s 2011 Long-Term Budget Outlook,” and confirmed the fears of many Americans, the country is broke. According to CBO, “With significantly lower revenues and higher outlays, debt held by the public would exceed 100 percent of GDP by 2021. After that, the growing imbalance between revenues and spending, combined with spiraling interest payments, would swiftly push debt to higher and higher levels. Debt as a share of GDP would exceed its historical peak of 109 percent by 2023 and would approach 190 percent in 2035.”
And, instead of addressing real spending cuts last year, Congress passed one of the biggest expansions of government with Obamacare, and along with it, the Independent Payment Advisory Board (IPAB), a panel of 15 “experts” to slow the growth of Medicare. IPAB will be a board of 15 unelected members who, according to the American Medical Association, would “extend Medicare solvency and reduce spending growth through the use of a spending target system and fast-track legislative approval process.” In reality IPAB will be nothing more than a way to ration health care for seniors.
According to Phil Gingrey (R-Ga.), “But under this IPAB we described that the Democrats put in Obamacare, where a bunch of bureaucrats decide whether you get care, such as continuing on dialysis or cancer chemotherapy, I guarantee you when you withdraw that the patient is going to die.” Republicans aren’t the only ones worried about IPAB. According to Politico, “A handful of Democrats have also signed onto the bill out of concerns the board will weaken congressional authority over Medicare.”
Spending cuts must be the top priority to get our fiscal house in order and CBO warns us if we don’t take action, “Growing debt also would increase the probability of a sudden fiscal crisis, during which investors would lose confidence in the government’s ability to manage its budget and the government would thereby lose its ability to borrow at affordable rates. Such a crisis would confront policymakers with extremely difficult choices. To restore investors’ confidence, policymakers would probably need to enact spending cuts or tax increases more drastic and painful than those that would have been necessary had the adjustments come sooner.”
Now is the time for all Americans to call their member of Congress to tell them to enact real spending cuts and eliminate the Independent Payment Advisory Board. Another increase in the debt ceiling will mean that America’s children and grandchildren will be saddled with more debt.