- Jun 6, 2007
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Senate Republicans are being malicious, petty and irresponsible about not sending the sovereign debt investment community the unequivocal message that the United States will never default on its Treasury bonds and Treasury notes debt! I am totally on board with the Senate Republicans "not actually" voting to raise the national debt limit until December 2022 because such raising will facilitate the Democrats passing their Build Back Better Act Reconciliation bill which will saddle America with an abundance of overly expansive social programs that will ultimately end up raising taxes across the board and increase the trajectory growth of the national debt bringing forth significantly earlier than otherwise a Great Recession caused by a national debt crisis! But this is not at issue today the Senate Democrats alone are willing to raise the national debt ceiling, the Republicans will be able to keep clean hands over the matter they will be able to claim they did not support nor vote to raise the debt limit, the issue today is whether or not it is okay for Senate Republicans to use a procedural mechanism, the filibuster, to block the Democrats from having an up or down vote on raising it; and the answer is "absolutely not" America is now getting into territory where arguably if this vote fails America's legislative mechanisms will not allow time for the Democrat majority in the House and Senate to raise the debt limit in time so America can borrow money to pay its principle and interest obligations on outstanding Treasury securities coming due!
Senate Republicans should keep in mind that America is now at the stage where it is sending a message to the world wide Treasury bond investment community that it is willing to toy with defaulting on its debt, it is willing to maneuver America's legislative mechanisms so that the raising the debt process slows to the point where there could be an actual debt default and that is bad because it deters potential buyers and holders of America's Treasury debt. To moderate Republicans your joining in on this obstructing of a vote on voting to raise the debt limit when America has hit the previous debt ceiling gives fertile ground to the far right faction of your Party like Ted Cruz and Mark Levin devotees that believe America doesn't have to raise its debt ceiling the monthly interest on the debt is approximately $44 billion/month and America's tax revenue income is approximately $320 billion/month so America only needs to manage the paying of its bills and prioritize paying Treasury debt at the top of the list which you moderates know is "totally and completely insane" because one cannot indefinitely juggle such inflows and outflows of money and not have a disruption; one cannot count on disruptions of individuals and businesses paying their taxes and paying on America's sovereign debt obligations which requires rolling over the principle on America's debt and sometimes buyers on America's Treasuries lessen in number as other fixed income securities offer better interest rates than U.S. treasuries and/or equity markets offer a clearly better return than bonds. You moderate Republicans know that once America actually defaults on paying its Treasury debt that has come due America will lose its triple AAA credit rating and it will force a lot of holders of U.S. Treasury bonds to have to sell those securities, it will cause a run on Treasury bonds thereby dramatically hurting the financial condition of almost countless institutions that hold treasuries and could cause financial earthquakes throughout the world that could cause a severe world-wide recession! Senate Republican don't gamble with America's future like this allow an up or down vote on raising the nation's debt ceiling!
Senate Republicans should keep in mind that America is now at the stage where it is sending a message to the world wide Treasury bond investment community that it is willing to toy with defaulting on its debt, it is willing to maneuver America's legislative mechanisms so that the raising the debt process slows to the point where there could be an actual debt default and that is bad because it deters potential buyers and holders of America's Treasury debt. To moderate Republicans your joining in on this obstructing of a vote on voting to raise the debt limit when America has hit the previous debt ceiling gives fertile ground to the far right faction of your Party like Ted Cruz and Mark Levin devotees that believe America doesn't have to raise its debt ceiling the monthly interest on the debt is approximately $44 billion/month and America's tax revenue income is approximately $320 billion/month so America only needs to manage the paying of its bills and prioritize paying Treasury debt at the top of the list which you moderates know is "totally and completely insane" because one cannot indefinitely juggle such inflows and outflows of money and not have a disruption; one cannot count on disruptions of individuals and businesses paying their taxes and paying on America's sovereign debt obligations which requires rolling over the principle on America's debt and sometimes buyers on America's Treasuries lessen in number as other fixed income securities offer better interest rates than U.S. treasuries and/or equity markets offer a clearly better return than bonds. You moderate Republicans know that once America actually defaults on paying its Treasury debt that has come due America will lose its triple AAA credit rating and it will force a lot of holders of U.S. Treasury bonds to have to sell those securities, it will cause a run on Treasury bonds thereby dramatically hurting the financial condition of almost countless institutions that hold treasuries and could cause financial earthquakes throughout the world that could cause a severe world-wide recession! Senate Republican don't gamble with America's future like this allow an up or down vote on raising the nation's debt ceiling!
