By Kathryn Smith
January 26, 2010
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A bill H.J. Res. 45, Increasing the Statutory Limit on the Public Debt, is currently up for vote on the Senate floor. The bill proposes a national debt ceiling hike to $13 trillion dollars, using “entitlement spending” to pay for it. Facts here on the Government Executive website:
See also the Senate website at www.senate.gov.
“Entitlement spending” to pay for this national debt is Social Security, Medicare, Veteran’s Benefits, and Medicaid, according to an aid in my Senator’s office. Basically, this means that all of the above programs will either be cut back or could possibly disappear entirely as funds are diverted to paying for the monstrous debt.
The Democratic Underground writes their deeply concerned analysis and explanation of the facts here:
So while we pay double for this—-with our taxes, and our social security earnings—-the Congress is bold enough to go ahead and even consider such a thing.
The status is as follows, from the Senate.gov’s website: FULL STORY