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Feb
21

Public Debt -The Founders AM Quote

A very prescient Founders Morning Quote....

"No pecuniary consideration is more urgent, than the regular redemption and discharge of the public debt: on none can delay be more injurious, or an economy of time more valuable." --George Washington, Message to the House of Representatives, 1793

It is prescient because just last week, US Senator Rob Portman (R-OH) and former head of the Office of Management and Budget, released his analysis of the budget that President Obama recently put forward.  His take?

According to Table 6-2 in the President’s Budget’s “Analytical Perspectives” volume, the President estimates the total debt subject to the statutory limit – growing by $132 billion per month – will reach $16.334 trillion at the end of FY 2012 (September 30, 2012). This is just $60 billion below the current debt limit.  Thus, without a change in the debt trajectory, the debt ceiling will be eclipsed by October 15, 2012 unless the Department of Treasury again uses emergency protocols to shift that date past Election Day 2012.

Putting this bluntly, we are going to have to raise the debt ceiling once more and right before the election should President Obama's proposed budget pass.  Is that really a debate that the President wants to have - in the waning days of the campaign?

Given our esteemed Senior Senator's new found love for all things Constitutional and original intent (and who has also voted to raise the debt ceiling 16 TIMES IN THE PAST, maybe a repeat of the Washington quote is in order.....

"No pecuniary consideration is more urgent, than the regular redemption and discharge of the public debt: on none can delay be more injurious, or an economy of time more valuable." --George Washington, Message to the House of Representatives, 1793

Senator Hatch - Washington (George that is) is calling - are you listening?

Written by LL.

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