Get It Done

We Can’t Afford a Deadbeat Government

The battle over the debt ceiling has placed the country on the precipice of the cliff. Enough of the politics.

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Chuck  Colson

Do you believe in miracles? I do. I’ve witnessed them. I’ve experienced them. And right now our country desperately needs a miracle to get us out of an otherwise-impossible dilemma.

Absent a deal to increase the debt limit, on or about August 2nd, the United States will no longer be able to meet its obligations to its creditors.

Don’t be fooled by talk about “technical defaults” or “a few days delay”: Defaulting on our obligations would be an absolute catastrophe that could conceivably trigger an international financial panic. Interest rates on government-issued debt alone would rise, worsening budget deficits.

Even worse would be the hit to our reputation. The dollar is the world’s reserve currency for one reason: safety. If we default then the single biggest reason for these investments would be gone. Investors would be forced to conclude that the American political system is not up to the task of governing.

I wouldn’t blame them.

Two horrific possibilities, therefore, are staring us in the face: First, the Democrats and Republicans don’t reach a deal, the debt ceiling is not raised, and we default. The second awful possibility is that they extend the debt limit without a deal to reduce runaway government spending. We’d be bankrupt as a nation in two years; the currency will collapse.

So, we've got to get a deal that extends the debt limit as little as possible, while reducing the deficit by 4 to 6 trillion dollars. And that’s where the miracle comes in. Because both sides don’t want to anger their political base. But to get a deal, both sides will have to risk it: For liberals, that means cutting spending until it hurts, for conservatives, it means giving in on refusing to raise revenues. That appears to be the latest deal breaker.

I don’t want to see taxes increase. I believe tax increase stifles growth and encourages big government. I like Reagan’s statement, “Starve the beast.” But at the same time, nothing in Scripture says a government can’t raise taxes. Besides, we’re not talking about raising taxes as much as we are cutting out corporate welfare in the form of lucrative tax loopholes.

If it takes this to get a deal, why not.

The why not is that both sides know that the big-money interests are behind those loopholes. Who will look in the face of big money and risk millions in political contributions by voting against them? Only someone with courage, a virtue in short supply these days in Washington.

Look, as someone with a well-deserved reputation as a political street fighter, I understand the political pressures. As a Christian and an American, I am appalled at the way our so-called “leaders” are playing chicken with the Full Faith and Credit of the United States.

While both sides maneuver to obtain the maximum political advantage, the countdown to default is inexorably heading toward “0.” While people can disagree about the right levels of government spending and revenues, we ought to all agree that our bills must be paid and that we have to stop hemorrhaging money with disastrous deficits.

It’s time for our leaders to risk angering their political bases -- even their political futures -- to do what’s right for the country.

We don't deserve it, but please God, cause our public servants to do the right thing. And yes that would be miraculous.

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Chuck Don't you realize that the USA is under the Curse of Yahweh as HE has said those who curse Israel HE will curse and those who bless Israel HE will bless. Those who are Dividing the Land, the People, the City are experiencing the signs our LORD YAHSHUA has said since last year 2010 the Days of Noah when those countries experienced Record Breaking Flooding Rainfalls. But the Rainbow promise still applies.
Get It Done - For What Reason?
Mr. Colson has fallen prey to the main stream media's fallacy:

"Absent a deal to increase the debt limit, on or about August 2nd, the United States will no longer be able to meet its obligations to its creditors."

Simple math intervenes: We have more than enough revenue coming in to pay all our creditors. This from today's WSJ Karl Rove offering:

"The $172 billion in revenues collected over the rest of the month [August] can pay the $29 billion interest charges on the national debt, Social Security benefits ($49 billion), Medicaid and Medicare ($50 billion), active duty military pay ($2.9 billion), Department of Defense vendors ($31.7 billion), IRS refunds ($3.9 billion), and about a quarter of the $12.8 billion in unemployment checks due that month."

By my reckoning, that pretty much ALL our creditors, properly prioritized. Now, it is true we won't have gobs of cash for all the candy we buy each month with debt, but at some point we will have to pay the piper anyway. Will it be now, with some pain, or will it be later, with much more?

Mr. Colson is right, this is bad that it has come to this. No one likes discipline. ("No discipline seems pleasant at the time, but painful. Later on, however, it produces a harvest of righteousness and peace for those who have been trained by it.")

Mr. Colson, when is the right time for the harvest?
get it done
To follow up on my last post, here is what seems to me to be a very good treatment of what will and what will no happen if the debt ceiling is not raised: http://blogs.marketwatch.com/fundmastery/2011/07/12/the-u-s-treasury-will-not-default/?mod=google_news_blog
get it done
I came here to ask the exact same question that Paul Sell has asked. Mr. Colson, we respect your opinions so we would very much like for you to address this.
get it done
I don't know if Mr. Colson can respond to this or not, but some of the conservative commentators I listen to insist that we will not default just because we do not raise the debt ceiling. They say there is enough incoming revenue to service the debt and that debt servicing must and will be done first; there is no reason to default on our debts. It is that Congress will have to figure out what spending to cut in order to stay withing the limits of the remaining revenue. Is this true?