Peter Konetchy for US Senate Press Release June 14, 2011
DON’T RAISE THE FEDERAL DEBT CEILING
Michigan US Senate Candidate Peter Konetchy (R-Roscommon) is calling on Congress to rein in unsustainable spending by not raising the debt limit.
America’s national debt increased from $8.7 trillion in 2007 to $14.3 trillion today. That’s a 64% increase in our national debt in just five short years. Our own Department of the Treasury continues to project trillion dollar deficits and classifies this spending trend as “not sustainable”.
Our nation is in deep financial trouble. Standard & Poor's lowered its outlook for the nation's long-term debt, there’s serious speculation that the dollar will no longer be the world’s global reserve currency, and the IMF predicts China to replace the United States as the dominate world economy in five years.
Reaching the debt ceiling should be a wake-up call for the government to get its financial house in order. The debt ceiling was raised in 2009 by $1.5 trillion to cover deficit spending and then raised another $2 trillion in 2010 while Congress made no attempt to curb its spending. Instead, Congress arrogantly assumes the debt ceiling will be continually increased to allow more deficit spending on any program it desires.DON'T RAISE THE FEDERAL DEBT CEILING 2-2-2-2
We cannot continue on this financial course. Congress has known since the start of its term that we were fast approaching this limit, yet no significant cuts were ever proposed. Why are we to believe that Congress will seriously address cutting spending after the ceiling is raised, when they shunned the process before? I say “Do not raise the debt ceiling and do not engage in deficit spending”. Implement significant spending cuts now, whatever it takes, not only to alleviate the need to raise our debt ceiling but to also start paying off our debt.
Government receives about $200 billion dollars per month in tax revenue which can be used to pay our loan obligations forestalling default. We are not in danger of defaulting on our debt. The government can prioritize its obligations and use these receipts to pay for its constitutionally mandated programs and its Social Security/Medicare commitments.
Reaching the debt ceiling provides Congress with the opportunity to examine all other programs and cut waste, fraud, duplication, and what isn’t allowed by the Constitution. I think it’s morally wrong to shift the burden of payment for our “non-sustainable” deficit spending to our children and grandchildren.
What’s my solution? Congress should encourage private sector economic growth by lowering taxes and removing burdensome regulation. Cutting repressive taxes always results in the dual benefit of increasing gross revenue to the government and decreasing the need for government support. It’s been proved effective when used by Kennedy, Reagan, and Bush. Why ignore it now?
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I also think that we should encourage procedures allowing the United States to become energy independent by immediately opening up federal lands to private sector energy development. The United States has more domestic oil then all the OPEC nations combined, but government prohibits its development. Congress would rather have us spend $30 billion per month importing oil from abroad rather than allowing the private sector to invest that money into our own economy creating jobs and generating federal revenue.
Congress’ record of seriously cutting spending is dismal. We cannot allow them to pass more crushing debt to future generations by again raising the debt ceiling. Congress must stop irresponsible spending and balance the budget now.
Peter Konetchy is a businessman from Roscommon who believes that the authority of the federal government should be limited to its constitutional duties. For more information on Peter, visit his website www.peterkonetchy.com or join him on Facebook.
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