WHY CONGRESS MUST NOT RAISE THE DEBT CEILING
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WHY CONGRESS MUST NOT RAISE THE DEBT CEILING
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Pray for sensible and responsible monetary policy in the US.
Whoever loves money never has enough; whoever loves wealth is never satisfied with their income. (Eccl 5:10)
This summer we get to obsess about whether the federal government will run out of money.
Treasury Secretary Steven Mnuchin has announced the $19.8 trillion debt ceiling should be raised before the congressional August recess or the federal government will not be able to keep spending at its authorized pace.
Technically, the Treasury hit the limit in March but has been using various cash management techniques — polite accountant talk for the federal equivalent of kiting checks — to keep the government spending but those options will run out soon.
Displaying their penchant for scare tactics and deception, Democrats in Congress will warn if the ceiling is not raised, Uncle Sam will default on the national debt.…
Nothing could be further from the truth.
In 2017, the federal government needs to borrow an estimated $603 billion, above what it collects in taxes, to spend $4.1 trillion. Hence, failing to raise the borrowing limit would leave the U.S. government 15 percent shy of what it needs to keep up its normal pace of activity.
The Treasury could easily refinance the existing federal debt — sell new federal government bonds to replace those that mature each month — if it keeps paying the interest on the total debt — $276 billion. It simply can’t add to the debt by selling even more bonds.
The bonds outstanding cover past spending. Raising the debt ceiling only permits Uncle Sam to spend more than it collects in taxes in the future.
Essentially, if the federal bureaucracy is put on a diet and compelled to get along on the $3.5 trillion it collects in taxes, pays the interest on the debt and sends out in Social Security checks, it would have $2.2 trillion left to fund remaining planned spending of $2.8 trillion.
Does anyone really believe the federal government, in a pinch, could not get along spending 21 percent less or that the United States of America would collapse if it tried? …
Inside the bureaucracy, federal programs regulating, for example, public education, colleges and universities, could be suspended and setting standards for the schools and universities then would be left to the states….
Democratic votes in Congress will be needed to lift the debt ceiling but Nancy Pelosi says “I don’t have any intention of supporting a lifting of the debt ceiling to enable the Republicans to give another tax break to the wealthy in our country.” … (Excerpts from Peter Morici’s article in the Washington Times, Why Congress must not raise the debt ceiling.)
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Is not this the fast that I choose: to loose the bonds of wickedness, to undo the straps of the yoke, to let the oppressed go free, and to break every yoke? Therefore, strengthen your feeble arms and weak knees. Make level paths for your feet, so that the lame may not bedisabled, but rather healed.I (America) is built on the foundation of the apostles and prophets and Christ Jesus Himself, who is the cornerstone. The Lord is trustworthy in all he promises and faithful in all he does.Sanctify them by the truth; your word is truth.Can two walk together, except they be agreed? What shall we say about such wonderful things as these? If God be for us who can be against us? But whoever drinks of the water that I shall give him will never thirst. But the water that I shall give him will become in him a foundation of water springing up into everlasting life. Where there is no vision, the people perish.Teach those who are rich in this world not to be proud and not to trust in their money, which is so unreliable. Their trust should be in God, who richly gives us all we need for our enjoyment. In Jesus name! My father taught me, take my words to heart. Follow my commands, and you will live. Get wisdom, develop good judgement. Don’t forget my words or turn away from them. Proverbs 4:4-5. And without faith it is impossible to please God, because anyone who comes to him must believe that he exists and that he rewareds those who earnestly seek him.In the same way, the Spirit helps us in our weakness. We do not know what we ought to pray for, but the Spirit himself intercedes for us through wordless groans. And the Father who knows all hearts knows what the Spirit is saying , for the spirit pleads for us believers in harmony with God’s will. And we know that God causes everything to work together for the good of those who love God and are called according to his purpose for them.
Thank you Lord for your generosity. I pray that we will use wisely what you have given us. Also I pray that as citizens of the United States we will live within our means and not expand our budget. Guide us to cut our spending and trim our budget and scale back our government. Thank you for Donald Trump and all he is doing to eliminate waste and duplication within our government. Give him and Mike Pence and their cabinet wisdom I n accomplishing this quickly and efficiently. In Jesus Name I pray. Amen
Amen, what a powerful prayer. Our God is the only one who knows what He has planned for America. I believe He has set Donald Trump in the White House as our last hope. We as Christians need to remember that we are under God not government and PRAY that God will give the Christian lawmakers His divine wisdom. There are so many ways to cut our budget like all the give a ways to people who have NEVER contributed anything to the government. Social Security is not an entitlement it is a deduction from our paychecks that we as seniors have paid into all our working lives,the same as we paid into Medicare after it was made a law. Now why can’t they stop funding all the “special research programs” and all the Liberal Universities And all the Railroad Lines that run for profit. seems like they can make enough that they don’t need a government hand out. How about all those Muslims that have no intention of assimilating into our culture and still that except all our free hand outs.Last but certainly not least how about Congress rolling back their paychecks to say 2000 level so us seniors can have a COLA raise that will give me a chance to not have to decide weather to get my wisdom teeth pulled or my cataract removed from my left eye. I had to buy extra Dental insurance because it has to be an Oral surgeon that pulls the teeth.That just caused my premium to rise and the policy only covers 20%. Only God can fix our nation and I am counting on Him to provide for my teeth extraction not the government.
Abba Father,
You are Sovereign God and only You know the thoughts, motives, and intentions of people’s hearts. Only You know the beginning and the end. You see all and know all and no one can hide anything from Your sight. You always have a remnant of Your faithful servants in a land. Those who have not bowed the knee to Satans ways and You hear their cries for help. Forgive Your people for not being salt and light in this land. Forgive us for not standing up for Your truth for many many generations. Forgive us for conforming to this world and not renewing our minds with Your Word. Grant us now boldness and confidence to proclaim Your truth. Fight against those who fight against us. Lead us not into temptation, but deliver us from the evil one. Give us our daily bread. Raise up Your faithful servants and give them the ability to stop this mismanagement of the blessings You have given us. Powerful men and woman have risen up and have stolen the wages of the laborers and have lied and cheated and wasted them. Have mercy O God, remember the needy and the oppressed and be their strong Deliverer. Remember the righteous ones in the land who are called according to Your Name and do not destroy the land for their sake, for Your Names Sake because we are Yours. Don’t let the wicked say that our God was not strong enough to help us, Show them YOUR might and power. Humble them under Your Strong Arm. Give Your faithful stewards wisdom to fix the financial trouble we are in. Give them protection against those who would try and stop them, let the wicked not succeed. You are a loving-kind, merciful and compassionate God. When Your people humble themselves before You, You fight on their behalf. Come to our rescue! Thank You for the privilege in Jesus Christ to come before Your Throne of Grace to ask our petitions of You Almighty God. You are our Father, we are Your children, help us LORD. AMEN