“The White House had been alerted repeatedly over the past month by rating agencies that without a strong, long-term plan to restructure the country’s debt, they would lower America’s credit rating as soon as this Friday, according to two officials familiar with the process. The White House was warned that the deal would have to be significant—and not a short-term fix over the next few days to avoid a credit drop.” – So says the Daily Beast’s Daniel Stone
Cut, Cap, and Balance is the only plan introduced which might possibly have stopped a downgrade of our credit. But the Democrats in the Senate (you know – the ones who haven’t passed a budget in over 800 days) refused to even allow debate on it. As a result, we may get some kind of a deal, or we may not, but in the end it is likely that our triple A rating will be downgraded.
If the Federal Budget were the size of the average household, it would make 55,000 a year. But it would be spending 96,500 dollars every year! It’s credit card debt is 366,000 and it’s adding 41,000 in new debt every year. It’s easy to see this can’t go on for long. If you found yourself in this situation, the first thing you do is STOP SPENDING.
We the People have to be responsible with the resources we’re given. It’s time we ask that our government do the same.