Friday, June 24, 2011

Debt Ceiling Battle - #3019 - Jim DeMint - Conceding Debt Ceiling Battle Will Destroy GOP - Newsmax (2) Cut, Cap Balance Pledge - Freedom Works (3) 150 Economists Back US Republican Debt Fight - CNBC (4) Treasury Secretary Geithner: We Need to Raise Taxes on Small Businesses Because It's 'Fair' - The Blaze

Tea party favorite Sen. Jim DeMint issued a rallying call to all Republicans telling them if they cave in to Democratic demands on debt ceiling talks they can kiss their future in the GOP goodbye. The two-term junior senator from South Carolina made it clear that Republicans must stand up and say there can be no increase to the limit without a huge cut in spending.  His call came as bipartisan talks on raising the debt ceiling led by Vice-President Joe Biden broke down when Republican Rep. Eric Cantor and Sen. Jon Kyl walked out. Now it seems inevitable that the only way they will end in success is if President Barack Obama and House Speaker John Boehner get involved and somehow come to an agreement.  But in a series of television appearances, DeMint, a powerbroker who has proved how crucial his support can be to GOP candidates, said he won’t support anyone who caves.  “Based on what I can see around the country, not only are those individuals gone, but I would suspect the Republican Party would be set back many years,” he said in an interview for the ABC Subway Series.  Read more......... AW: Everyone needs to contact their representatives in Congress and let them know how you feel about raising taxes, spending cuts, and the raising the debt ceiling. In Virginia 5th District, Robert Hurt, 202-225-4711, Senator Webb, 202-224-4024, Senator Warner, 202-224-2023.  U.S. Senate contact list......., House of Representatives contact list........


Cut Cap Balance Pledge - Freedom Works - Our nation's $14 trillion debt is fiscally irresponsible and continues to burden our sluggish economy. In the current debate over raising the debt limit, we've been provided a historic opportunity to focus public attention, and then public policy, on reforms that are necessary to pay down our national debt.  We believe that the "Cut, Cap, Balance" plan for substantial spending cuts in FY 2012, a statutory spending cap, and Congressional passage of a Balanced Budget Amendment to the Constitution are the minimum necessary preconditions to raising the debt limit. The ultimate goal is to get us back to a point where increases in the debt limit are no longer necessary.  If you agree, take the Cut, Cap, Balance Pledge!  If you are an elected official or federal candidate, please state the office you hold, or are running for, in the comments box.  Read and sign the Pledge.........

150 Economists Back U.S. Republicans in Debt Fight - CNBC - More than 150 economists back U.S. House of Representatives Speaker John Boehner's call to match any increase in the debt limit with spending cuts of equal size, according to a letter released by the Republican leader's office Wednesday. An increase in the national debt limit that is not accompanied by significant spending cuts and budget reforms to address our government's spending addiction will harm private-sector job creation in America," the letter said.  Signatories include Nobel laureate Robert Mundell of Columbia University and economists from schools like New York University and Georgetown University, as well as conservative think tanks like the American Enterprise Institute.   Read more.......

Treasury Secretary Geithner: We Need to Raise Taxes on Small Businesses Because It's 'Fair' - The Blaze - Treasury Secretary Timothy Geithner admitted on Wednesday that the administration’s budget plan will, in fact, raise taxes on small businesses. However, it‘s a move he said is necessary and justified because revenues must increase in a way that’s “fair to people as a whole.”  Geithner’s testimony came after he was confronted by Rep. Renee Ellmers (R-NC) on the administration’s proposal to raise taxes on those earning above $250,000. Many small business owners file taxes the same way individuals do, giving the appearance that they are bringing in higher earnings.  “Looking into the future, you are supporting the idea of taxation, increasing taxes on those who make $250,000 or more. Those are our business owners,” Ellmers said. Geithner responded that it would only affect “three percent of your small businesses.”  When pressed further by Ellmers, Geithner revealed that the motivation behind the increase is based on fairness.  Read more........

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