4 votes

GOP Plan: No more borrowing and no default!

House Republicans hope to take possibility of a government default on U.S. debt off the table in the impending fight in Congress and the White House over raising the debt ceiling.

Their plan is simple, to mandate that the government pays the national debt first from receipts, and then all other spending would come after that.

Read more: GOP plan: No more borrowing and no default! http://www.wnd.com/?pageId=293117#ixzz1L420Nhxy

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I'll believe that when my

I'll believe that when my sh!! turns purple and smells like rainbow sherbet.

Commerce with all nations, alliance with none, should be our motto. - T. Jefferson rЭVO˩ution

"Everyone wants to live at the expense of the state. They forget that the state wants to live at the expense of everyone.” - BASTIAT

GOP to "guarantee" debt pay-out is the same thing

as the big U.S Corp bail-out.

Don't you understand? This means we've won.

If the GOP establishment and Tea Party puts the nation into a "Warfare" straight jacket, the Democrats won't be the beneficiaries, PROVIDED Ron Paul liberty candidates run against the GOP incumbents. Apathy over the undeclared wars will IMMEDIATELY evaporate.

If we only pay on the

Interest and not the Principal then we are in dept slavery forever. Not a good plan if that is the case.

Prepare & Share the Message of Freedom through Positive-Peaceful-Activism.

You must mean "principal".

You must mean "principal".

It does not say that.

The bill specifically says "principal and interest."

What does Ron Paul say about the bill? I notice he is not a co-sponsor.

Ĵīɣȩ Ɖåđşŏń

"Fully half the quotations found on the internet are either mis-attributed, or outright fabrications." - Abraham Lincoln

It's a good start in that it balances the budget

It's a good start in that it balances the budget and stops borrowing.

Paying only interest is better than paying interest and borrowing more.

Or borrowing money to pay the interest. We are not there yet. It's the five year plan the way we are going.

Free includes debt-free!

See this is why I WANT BOTH PAULS THE HELL OUT OF

THE GOP. Because the GOP is about to pull this shit.

Why leave the party apparatus

Why leave the party apparatus entirely to the rascals? I would prefer to take over the GOP.

Ĵīɣȩ Ɖåđşŏń

"Fully half the quotations found on the internet are either mis-attributed, or outright fabrications." - Abraham Lincoln

Indeed, it is quite a machine.

This is about winning hearts and minds of one of the parties.

Then winning the independent vote and as much crossover as possible.

That's what Rand Paul did in Kentucky with success.

Free includes debt-free!

It's only because you do not understand.

Well you do understand the the GOP is a terrible Party to be stuck to.

Check out the laws in your State to get a non-Democratic, non-Republican candidate on the ballot.

The third party rarely win in US politics:

"http://en.wikipedia.org/wiki/Third_party_(United_States)"

No third party Presidents, ever. Note strange case of Andrew Johnson.
http://en.wikipedia.org/wiki/List_of_Presidents_of_the_Unite...

In the mean time work to get a representative from your State to help Ron move the program forward. Same effort supports two liberty candidates!.

Free includes debt-free!

Hey Paul_S, i would agree with both you AND Ron's stance

on 3rd parties, *when* it applies to Presidential, or Senatorial, runs, but not in this case.

In this case both men are already part of Congress. Your argument is only valid when they are worried about election accessibility. They can both right now do some pretty amazing stuff. And that includes a publicized condemnation of the two-party system, disavowing the GOP and things like that. Right Now.

But let me tell you what's going to happen in our real lives: "Our beloved GOP" is about to tell us that govt spending is being slashed, WHILE we get higher income and sales taxes everywhere to support the effort. This is austerity in the real sense and Americans have not had to understand that yet. ANNNND the GOP is going to get SUPER-HARDCORE LOVE on this idea with the Democrats!!! YOU get super-fuct and it's going to be a gigantic joke on all of us.

Do you understand now why I want the PAuls OUT OF THE GOP??

DEFAULT is the only real way to clean slates while we are still healthy and alive.

I'm not seeing your whole picture, and see a lot of pitfalls.

Maybe I'm too conservative for such outlandish schemes. ;-)

Free includes debt-free!

I would MUCH rather see a US national default,

that this "promise." By a mile. All this means is austerity in society to go along with higher taxes. I am actually for national default right and get this over with.

National defaults in the past have been done, and those

countries were not wiped off the face of the Earth. They actually still exist. We can do it too.

Seriously guys, you'd rather a bunch of lip service about reducing spending, AND the GOP is still going to do austerity on you, with the higher taxes that the DNC will co-join on?

No dude. no, DEFAULT NOW.

The USSR is wiped.

The USSR is wiped.

Ĵīɣȩ Ɖåđşŏń

"Fully half the quotations found on the internet are either mis-attributed, or outright fabrications." - Abraham Lincoln

But its constituent states are still here.

It is time to end centralization on this massive of a scale.

You need to rethink that

You need to rethink that argument.

I like radical, but...

You are actually for national default, even without considering the repercussions.

China owns a bing hunk of that debt.

Most loans are based on collateral. What collateral will need to surrender (contractually)?

Will the Banksters send in the Repo man? Maybe they will hire the laid-off US Military?

Free includes debt-free!

Bonds do not have collateral.

Bonds do not have collateral. Only "the full faith and credit," in other words, the necessary force to collect taxes and the will to do it.

Ĵīɣȩ Ɖåđşŏń

"Fully half the quotations found on the internet are either mis-attributed, or outright fabrications." - Abraham Lincoln

Well, I wouldn't buy treasuries without collateral.

Especially trillions of dollars worth.

I hope Congress hasn't hidden something in those pages of
legislation.

Free includes debt-free!

Bullsh*t!!

I'll believe it when I see it!

Give us clear vision, that we may know where to stand and what to stand for - because unless we stand for something, we shall fall for anything.
~ Peter Marshall, US Senate Chaplain 1947

Mwaahahaha...and the people are just dumb enough

to believe it! mwaahahaha
For those who have no clue how the monetary system works it sounds like a nice plan. For the rest of us it sounds like complete jibberish.
Hopefully no one on the DP is falling for this complete and utter nonsense.

Make your case.

Make your case.

Ĵīɣȩ Ɖåđşŏń

"Fully half the quotations found on the internet are either mis-attributed, or outright fabrications." - Abraham Lincoln

Every FRN is generated by someone borrowing it

Including the money for interest. The ONLY mechanism for creating money is borrowing it. There is NO POSSIBLE WAY to pay off the debt without borrowing the money for interest--at interest. It can only grow exponentially, it can never become less. Therefore it's utter nonsense to talk about paying it off. It's designed so that can never happen.
Does that explain it ok?

The government can't not

The government can't not borrow without getting rid of the Fed. And, there would have to be a sound currency first. I wonder if that's what they intend (I'd be surprised!)?

Infomercial

It is HR 421. It is referred to committee. I do not see Ron Paul's name among the co-sponsors. If he endorses it, I will write to my congress critter. The $29.99 that the web site wants is earmarked for Ron Paul campaign materials. That gets paid from first receipts. :-)

Ĵīɣȩ Ɖåđşŏń

"Fully half the quotations found on the internet are either mis-attributed, or outright fabrications." - Abraham Lincoln

From HR 421 "to pay with

From HR 421 "to pay with legal tender the principal and interest on debtheld by the public shall take priority over all other obligations incurred by the Government of the United States."

The way I read it, we would have to spend almost $14 Trillion plus interest before any more government spending on anything

But that leaves no money to hire tax collectors or anyone.

That might be an upside, come to think of it.

Free includes debt-free!

No, "we" would have to pay

No, "we" would have to pay about $1.5 trillion this year before paying for other stuff. The principal does not come due in a balloon payment this year. Much of the debt is in bonds that mature over 10 or 20 years.

Ĵīɣȩ Ɖåđşŏń

"Fully half the quotations found on the internet are either mis-attributed, or outright fabrications." - Abraham Lincoln

On the contrary, the vast majority of the debt is held

in 90 day T-bills.

Clinton began the transition of rolling over long term debt into short term because short term rates were lower. He was able to lower interest payments this way so it made his budgets look better.

The problem is now, we are susceptible to short term rate fluctuations and are at the mercy constantly of lenders not wanting treasuries.

This plan would ensure that for some many years to come, at best, we will have general government and that's it.