Passage of the Budget Control Act


I lack the energy to compose a thoughtful post sharing my opinion on today’s budgetary events. The more I read about it, about the dems, about the republicans, and about the tea party-ers, the more frustrated I become. Therefore, I offer you a list.

1. How ridiculous is it they titled this new law, “budget control?”

2. The manner in which our representatives are going about legislating this nation is appalling and irresponsible. They stall and stonewall until the last hours and minutes before a “deadline,” then rush legislation to the President’s desk. They had plenty of time — months! — to craft a good bill. One article I read said that Congress hasn’t passed a budget in over 800 days and that this new law gives them 2 more years until we reach another deadline like the one we just passed. They just keep kicking the can down the road. I am very concerned.

3. We need a leader.

4. How did my representatives vote?

  • Sen. Shelby – no
  • Sen. Sessions – no
  • Rep. Bacchus – yes

5. Bacchus seemed to justify his vote by saying that this bill wasn’t as expensive as TARP; therefore, this congress is better than the previous one. Has he forgotten that he has been a member since 1993?! He is Chairman of the Committee on Financial Services! Perhaps he’s been in Washington too long.

6. If I remember correctly, Bacchus has not had an opponent in a mighty long time. Surely, there’s a man in the 6th district who can do better for us. I don’t dislike Bacchus; he’s always been very responsive to my letters and phone calls. But the debt and entitlements have been THE issue for as long as I’ve been a voter. Like I said, we need a leader. There’s no reason he can’t come from my district.

7. This afternoon, as I read one report after another regarding this bill, an old School House Rock song came to mind. Does anyone else remember the song, “Tyrannosaurus Debt?” I enjoyed it (and felt kind of like Nero playing music while Rome burned).

There’s something huge, red, white, and blue that’s grazing in D.C.
It’s gobbling up the taxes that are paid by you and me.
It doesn’t seem to notice we really can’t afford
The billions that it’s costing us to pay its room and board.

It doesn’t roam, but seems content to dwell on Capitol Hill
As long as trucks keep pulling up with tons of greenback bills.
We’ve got to feed the big guy, we really can’t forget,
It has an awesome appetite, Tyrannosaurus Debt!

The debt was born in 1790 when our new government took over 75 million the colonies spent in the Revolutionary War.

We’ve got to feed the monster so it doesn’t get upset.
It’s got an awesome appetite, Tyrannosaurus Debt!

Alexander Hamilton, our first Secretary of the Treasury (he’s on the 10, ya know), wanted a federal debt to provide a reason to establish taxes to support our new nation.

The debt was young; they kept it small.
They didn’t know back then
In 1812 another war would make it grow again.
By ’66 the Civil War had cost the nation millions.
The government in Washington now had a debt of billions.

The Civil War ran up a debt of almost $3 billion. The debt still wasn’t paid off by WWI!

We’re spending money we don’t have or so it would appear.
The deficit is that amount we overspend each year.
Though Congressmen and Senators make vows to cut its size,
Despite their honest efforts the debt just seems to rise.

Now the debt’s over $5 trillion and still growing! (Ahem, make that $14 trillion.)

A balanced budget would be great to spend within our means,
And stop the monster in its tracks before we bust our seams.
It feeds on just the interest; its appetite is whet.
It never ever stops to rest, Tyrannosaurus Debt.

This is the U.S. Treasury. It sells treasury bonds, bills and notes, and saving bonds to finance the debt. The U.S. Government promises to pay the owner interest plus the value of each bond at uhh…future date.

We’ve got to try to tame the debt and bring it down to size.
To let it grow unchecked like this is certainly unwise.
The debt’s a monster problem that we really can’t ignore.
I guess we should be grateful that it’s not a carnivore.

We got to keep on servicing our trillion-dollar pet.
It’s got a monster appetite, Tyrannosaurus Debt!

A fiscal misadventure with trillion-dollar dentures — Tyrannosaurus Debt!

Feeding time is all the time!

 

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