Shortly after King George III declared an end to cessations in the United in early 1873, and the signing of The Treaty of Paris on September 3, 1783 ( The ACTUAL independence Day of this great country), The President and Congress were faced with the very same situation before us today. National debt. The war had ended and the nation was on the verge of bankruptcy as we owed France for it's support. In the early days of America there was no debt ceiling, yet Congress paid off it's debt. So why can today's congress not do the same? Congress will continue to spend more than revenue if we the people allow the ceiling to be continually raised. If there is no raise then they would have no choice but to balance a budget to where they can pay it off. It is absurd to ever think that the United States would go bankrupt if the ceiling were not raised. Again, research the history.
The real solution is to lower the corporate tax rate to 15 percent. Most individuals do not understand the companies "outsource" to countries such as Canada, Ireland, Austria and so forth to pay the cheaper tax rates. Numerous corporation owners have stated publicly that they would invest it here if the tax rate were more reasonable. Go figure. Even if Congress lowered the rate to 5 percent, that's a 5 percent increase in revenue as opposed to the current zero percent. Not only would they pay into the revenue, employees from the new jobs created would also contribute.
Some final food for thought. How is it that political parties can amass billions in financial campaign chests
combined only to cry that there is no money to pay off an ever growing National debt?
NO DEBT CEILING INCREASE UNTIL THE NATIONAL DEBT IS UNDER CONTROL!
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