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A free floating commentary on culture, politics, economics, and religion based on a passionate commitment to the truth and a desire graciously to refute that which is contrary to it….
"He must hold firm to the sure word as taught, so that he may be able to give instruction in sound doctrine and also to confute those who contradict it."
--Titus 1:9, Revised Standard Version
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Tea Party activists in and out of office, including 1st District Rep. Tim Scott, have been demanding more spending-cut assurances than House Speaker John Boehner can deliver on the debt accord. They should realize that with Democrats still controlling both the Senate and White House, they can't get everything they want this time around.
Tea Party folks also should realize that unless the debt ceiling is raised in time, the immediate bottom-line consequences could include a federal default and U.S. credit-rating downgrade.
Of course, even with a debt deal, the nation still faces serious financial risks -- including a credit-rating demotion. Fortunately, next year's presidential and congressional elections will give voters another chance to send the message that Washington can't keep spending so far beyond our means.
Read it all.
Filed under: * Economics, Politics Economy Consumer/consumer spending Corporations/Corporate Life Credit Markets Currency Markets Stock Market Taxes The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- The U.S. Government Budget Medicare Social Security The National Deficit
Next entry (above): Chart of the day: How did America ever come to be over $14 Trillion in debt?
Previous entry (below): Americans Are More Indebted Than the U.S. Government
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