Friday, July 22, 2011

'No more deficit!' more important than 'No new taxes'

I wrote the following to Eric Cantor and my (Republican) senators this evening.  (John Boehner's website was down; Congressman Cantor was my second choice.)  As you can see, I'm very concerned about the lack of progress on the debt-ceiling negotiations.  The clock is ticking, and as far as I can tell, the major obstacle is that Republicans are standing fast on their 'no tax increases' position.  Here's what I wrote:

"I'm a fiscal conservative, and I am upset that neither party is serious about eliminating the deficit. I had hopes for the Tea Party, but am disgusted when they proudly proclaim that the name of their party stands for Taxed Enough Already. We have a major, major debt problem which threatens to destroy our nation. We've had relatively low taxes for the past generation, and during that time out debt has soared from $1 Trillion to $14 Trillion. Why do you think that a 'no new taxes' pledge is more important than our nation's fiscal survival?

"Our nation had a huge debt after World War II, and our leaders addressed it by keeping the marginal tax rate for the highest income level at 90% for a generation. I'm not suggesting that rates should be raised that high again, but the fact that they were that high for much of my lifetime indicates that the claim that 'tax rates are already too high' is ridiculous.

"But I'm writing you from Texas because my concern is turning to anger at Republicans over the lack of a resolution to this debt-limit situation. Our nation cannot risk defaulting on its obligations. We owe $14 Triillion, as you know. Interest on this debt is immense and makes it very difficult to balance the budget, even with major spending cuts. It seems obvious to me that defaulting on our obligations is likely to raise the rates we have to pay on our debt, which will dramatically increase the deficit.

"We've dug ourselves a huge fiscal hole, and spending cuts alone will not get us out of it. The President doesn't have an 'obsession with raising taxes'; Republicans have a dangerous obsession with NOT raising taxes. End this budget stalement, and end it now! Compromise is in order."

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