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FreedomWorks Key Votes “NO” on the GOP Debt Ceiling Proposal, H.R. 325
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Press Release

FreedomWorks Key Votes “NO” on the GOP Debt Ceiling Proposal, H.R. 325

Washington, DC- FreedomWorks will be activating its membership of over 2 million fiscal conservatives to contact their Representatives and demand a vote “NO” on H.R. 325, the debt ceiling legislation proposed by Republican House leadership that would raise the debt ceiling clean with no long-term budget solutions.  

01/22/2013
Obama is Bankrupting the Youth and Unborn
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Blog

Obama is Bankrupting the Youth and Unborn

Democracy and Power 104: Future Debt BurdenA government debt is a government claim against personal income and private property – an unpaid tax bill. —Hans F. Sennholz

01/18/2013
House GOP: "No Budget, No Debt Hike"
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Blog

House GOP: "No Budget, No Debt Hike"

Update on the Debt Ceiling fight: House Republicans appear to be listening to the grassroots. Today GOP leaders announced they will not pass any bill to extend the national debt ceiling until the Senate does its job and passes a budget.

01/18/2013
End the Debt Ceiling Shenanigans
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Blog

End the Debt Ceiling Shenanigans

Here we go again… The U.S. is expected to hit the $16.4 trillion debt ceiling by the end of February. That means that we can expect more partisan bickering in Washington over whether to raise the debt ceiling—with or without spending cuts. It has now become typical for Washington to stumble from one manufactured crisis to the next instead of fixing the root cause of the problem.

01/17/2013
FreedomWorks Busts Myth Of Debt Ceiling And "Not Paying Our Bills"
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Blog

FreedomWorks Busts Myth Of Debt Ceiling And "Not Paying Our Bills"

The repeated refrain from the likes of Paul Krugman and Jay Carney is that we MUST increase the debt limit so that we don't default on the full faith and credit of the United States, and that we continue to pay our bills. Indeed, on Monday, President Obama chastised Congressional Republicans for making spending cuts mandatory in any debt ceiling negotiation:

01/17/2013
Why Fitch Could Downgrade the U.S. - And Why They're Right to Do So
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Blog

Why Fitch Could Downgrade the U.S. - And Why They're Right to Do So

As with most events in life, timing was everything.  Fitch Ratings, Ltd. released a statement Tuesday announcing its intention to lower the U.S. credit rating unless the Administration and Congress can incorporate responsible fiscal policy (i.e., a balanced budget) into the upcoming debt ceiling debate. The press release took on special meaning in light of the presidential press conference less than 24 hours before, during which Obama pledged to ignore any deals from Congress matching the debt-ceiling increase with equal spending cuts.

01/17/2013
Ceilings and Shutdowns: Understanding Government at an Impasse. A FreedomWorks Issue Analysis
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Issue Analysis

Ceilings and Shutdowns: Understanding Government at an Impasse. A FreedomWorks Issue Analysis

01/16/2013
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Blog

Final Draft Of Debt Ceiling Script For GOP Failure

Forget all the post-election hand wringing over shifting demographics and outreach, the real problem for Republicans remains their complete inability to craft a narrative of their own or, more importantly, to counter false narratives created by the Democrats.In the Age of Obama, this has become akin to a formulaic Hollywood horror franchise with only minor tweaks to each script. Think "Friday the 13th", only much, much scarier when the real consequences are fully realized.

01/15/2013
Obama's Debt Claims Debunked, Line by Line
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Blog

Obama's Debt Claims Debunked, Line by Line

Should we raise the national debt limit to accommodate more trillion-dollar deficits? In Washington, it's taken for granted that we should and will.

01/15/2013
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Blog

There Is No National Debt

As we approach the next artificially constructed, politically motivated, intentionally promoted national crisis, we should keep one thing in mind: though we speak of a national debt, there is no single national debt.  The debts the government owes are real enough, and a source of national shame, totalling as they do over $16 trillion.  But those debts are owed to millions of holders of the various Treasury notes, bills, and bonds, each of whom may own multiple securities of various maturities.  Sold weekly, the securities come due and, as people get around to it, are either rolled over or redeemed every business day.That is important because as we run up against the debt ceiling, the fear mongers will claim that failure to raise the ceiling will cause us to default on the debt, as if it is one single sum owed to a single debt holder.  Defaulting on it is made to sound like the sky is falling, as if it would be the end of the nation itself.Another category of securities are those held by government agencies, such as the Social Security "Trust Fund" and the federal pension funds.  Failure to redeem one of these securities would be politically explosive, exposing the duplicitous nature of the generational theft caused by runaway spending.In fact, defaulting on one of these debts, as stupid and irresponsible as that would be, would merely cause people to reconsider the soundness of tying up their money in Treasury securities.  That would cost the government more in interest payments in the future, which would probably lead to a chain reaction of inflation.  On the other hand, it might lead people and institutions to invest in more productive ways, such as in the stock market.

01/14/2013

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