The moment of truth is rapidly approaching and House Republicans need to crank up their resolve to force a real long term solution to the debt crisis of our federal government. As David Rivkin and Lee Casey describe in the January 11, 2013 issue of the Wall Street Journal, the threat of government default is greatly exaggerated. $200 billion in tax revenue is coming into the federal government every month, more than enough to keep making interest payments on the national debt as well as paying many other bills.
Far too many national leaders are in a state of denial about the seriousness of our fiscal problems. House Speaker John Boehner says that “The American people do not support raising the debt ceiling without reducing government spending at the same time.” The “Boehner Rule” stipulates that an increase in the debt limit must be paired with spending cuts of equal size over a ten year period. This is an excellent framework for kicking off a national discussion to persuade the American people to support cutting back spending on entitlements and social programs as well as defense spending.
Every economic unit whether it be an individual, a family, a business, a community or a larger political subdivision, has to learn to live within its means. This elementary rule of common sense applies to our whole country just as much as to any other social group. Republicans have the clearest grasp of this basic truth at the present time and now need to exhibit the courage of their political convictions. The future of our country depends on it!