Friday, October 11, 2013
In the News Today
Oct. 10, 2013, Fairfax, VA—Americans for Limited Government President Nathan Mehrens today issued the following statement calling attention to a Moody's report that the U.S. will not in fact default if the debt ceiling is reached, which states, "We believe the government would continue to pay interest and principal on its debt even in the event that the debt limit is not raised, leaving its creditworthiness intact":
"This bombshell from Moody's suggests that the Obama administration is bluffing about a default on the $16.7 trillion national debt should the borrowing limit be reached. Jack Lew has testified the opposite to a Senate committee that debt payments cannot be guaranteed and a default is likely if the debt ceiling is reached. Is he bluffing? The single question that Lew should be forced to answer is why the Treasury has not reformed its bill payment system that the Inspector General revealed in 2012 is on a first in, first out basis rather than prioritizing default-stopping interest payments on the debt in the event the borrowing limit is reached.
"After the 2011 debt ceiling confrontation, the fact this has not been fixed is beyond belief. It is gross mismanagement at best or a deliberate attempt to put the default gun to the head of the U.S. economy to prevent spending cuts."
To view online: http://getliberty.org/is-obama-lying-about-a-default/
Americans for Limited Government is a non-partisan, nationwide network committed to advancing free market reforms, private property rights and core American liberties. For more information on ALG please visit our website at www.GetLiberty.org.
Oct. 8, 2013, Fairfax, VA—Americans for Limited Government President Nathan Mehrens today issued the following statement noting the irony of Barack Obama calling delinquent mortgage borrowers "deadbeats," comparing them to Congress questioning whether the nation can continue increasing the national debt by more than $1 trillion a year via the debt ceiling:
"The Obama Administration throughout its entire tenure in office has pushed for mortgage principal reduction policies, cramdowns, and refinancing — all for delinquent mortgage borrowers. Borrowers who he now openly labels as 'deadbeats.' Obama's comments reflect his lack of understanding of how household budgeting works, which looking at this annual budget, makes sense, since he never proposes that budget be balanced ever again.
"So of course he wants to call Congress 'deadbeats' for questioning whether or not the nation can afford to increase the national debt $1 trillion a year and rising. He has no idea why folks might find themselves in dire straits and may be foreclosed upon because of economic hardship. He must believe the U.S. too is somehow impervious to financial distress, so why would he be worried about borrowing too much money? Anyone who questions the fiscal trajectory we are on must just be a 'deadbeat,' in Obama's mind.
"Obama's reckless fiscal policy that we can borrow as much as we want for perpetuity is reminiscent of how mortgage borrowers and lenders got themselves into trouble in the housing bubble, only now it is the fate of the entire economy that hangs in the balance."
Interview Availability: Please contact Americans for Limited Government at (703)383-0880 or at firstname.lastname@example.org to arrange an interview with ALG experts including ALG President Nathan Mehrens.
Monday, October 7, 2013
In the News Today