Friday, May 20, 2011

Congressmen state GDP-to-debt budget ratio numbers

National Tea Party Patriots learn hard numbers on debt ceiling deal

Conservative congressmen gave Tea Party leaders a quick snapshot in numbers of what would they will require to raise the $14.3 billion debt ceiling.

To prevent a default of the nation's full faith and credit obligations to lenders, they propose cutting the federal budget by as much as $300 billion, while at the same time imposing a cap on federal spending that would limit the budget to no more than 18% of the gross domestic product.

Secondly, they would require passage of a balanced budget amendment to prevent the possibility of imposing any new tax increases to service a rising national debt.

Central Texas Tea Party activist Jenny Beth Martin participated in a national conference call with Patriots, national Tea Party, and Republican officials.

Ms. Martin told prospective Congressional candidate Wes Riddle, the outgoing founding director of the Central Texas Tea Party, that at the Bradley Foundation Awards Banquet held last week in Washington, D.C., Congressmen and their staff members were touting the GDP to spending ratio as part of an overall strategy advocated by House Speaker John Boehner earlier this past week.

Mr. Boehner, whose district is in the Cincinnati area of the midwestern swing state of Ohio, is the co-author with former Speaker of the House Newt Gingrich of Marietta, Georgia, a presidential candidate.

Mr. Riddle, an unsuccessful Republican candidate for the House in 2004, announced last month that he will seek the office of Representative if a new district is created on the I-35 corridor that includes all or part of Bell County. The census of 2010 showed a 30% increase in the population of Bell County.

Mr. Riddle is a retired U.S. Army Lt. Colonel and business operator.

In remarks to the Economic Club at a Wall Street banquet, Mr. Boehner made clear the conditions proposed by the super majority for raising the debt ceiling, but did not use any hard numbers. He did use the word "trillions" in describing the spending cuts that will be required to correct "unsustainable" benefits expenses such as Medicare and Social Security as baby boomers begin to retire in record numbers.

He said the Republican majority will not authorize raising the debt ceiling without first legislating a massive reduction in federal spending and passing a balanced budget amendment.

According to Ms. Martin, Republican Senatorial Committee members and their staff told Tea Party activists they will be mounting a “Twitter” campaign to let subscribers nationwide know moment by moment how they will vote on all budgetary items as they pass into the upper chamber from the House of Representatives.

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