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Politics : Moderate Forum

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To: TimF who wrote (20759)1/31/2011 2:21:38 PM
From: Skywatcher  Read Replies (1) of 20773
 
Here's more completely ANTI AMERICAN stuff coming from the Republican 'party'

GOP Introduces Bill to "Pay China First" -- Before Social Security Recipients

You might think the GOP hates the poor and the elderly and, really, all of those that rely on entitlement payments of one sort or another. But I'll bet you didn't know how much they hate them.



They hate them enough to introduce a bill that prioritizes paying off our debt to China over their monthly checks.



That's right. Congressman Tom McClintock of California has introduced H.R. 421 – "To require that the Government prioritize all obligations on the debt held by the public in the event that the debt limit is reached." This bill would prioritize payments to China and our other creditors over our own citizens should Congress not raise the debt ceiling.

According to Talking Points Memo, Pat Toomey will do the same in the Senate.



"I intend to introduce legislation that would require the Treasury to make interest payments on our debt its first priority in the event that the debt ceiling is not raised," Sen. Pat Toomey (R-PA) wrote in a Friday Wall Street Journal op-ed.



If passed, Toomey's plan would require the government to cut large checks to foreign countries, and major financial institutions, before paying off its obligations to Social Security beneficiaries and other citizens owed money by the Treasury -- that is, if the U.S. hits its debt ceiling.



UPDATE: Here's the text of Toomey's Senate bill (S.B. 163 – "The Full Faith and Credit Act", [aka, "The Pay China First Act"]):



In the event that the debt of the United States Government, as defined in section 3101 of title 31, United States Code, reaches the statutory limit, the authority of the Department of the Treasury provided in section 3123 of title 31, United States Code, to pay with legal tender the principal and interest on debt held by the public shall take priority over all other obligations incurred by the Government of the United States.

(H/T to hope4usa who emailed me the Senate bill [all two pages of it.])

Here are some reactions from around the country.
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