Johnson opposes higher debt ceiling
WASHINGTON — No matter what spending cuts and revenue increases are negotiated by Congressional leaders and the White House, U.S. Rep. Tim Johnson said he will not vote for an increase in the government's debt limit.
"My basic position is that the debt ceiling has been increased, I think, 74 times, including with opposition from President Obama," the Urbana Republican said. "I have no intention of voting for an increase in the debt limit. I don't believe in the doomsday scenarios that some posit if we don't increase this by August 2.
"It would take a very strong and compelling compromise to even get me to consider it. So I think at this point I have no intention of voting for an increase in the debt limit."
Johnson acknowledged that in his first years in Congress, in 2002, 2003 and 2004, he voted for increases in the debt limit.
Since then, on seven separate occasions, he has voted against it, he said.
"I kinda analogize it to opening a bar at 4 o'clock to somebody with an alcohol problem. You don't do that. You have to provide meaningful limitations. That's why we've had the debt limit historically," Johnson said.
The nation's debt is now $14.3 trillion and could approach $17 trillion under scenarios being considered.
"I believe that that debt alone and the consequences of it will potentially strangle our economy," Johnson said. "When you talk about a doomsday scenario and you talk about borrowing 43 cents of every dollar that you spend and the effect of that debt and our credit rating as a result, and the potential it has on our social infrastructure, I don't think it's a good policy."
Johnson said he believes the federal government "can structure our budget in such a way that we can avoid the cataclysmic consequences" some predict without an increase in federal borrowing authority.
"We continue to say, 'OK, only one more time, let me kick the can one more time.' And wherever the can lands we kick it one more time, and one more time. There has to be a point where we say enough is enough.
"While I don't think that President Bush and previous Congresses were particularly responsible in spending — I'd be the first to say that — this has taken fiscal insanity to a new level. I don't think the people of the 15th District or frankly, of the new 13th District, expect their congressman to put his vote on what I think is an irresponsible direction for America."
Johnson represents Illinois' 15th Congressional District but a new congressional district map approved by state lawmakers in May and signed by Gov. Pat Quinn in June places Johnson in a mostly new 13th Congressional District that runs from Champaign-Urbana southwest to the Illinois suburbs of metropolitan St. Louis.
well lets see, weve cut social security to people who have busted there butt all there lives, lots of other things that basically apply to people who are hardworking. I HEAR NOTHING ABOUT CUTTING A BIT OFF WELFARE PEOPLE WHO DONT WANT TO WORK OR NEVER WILL! let em eatb a few beans and drive old chevys like the rest of the working class tax paying americans are!
Tim; Spend less time talking and more time listening to your constituants. The "Doomsday" senerio is real and is described by economists and others who truly understand fiscal matters. Failing to vote for the increased debt ceiling (as you did vote for President Bush, seven times) will be fiscally irresponsible and cause irrepairable damage to both the word view status of the United States of America and your blessed corporate America, the banks and other lending institutions, including the stock market players that fund your campaigns, to whom you have been faithful to and obiedient to.
Oh, yes and listen to the 80% of republican, independent an democrat Americans when they say, "LEAVE SOCIAL SECURITY, MEDICARE AND MEDICAID ALONE". Had you and your fellow congressmen not robbed the funds from these programs to spend, spend, spend the past several years they would each be solvent. Do not make up for Congressional ruthless spending and revenue lost due to your failure to cause income tax to be paid by the small percentage of America's most wealthy individuals and corporations.
Tim had no issues accepting his pay and benefits increase for congress. A step of good faith on behalf of America would be for Washington politicians to reduce congressional pay and benefits but we have yet to see them set such an example on behalf of their constituents. JOKER JOHNSON is more accurate.
YOU GO TIM!!! You can teach them that ONLY Repubs are allowed to run up deficits and destroy the American Dream. Never forget: Democrats are the party of Tax and Spend, while Repubs are the party of Borrow and Spend. If we don't have a Democratic party that is willing to tax and pay off Repub spending, the balance will be destroyed.
Everything you need to know, and apparently everything Tim Johnson needs to know, about the debt ceiling.
http://www.washingtonpost.com/blogs/ezra-klein/post/everything-you-need-...
"I don't believe in the doomsday scenarios that some posit if we don't increase this by August 2."
Oh, well, if Tim Johnson doesn't believe it, then I guess that's that. No need to listen to those pesky economists, market analysts, credit ratings agencies, etc.
When is somebody going to break it to Republicans that reality doesn't actually reshape itself to fit their beliefs?
Politicians rarely take positions that can so quickly be proven right or wrong in a brief amount of time. Tim Johnson made this statement on July 8th. It's is now, July 29th, the weekend before the August 2nd deadline. Since that day, these are the market returns for various sectors of the S&P500 (which is down 4.11%) :
Industrials - Down -9.37%
Financials - Down -6.90%
Health Care - Down -5.02%
Technology - Down -1.61% (thanks to Apple computer, otherwise this is much worse)
Short-term (7-10 year) interest rates are rising - Up 2.5% (that's not the absolute rate change, but the change relative to 7/8), signalling that we're going to be paying more to service the debt now.
And this has all happened before the theoretical deadline of August 2nd.
So, voters, I have to ask you, are you better or worse off now than you were when Tim Johnson made this statement?
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