"This bill does not change my stance on raising our national debt limit. This bill simply guarantees that our brave servicemen and servicewomen and our seniors will still receive their benefits, regardless of how politicians in Washington treat the debt limit,” Rep. Barletta added. “Any increase in the debt limit must be tied to serious and substantial spending cuts in the trillions of dollars. Raising taxes is not an option I would consider.”
The full release is here.
This is no doubt in response to Democratic President Barack Obama's statement that if Congress and the Senate didn't agree to raise taxes and increase our nation's borrowing, he couldn't guarantee Social Security and Medicare payments.
This was pretty disgusting stuff coming from the President but raises another issue.
Congress has a long history of raiding Social Security.
Social Security is required by law to be invested in Treasuries, which are really nothing more than IOUs from the Federal Government. The taxes on your paychecks are collected and used to purchase these IOUs. When there is a surplus in Social Security taxes, the Federal Government spends the cash. When the Feds hit the wall and run out of cash, Social Security trades in some of their Treasuries for cash...which the Federal Government has to borrow from China and elsewhere since it is otherwise broke.
Back to the President - President Obama made a statement that contradicts what every Democrat argues is true of Social Security. That it is safe, secure and solvent for current and future seniors.
Here is audio of one such Democrat tripping all over her words trying to explain the President's bogus claims:
If it were safe and secure, no action or inaction on the part of Congress should be able to hurt the program (outside of outright eliminating it.) If it were solvent, it should pay for itself from current taxes and have no need of borrowing affected by the debt ceiling.
The truth is, there is enough money to pay for Social Security, Medicare, and Military pay. We just have to prioritize payments. That is what Barletta and others are working toward with this bill and they deserve credit for doing it.