The nation hits it debt limit today of about $14 trillion bringing into sharp focus the battle ranging over the demands by the tea party movement to cut government spending. By moving money around, Treasure Secretary Geithner can keep paying the nations bill up until Aug. 2, ABC News reported Monday.
While the markets are taking a wait-and-see approach, U.S. House members swept into office in the 2010 midterm elections with tea party backing face pressure not to raise the debt ceiling.
"By raising it, it gives these guys cover to not make the tough decisions that need to be made," said Amy Kremer
, chairwoman of the Tea Party Express. "What's coming out of the White House is a bunch of fear tactics that we're going to default on our debt and all this other stuff and it’s completely not true. There's enough revenue coming in from tax payments to pay our debt, pay Medicaid, pay Social Security, pay Medicare and still have money left over."
"Our message has not only been no, but hell no" to raising the debt limit, Kremer told ABC News.
Even those who say they realize the negative consequences of not raising the debt ceiling are hesitant about voting to do so without significant spending cuts.
"America's caught between two unsatisfactory outcomes and we're wrestling to find a third," said Rep. Mo Brooks, R-Ala., a freshman congressman. "The two that we are caught in between are unsustainable deficits ... [and] the debt ceiling issue, [which] if not properly addressed, will have definite and immediate adverse economic consequences.
“What I believe we have to do is address the debt ceiling in a way that satisfactorily addresses the unsustainable deficits."
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