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Key Principles in the Debt Limit Debate
Posted by Randy | July 15, 2011

As we approach the looming August 2 debt ceiling deadline, Congressional leaders and the Administration have been debating courses of action necessary to address the nation’s debt.  I know many of you are watching the debt ceiling debate closely.  I want to share with you my key principles in the debt limit debate and the solutions I am supporting to get spending under control and cut, cap and balance the federal budget.

My Key Principles in the Debt Limit Debate

Cut Spending. All across America families and businesses must live within their means. The federal government should too. At a time when the federal government is borrowing 42 cents for every dollar it spends, we need significant spending cuts.

No Tax Increases. Our nation has a spending problem—not a taxing problem.  Government spending cannot be solved by raising taxes or increasing the debt limit.

Protect Those Who Serve Our Country and Their Families. It is unacceptable to threaten withholding payments to our military service members and their families during negotiations over the debt limit. Military men and women, many of whom are serving overseas, should not have to worry about whether or not they will continue to receive their well-deserved paychecks, allowing their families at home to put food on the table.

Protect Our Seniors. One of our top priorities should be to protect our nation’s seniors by preserving Medicare and Social Security.  This can be done in a responsible fiscal fashion that does not harm seniors or future generations of Americans.

Ensure Funding for the Defense of Our Nation. We must be able to provide for the common defense of our nation. We must ensure access to funds to pay for defense and national security obligations.

Pay Our Bills. We can—and must—make paying the national debt our top priority. Allowing the U.S. to default on its debts would jeopardize confidence in the U.S. government in the global market and pose risk to our economic recovery and prosperity. Any proposal to lift the debt ceiling must include a strong plan to control government spending.

So how do we make sure these principles are being met?

I’ve cosponsored the following solutions:

Balanced Budget Amendment, H.J.Res.1. This amendment would require that Congress not spend more than it receives in revenues, requires the President to submit a balanced budget to Congress, and requires a 3/5 majority vote to increase the debt limit.

Full  Faith and Credit Act, H.R. 421. This bill offers a simple safeguard to prevent default. It would ensure that the U.S. government does not default on its debt by requiring the Treasury to prioritize payments on the public debt over any other payments in the event the debt ceiling is not raised.

Social Security Preservation Act, H.R. 219. This bill ensures that Social Security funds are used only to pay Social Security benefits, preventing funds from this critical program from being diverted to other programs.

Guarantee Paychecks for America's Military Families Act, H.R. 1551. This bill would prioritize, in the event of default, the principal and interest on public debt, military personnel’s earned pay, allowances, and other compensation, and funds for defense and homeland security contingency operations above other federal obligations.

You can download all of this information in a one-pager flyer that you can then print and share with friends or family members who may share our concern over the national debt and the debt limit debate:


Click the image or click here to download the one-pager.

I’d like to know what you think. Do you agree with these principles?

Comments
Users are solely responsible for the opinions they post here and their comments do not necessarily reflect the views of Congressman Forbes.
  • Thomas G commented on 7/15/2011
    Thank you congressman Forbes, for publically confirming today that you will not support even a one penny increase in the taxes of a millionaire or a billionaire. I question the reason behind this position as I'm sure tens of millions of Americans do as well.
  • Thomas G commented on 7/15/2011
    To exempt military families from the impact of congressional failure to do their job is a poor example of congressional leadership and discriminatory. As a veteran myself I was serious about serving my country and doing my job. I wish the congress would do theirs, and not insult veterans who only want to serve the nation.
  • Leif Manley commented on 7/15/2011
    It seems painfully obvious that there isn'' enough revenue to cover the "big 3" obiligations (National Defense, Social Security and Medicare) much less running the rest of the government. Protecting the Rich from tax increases smells of not just a bought vote but a bought political party.
  • Mike Ebey commented on 7/15/2011
    One of these days you and the rest of the Congress will grow up and realize what is at stake. Thanks for nothing, I hope you lose the next election based on your not wanting to tax the really wealthy.
  • Michael Schmidt commented on 7/16/2011
    Congressman Forbes, thank you for your dedicated and faithful service, Virginia is a better place to live because of you. To: Thomas G, Your comment suggests that you support the further taxation of million and billionaires. If I were to tell you that the top 1 percent of wage earners in this country earn 20 percent of all the wealth created by Americans but pay 40 percent of all the revenue collected by the Federal Government, what would that mean to you? Is that fair? Further more, the top 25 percent of wage earners pay roughly 86 percent of all federal revenue and the top 50 percent pay 97 percent, meaning that just about half of the countries population have a zero percent vested intrest, in this country. Further taxation of the rich is not the answer. According to Obama, everybody should pay their "fair share". So who is not paying? Who is being forced to support these people through welfare and entitlement progrmas? Just food for thought.
  • Frank S commented on 7/17/2011
    All the talk about a government shutdown appears to me to be a scare tactic. Political posturing by both sides to be quite honest. Someone correct me if I am wrong, but aren't we sending other countries millions or billions of dollars in aid every month? Why? I have heard through interviews that the treasury brings in about 200 billion a month in revenue from the American people. It is not enough to pay all for all of the programs , so SOME programs will have to be cut. So cut them! If I don't bring in enough income to have cable TV and buy groceries then I don't have cable TV. No more political posturing!
  • Robert Tucker commented on 7/17/2011
    Rep. Forbes: Sir, I ask that you place our country first in voting to raise the Debt Limit even if you have to break your word to Grover Norquist and the Tea Party. Our country and (MY) meager 401-K can not chance another financial calamity should our country default on the debt we owe, much of which was incurred during the Bush years. Please rise above partisan politics that has taken on a life of its own in this debate. I find it indefensible that one party would hold the entire country hostage just to discredit our country's President. Much more is at stake here. My wife and I are both receiving SS and I am on Medicare. We need this money just to survive. Few of the people I have discussed this issue with has agreed with Thomas G's comments above. Decide these other issues on their own merits. Don't do it through using the debt ceiling as a baseball bat. In my mind, a vote against raising the debt limit raise is a vote against your own 2012 election.
  • Thomas G commented on 7/17/2011
    I'm very confused...something is out of sync here...first congressman Forbes you voted for the Ryan budget which adds trillions to the national debt without linking that legislation to raising the debt limt....then you voted for an unconstitutional provision that would make whatever was passed in the House concerning a budget to become the law of the land even if the higher legislative body in the Senate would not approve of the proposal, and even omitted the President from the equation...that was ridiculous law....here you are now talking about protecting seniors and the Ryan budget DOES harm them...refusing to vote for an increase in the debt limit DOES harm them...opposing last years historic reform of health care that will now extend care to millions of people DOES harm them...prioritizing spending when there is a clear alternative to prevent discrimination DOES harm people.... I would argue that the positions being advocated are all over the map...except for an unwillingness to even consider a 1 penny increase in the tax obligation of millionaires and billionaires. The time has come for an end to childish leadership as Senator Reid suggested this week.
  • Kristy Netwon commented on 7/18/2011
    If you are serious about spending cuts, and equality for all I respectfully propose the following; Proposed 28th Amendment to the United States Constitution: "Congress shall make no law that applies to the citizens of the United States that does not apply equally to the Senators and/or Representatives; and, Congress shall make no law that applies to the Senators and/or Representatives that does not apply equally to the citizens of the United States ." Our US Servicemen and women have ato work 20 years at great sacrifice to get the benefits that congress and senate members get in one term in relation to pension and healthcare. Just seems wrong!
  • Thomas G commented on 7/18/2011
    To Michael...I most certainly do support a complete repeal of the irresponsible and disasterous tax policy ushered in by President Bush. This policy has repeatedly been discredited as significantly contributing to the state of our financial affairs today. It not sound economically, does not align with what has been done historically, has been cited by former Federal Reserve chairman Alan Greenspan as damaging and Mr. Greenspan has testified that rates should be returned to where they were in the Clinton administration. You omit the reality that the Bush administration alone contributed to 7.5 TRILLION dollars in the national debt...money borrowed on the backs of the middle class to empower the wealthy, and that did not result in any net job creation over the entire tenure. The American people do not agree with you Michael, and they do not agree with congressman Forbes who refuses to even consider a one penny increase in the obligations of millionaires and billonaires to help the nation recover from irresponsible policy. The American people find it appalling that so many republican representatives have succumbed to the blackmail of Grover Norquist rather than to recognize the wisdom of changing policy when the facts change as they so dramatically did at the end of the previous administration. I do not see a parade of millionaires and billionaires on the capital steps demanding there be no tax increases on them...they know the policy was unfair and damaging. It is frankly shameful and intellectually dishonest to spin the issue so recklessly.
  • Ben Priester commented on 7/19/2011
    Does this bill also protect the Military Retiree's pensions?
  • Zach B commented on 7/26/2011
    Dear Congressman, I appreciate your commitment to serving this country and the opportunity to express my concerns over the nation’s current events. I feel that it is important for you to be aware of the desires of your constituents, which is the purpose of this email. While I am only one small vote and am probably not in alignment with a great deal of the supporters in your district, I hope that my point of view helps to contribute to your perspective of voter opinion on the debt ceiling debate. I voted for you during the last election, but if you continue to be unwilling to compromise on the debt ceiling resulting in any further harm to the economic markets, I will certainly change my vote in the future. I understand that you are attempting to fulfill a campaign promise to take on federal spending and to reduce deficits and debt. There is a budgetary process in place that allows you to do this on the front end. However, once the federal government has committed itself to certain obligations, it is reckless and immoral to threaten to not fulfill those obligations. The federal government has made a commitment, or a promise, to make specific payments. To not make those payments when the nation is fully capable of doing so deserves a credit downgrade – because we are no long credible and reliable. For example, let’s say that my wife and I have combined finances and she goes out and spends all of our money on things that she thinks are necessary. Now I am forced to pay bills with the credit card. We both understand that there is a problem, but she thinks that we should take on additional work to create revenue, whereas I believe that she needs to reduce spending. I then tell her that unless she promises to reduce her spending and to have a portion of each check immediately deposited into a savings account in my name, that I will not pay the mortgage. On an individual basis, this is a similar parallel to what is being done at the national level. The fact is that the mortgage company is a creditor that has done nothing wrong and is merely relying on me to fulfill my promise. They have nothing to do with my personal quarrel with my wife and should not be used as leverage. Furthermore, reducing government spending is restrictive monetary policy. Cutting government jobs can only increase GDP and tax revenue if the elimination of those jobs results in the private sector creating additional jobs, which is typically not the case. If you cut burdensome regulation, then that is a cut in spending that could potentially create private sector growth. If the government is taking up a portion of an industry for which the private sector can move into and do more efficiently, then that can create private sector growth. However, the broad assumption that reducing government spending increases economic output is false and, in most cases, has the exact opposite effect – similar to raising taxes. It is my opinion that it is not unreasonable to resolve the debt issue with a combination of spending decreases and revenue increases. It is illogical that both parties feel that they can only look at once side of the income statement. Any business owner would agree that this is a foolish approach. The House of Representatives only has one out of three essential government pieces in getting a debt deal accomplished. It does not have the numbers and must be willing to compromise in order to create the best possible outcome for all Americans. If it does not, it will surely begin to see more independent voters, such as myself, swinging back in the other direction. Thank you again for providing a medium to allow voters to express their opinions and for all of your efforts in making this nation a better place for its citizens.
  • Darlene Cowcer commented on 7/28/2011
    I will be sending 3 children to college this fall and rely heavily on the federal direct loan programs. If these programs and cut, my children will not be able to attend college. Is it fair for a middle class American family, both parents who work and put themselves through college, and paid off their loans will not be able to send their children to college? If I was in poverty level I could get a Pell grant. If I was divorced, a minority, or an illegal, I would get college paid for. Why work and struggle when it is the middle class who suffers. The millionaires can pay more taxes and we can cut some programs that support other countries economies. Don't cut programs that effect middle America, we are suffering enough!
  • Beth Scott commented on 7/29/2011
    Stay Strong, Stand tall and don’t give in. You are fighting for all of us so please don’t give in to the Speaker. You are doing the right thing. Listen to Mark Levin he will give you the encouragement and words to keep up the good fight.
  • Nelson Ard commented on 7/29/2011
    As we consider the debate about the debt ceiling, let us not forget the underlying causes, and frankly, the real problem. Recognizing the Bush Tax Cuts, the wars fought without securing funding, and the spending to try to fight off the effects of a very nasty recession, we don't have an easy road ahead. Each of these could be corrected appropriately with due deliberation. Taming elephant in the room won't be nearly so simple. These issues are simply dwarfed by the coming cost of entitlements. They're not here quite yet, but they are just around the corner. In Social Security, Medicare and Medicaid, Congress has made promises in the form of entitlements to our seniors and folks retiring soon that we simply do not have the current means to pay, especially since we are borrowing 40 cents for each dollar the Federal Government spends *today*. Take a step back and look at this graph. The Washington Post has done some work to surface the underlying problem. http://www.washingtonpost.com/business/our-mountain-of-debt/2011/07/18/gIQAkh4FMI_graphic.html If you start hearing about the "trajectory" of the growth of debt, this curve shows what the worry is. Look at how the curve is sloping upward. A little more and it will go straight up. This means that we are adding debt at a faster rate each year, and I don't see it slowing down. So what, you might ask? If you keep taking on credit card debt, your minimum monthly payments increase. Keep piling it on, and the money you have to keep sending to the credit card company gets larger and larger, pinching you if you are on a fixed income. Pretty soon you are struggling to pay for food. While you might be able to work another job in good times (and health), its not so easy for a country. When a country starts to pile on debt that approaches what it makes in a year (the Gross Domestic Product (the total of all goods and services produced)), things start to go very badly very quickly. Creditors cut you off if they don't see your ability to pay. No more credit. Back to where we are today. We borrow 40 cents of each dollar we spend *just to pay today's bills.* We haven't planned for the future. If the folks who loan us money suddenly cut us off, it will be just like not extending the debt limit. Its worse than that. You are starting to hear about the unfunded liability, just in the form of Social Security, Medicare and Medicaid. Its over 50 Trillion. We don't have that kind of money saved away, and trying to raise it all in the form of increased taxes may not be realistic. So what do we do? For all the sturm and drang you are hearing and the increasing rigidity of both camps, we are going to have to take a real hard look at what Government needs to spend money on, and when. We need to try to protect folks already into retirement or nearing retirement, because their working days are over. For folks with some time before retirement, we may need to make gradual changes in the terms of the contract. That will be very hard, because folks have strong feelings about this. Better, however, to take the strong medicine now than to risk no way to pay for it in the future. I say this before I speak to raising taxes. I think that we will raise taxes as part of a larger plan. Remember, though, that we have been down this road before. You may have heard these words: "... whatever this Congress does cannot bind any future Congress." What this means is that we can all agree to cut spending three dollars for every dollar of increased taxes, but our history is that while the taxes are written into law, Congress sometimes gets forgetful about their promise to cut spending. Spending bills are authorized every year. And if Congress renigs the next year, your ability to manage your debt goes right out the window. Take the debt ceiling debate with a grain of salt, it points to a larger problem. Its the spending that matters. It may be better to plan to look at all of this each year, and ask the question "how does this help us protect our abiltiy to pay our bills?" And then look at the revenues. And make some sober choices.
  • Jeremy Noel commented on 7/29/2011
    It's time to make real cuts not "kick the can down the road". All options should be on the table. The current plans the House is proposing are paltry and lack the combination and depth of approaches we need to tackle our fiscal issues. Why bother with a balanced budget amendment? Congress already has the power to balance the budget if it chooses. Congress wanted this fight time to propose meaningful solutions. Fight the real battles and stop eroding the little hope Americans have left in their representatives.
  • Erik Noren commented on 7/29/2011
    While I appreciate your desire to achieve a more balanced budget, it is less than encouraging to note the offices these bills apply to are the same that will be voting for or against their passage. Worse, these are only targeting symptoms of a deeper problem and leaving the cause to continue. This, however, is not why I felt compelled to speak this evening. Many, many Americans are worried about where and when our social net is going to catch them or finally break and leave them broken and bloodied. Looking at the spending trends over the past presidential terms there is a clear indication of uncontrolled spending in strongly-held Republican houses and presidency. It takes a long time for the new government to stem the hemorrhage of money and get the country closer to a balanced budget. Given this, I find the actions of our Republican representatives completely suspicious. I can not believe their current stance is wholly predicated on the belief this behavior must suddenly be stopped at great risk to the people, economy and global standing of these great states. There are some indicators these events are being manipulated to weaken public perception of certain people in office with the intent of replacing these people when their positions come up for re-election. If there is even a small grain of truth to these accusations then our country, as it exists and is governed now, is doomed. To roll the dice on such an expensive gambit which affects every single member of this nation in an effort to wrangle some political positions is unconscionable and irresponsible. In a world where OPEC is threatening to replace the US Dollar as its trade currency, foreign governments are more commonly standing against us than with us, where our own people are rejoicing in the leaking of classified documents just to see what's happening behind the cloudy veil, our representatives absolutely cannot be playing petty games that serve only limited interests. I really hope you, as my representative, and those you are aligned with in office will take a step back from this dangerous game and look at the pain and anguish you are causing your constituents and indeed every person governed by the United States Federal Government and many more outside our borders who are helped by our stabilizing presence and our caring nature. There is a much bigger and vastly more important game to be played. I expect my representative to act maturely and in the best interests of his or her people now and into the future. There will be no games of chance or card stacking that could ever result in a win for the people; don't play these games. Surely you witnessed some of the panic of the recent near-furlough of government employees. These events affect many more people and the long-term stability and viability of the US as the leading world power. As a public servant with such great responsibility I expect you to be able to act with purpose and resolve for what is right. I expect your ego to be left at the door when you step into your role. The people are not well served by those who cannot bend, cannot compromise, cannot admit they were wrong or are not willing to take unfair blame if it will benefit the people to do so. Altruism isn't required but it's certainly appreciated. I encourage you to do everything in your power to end this ongoing debt ceiling maneuvering quickly and effectively. There should be not one second of thought put toward political power plays. The people need this to end now. We cannot wait for some minority-party ideal to be agreed upon. Holding the US Economy hostage until demands are met can be seen as an act of economic terrorism. Allowing this to happen is collaboration. The fallout from what has already transpired will be felt for a long time. Don't do this country even more harm by failing to find common ground. Thank you.
  • Cedric DeDeaux commented on 7/29/2011
    My wife and I would be considered "well off". Please RAISE OUR TAXES! It doesn't take a genius to understand that making cuts without increasing revenue (at this point) is vital. My wife and I both proudly serve our country. We are ashamed that the Republican party places personal greed (i.e. campaign funding from lobbyist) over this once great country.
  • Judy Lloyd commented on 7/30/2011
    First I want to say that I am digusted at the shenagins in Washington. Both my husband and myself are on Social Security. Everything depends on that, my husband also recieves disability from the state. I would hope that all of you would consider a compromise. As much as I do not like higher taxes it is a sacrifice I am willing to make in order that those in the same position as I receive their checks. I will not be voting for the president or his minions in the next election.
  • Brenda Ramos commented on 7/31/2011
    I agree with everything you have written with one suggestion.I feel we need to decrease taxes on all people. Here is why: In the depressionnof the 1920's Harding hired Andrew Mellon as Sec. of the Treasury. After much review of the inflow and outflow of funds at the treasury, he noticed that raising taxes "always" made the problem worse. After much consideration, he told Harding he felt that "lowering all taxes" might work. It did, the rich stopped using ways to avoid the high taxes and put it back into their companies . As a result, more jobs were created. That in turn caused the businesses to make more money and in turn expand, creating more jobs. Decreasing taxes on the rich led to the middle and lower income people becaming more and more prosperous, and surprisingly created an influx of tax revenue for the federal government. They depression ended within two years and the "roaring 20's" were born. Of course, people let their new found prosperity go to their head. Industry and private citizens made unwise choices. Some got in trouble. Re-enter the progressives. They started raising taxes, implementing entitlement programs [FDR] and other costly spending gimmicks. They only helped temporarily. When Bkack Friday hit, people and industries paniced more. It was felt that the English decision to convert to gold standard may have played a major role. But enemployment did not improve until WWII started. As time went on, politicians and the public tired of Roosevelt's policies. All of them but Social Security were eventually ended. If you think back, before Harding, we had the Progressive Presidents, T. Roosevelt and Wilson. One of the biggest deterrants to business profits were tarrifs on American industries. Wilson began to realize that these were hurting the economy; but, failed to gather support to lower tarrifs. Later, Harding, Cooldige, and Cleveland made poor chioces, many supported and proposed by progressives, which hurt, especially the tarifs and taxes. Roosevelt hated Mellon. There was also a progressive "spread the wealth" group wanting to use an untested approach used in Europe that wanted Mellon out of the way. He was investigateed for tax fraud, but later cleared. I think that the false tax evasion issue put Mellon on the back burner in the political arena. His views on tarrifs also further alienated progressives. But, he is considered the most successful and brilliant man in this nation with regard to taxes and managing our debt and spending except for Alexander Hamilton. Sorry to get carried away. Mellon was just so fascinating. A s far as I have been able to determine, he is the only person to find a way to successfully deal with a economic depression and put us on a road to recovery from that economic depression. Progressives hate him. He shows the error of their "spread the wealth" theory which was untested when they first used it in America. It has never worked anywhere it was tried; but progressives kep trying to use it. The rich just put all their money in low or non-taxable shelters when they start being over-taxed. That cuts much needed revenue for the government. The progressive policy creates a self perpetuating spiral into failed economies. Thank you for your time and all you do. You do a great job. I watched you on cspan. I was impressed with your efforts. As a veteran and unfortunately, a disabled person, i am especially grateful. I could get VA benefits for myself. But, I don't. I was not a combat vetean. I don't feel I deserve it and Ii get by on my SS. I just do what the government ought to do. I budget and spend carefully. I am not an economists or tax expert. Nor am I a politician. But, I love to learn and I love to read History. I love to study things and see what might make things better. I hope you find this information interesting if not helpful!
  • Jason Gwaltney commented on 11/30/2012
    I'll be brief - you stick to these principles I will vote for you in the next election. Especially in regard to not raising the debt limit and cutting spending. If you waffle at all and compromise you will lose my vote to any unnamed libertarian who I can count on to stick to their principles. I don't expect you to cave - so thank for standing strong. Don't give up.
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