NAACP Supports Lifting the Debt Ceiling Through at Least 2013
WHEREAS, as politicians in Washington debate the looming federal deficit, issues surrounding the debt ceiling cap are being discussed; and
WHEREAS, on August 2, 2011, if the debt ceiling is not raised, the U.S. economy will go into default and the United States will take in only about $180 billion in revenues and will have obligations of over $300 billion to meet its debts and keep the government functioning; and
WHEREAS, many believe this approach is simply a magician-style "slight of hand", or backdoor way to get the draconian spending cuts they want by diverting Americans' attention away from the crucial budget with a "debt ceiling" debate which should be discussed on different tracks; and
WHEREAS, a large part of our deficit and debt problem is the result of the reckless tax cuts of the 1990's for the wealthiest Americans in which resulted in over $400 billion a year of lost revenues, which was a large contributor to a national deficit of more than $4 trillion; and
WHEREAS, if the debt ceiling is not raised, there will be negative consequences to our national economy, including an increase of interest rates on mortgages, credit cards, and car loans, a loss of value for 401(k) and other retirement savings plans and a potential delay in pay checks for our military as well as Social Security payments and Veterans benefits.
THEREFORE, BE IT RESOLVED, that the NAACP support a lifting of the debt ceiling through at least the end of 2013; and
BE IT FINALLY RESOLVED, that the best solution to our deficit crisis is a balanced approach of spending cuts and revenue increases.