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And while the negotiations -- continued today in Washington as lawmakers try to hammer out a deal to avoid -- US government default the two sides appeared to be.
But don't appear to be -- are -- possible most likely miss next Tuesday's deadline perhaps joining us now to talk about all of this is the host of freedom watch.
Right here on the Fox Business Network judge and you heard that follows -- and I rivalry yeah.
Yeah you're fired up.
Alright let's talk about you'll take on what's been going on so -- I am fired up and appreciate that that reference because I'm overjoyed.
That the small government sound money.
Members of the House of Representatives in the Republican Party have stopped in this march towards increased debt.
That -- that speaker Boehner and the Republican establishment have been trying to accomplish last -- look I know John Boehner and I like him.
I think his heart is in the right place but if you have too much debt you don't get out of it by borrowing more money that's economics 101.
And and if you were elected.
Promising to shrink the government.
To stop the borrowing to slow the spending you of a moral commitment to do that not to borrow more spend more and increases I don't know what point does political ideology.
At some point you have to back off for the good of the country would you -- Ever have to back off from your values and if your basic values all are that the government is too big.
That it does things that the car that the constitution doesn't authorize and that debt will choke us and -- future generations.
You stick to your goals you see.
The leadership of the Republican Party again a lot of them are my friends.
Have fallen for the nonsense.
That we can be prosperous by going deeper into debt.
The problem is too much debt -- -- all court they got behind many of them got behind it well I'll actually look.
They want to increase the debt by another trillion.
In return for which they wanna slow spending by a trillion over the next four years those are two different trillions they still be spending more in the next four years then there's spending this -- doing it -- borrowed my.
We are at the point where we have borrowed so much that we need to borrow.
Just to pay budget just to pay off.
Our creditors and up a bit and pay the interest on so I wanna know with that with the people who are.
The people who you are applauding here are they comfortable.
If -- if we do spiral into a financial crisis if we can't.
Make payments to that the payments that the government has promised to make even if -- is even that they make the debt payments but with they don't make other payments are they comfortable.
-- a potential financial crisis are they willing to live with that if it means getting a soft.
I don't know what they're willing to live with that but I do know that they reject the administration's predictions.
That a default or a financial crisis a certain.
And they accept the argument of the former economist now United States senator from Pennsylvania Pat Toomey.
Who argued in the piece in the Wall Street journey -- may have credit was almost a page long.
Arguing point by point how the government has the money.
And can reasonably anticipate the income in order to pay its debt service in order to pay entitlements and in order to pay the operations of the government will -- have to shrink things.
Of course -- quarterly earnings and one -- -- what the government does was not authorized by the constitution.
Now is the time to stop it but just that we bring up another issue this growing coal for the president to invoke the fourteenth amendment what exactly does that say and is it legally.
Give me a minute to give your background in the short answer is no the fourteenth amendment is one of the three post civil war amendments it was ratified.
In order to put into the public policy of the country.
The lessons of the civil war when the returning southern states came back into the union when they learned that the federal government had an enormous debt we think that come from.
Lincoln borrowed a fortune in order to wage war against the southern states.
So that the government the federal government was concerned that these seven states might not want to help pay off they in the borrowing.
That was used to wage war on them so in order to assure that -- debt already incurred by the government in would not be questioned by the government that the government would pay its own debts that phrase.
And the public debt of the United States government shall not be questioned was put into that amendment.
That does not authorize the president to lend money at to borrow money hasn't -- -- we know that.
Because the constitution says only the congress can raise taxes and only the congress can raise -- can spend money.
And therefore only the congress can borrow money and the fourteenth amendment itself -- what the last line says.
But congress shall have the authority to enforce the terms of this amendment that president -- this argument that the president of -- audience on.
Has never seriously been made by any legal scholar in the history of the country until a couple of political -- advanced get three weeks ago -- Beacon of political.
Political -- what I really think about this effort -- I hope I.
-- -- judge but -- it with the members of the members of the Republican Party.
That that you were speaking -- my heroes and hear hear president households and firms threaten -- from the airport at a bad that.
But I'd go back to the TARP bail out and what happened and the urgency and the sky is falling rhetoric that came out of their own party.
And I go back to that and it seems to be that was the birth of the Tea Party as we know it today it was ends and they are now and they look at that.
And they look at the way the stimulus was passed about how the world's gonna come to an -- if we don't do that and they're finally say.
Let's just see what happens.
You know the Republican Party has been having these battles for years.
In the in the sixties was Barry gold water.
It's the Republican establishment John Boehner and company vs the small government Tea Party folks when George W.
Bush President Bush.
In the fall overweight at the height of the campaign between Obama and McCain said.
I have to break my belief and my values in the free market in order to save the free market.
That was the beginning of the birth of the Tea Party movement how can you possibly assault something that you believe in in order to save that thing.
And when they -- that when the government decided to borrow money.
-- what do deficits do they increase taxes on future generations that's all it is.
Well but what many people will call irrational behavior it's very rational based on what they've experienced and -- -- -- -- -- those young libertarians in the House of Representatives god bless you stick to your guns sank to cap at.
Thank you have such a pleasure to see this pleasure to be here -- Tom Bowman does a very good job at the show -- -- -- -- I just -- that out pretty much everybody every night 8 PM eastern time and using more fired up on.
-- And I just wanna take the CDO whatever the judge's bluff because about a what kind of -- having if I can hear them and I get everything's you know that that tell you what Barney actually tried to sell my last.
Yes I do believe that.
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