by U.S. Senator Chuck Grassley

Monday, September 23, 2013

Q:           Why is the federal government expected to reach the debt ceiling yet again?

A:            The simple answer:  Washington spends too much.  Think of it this way.  How long could your household operate by spending more money each day every day that outstrips your earnings, savings and investments?  That's basically what Uncle Sam does 365 days a year.  Month after month, year after year, Washington spends beyond its means.  American households must make tough choices to cover shortfalls in their budgets.  That includes:  stop spending money you don't have, earn more take-home pay or take on debt.  Borrowing money to bridge the gap also means paying more at the end of the day to cover the interest on the loan.  That's exactly the hole into which Washington has dug itself.  The U.S. government pays $600 million a day to service its debt.  Under current law, the Treasury Department may not exceed its current $16.7 trillion borrowing authority without approval from Congress. Washington reached the debt limit in May and will exhaust all options for avoid hitting the debt ceiling by mid-October.  At that time, the Treasury Department may not spend more money than it collects.  Now that sounds like music to the ears for those of us who work so hard to rein in runaway federal spending.  But it's a little more complicated than that as Washington needs to maintain its creditworthiness to uphold the "full faith and credit" of the United States.

Q:           Can Washington pay its bills if the debt ceiling isn't raised?

A: Big spenders like to rinse-and-repeat the idea that the sky is falling when it comes time to get serious about cutting spending.  Take the sequestration that kicked in March 1.  Despite doomsday predictions, the sun continued to rise in the east and set in the west.  It turns out belt-tightening in the Beltway didn't cause the world to end as we know it.  And yet, Washington must still face the consequences of spending beyond its means.  If an agreement to lift the debt ceiling fails to reach a consensus, it's reasonable to have a back-up plan to ensure Washington doesn't default on the national debt.  That's why I'm co-sponsoring the "Full Faith and Credit Act."  This would serve as a temporary tool to allow the federal government to borrow money - if incoming revenue falls short - to cover Social Security payments, active-duty military pay and interest payments on the national debt.  Prioritizing these essential financial obligations is a responsible way to pay the bills and blunt the efforts of those who choose to govern by scare tactics instead of solving the nation's spending problems.

Q:           Why is there a debt ceiling?

A:            By setting a debt ceiling, Congress exercises its Constitutional power of the purse strings to, in effect, trigger a debate on taxes and spending.  Thank goodness for that.  Riding the borrow-and-spend gravy train, Washington is careening towards an unprecedented $17 trillion national debt.  The U.S. Treasury is expected to collect $2.8 trillion in tax revenue for the fiscal year ending Sept. 30.  And federal spending is expected to exceed $3.4 trillion in those 12 months.  You don't need to be a math genius to understand this doesn't add up.  This imbalance creates the federal deficit.  Uncle Sam fills the spending gap by taking on debt and paying interest on the Treasury bonds and notes.  America can't afford to let interest payments swallow up a growing percentage of the federal budget and Gross Domestic Product.  A bigger risk lies ahead when interest rates start to climb.

Q:           Why is the debate framed as a "budget showdown?"

A:            Washington is operating under a divided government.  The electorate voted to split the majorities in the U.S. Senate and House of Representatives.  So it shouldn't come as a big surprise that lawmakers are working hard to represent the views of the people who sent them to Washington.  Those inside the Beltway like to talk in terms of budget brinksmanship and fiscal cliffhangers, but failing to chart a path of fiscal discipline pretty much secures a legacy of burdensome taxes and debt for our children and grandchildren.  Congress and the President need to come to a meeting of the minds for the greater good of the country.  It will require presidential leadership to build consensus among Congress and the American public to secure entitlement reform.  If Washington doesn't come together sooner rather than later to curb spending, tame the debt and reform public entitlements, $600 million swallowed up per day on interest payments will seem like a bargain.

Make it Useful Information!

Challenge your friends as the Scottish Rite Masons and St. Ambrose University join together to present a

TRIVIA NIGHT!

Proceeds to to support St. Ambrose/Rite Care Speech & Language Clinic and Scottish Rite operations.

WHEN: Saturday, October 26 @ 6:00pm (Doors open at 5:30pm)

WHERE: The Masonic Center, 511 East 65th St (Veterans Memorial Parkway), Davenport

COST: Individual price $10.00 (8 per table - $80)

RSVP: To register, call 563-391-0665 or 800-944-7483

Email: davsrmasons@msn.com for more information.

OPEN TO THE PUBLIC - BRING YOUR FRIENDS

COSTUME THEME!

Food and soft drinks available. Personal snacks and beverages welcome. No smoking or alcohol please.

Fills Key Positions on Health, Language and Torture Inquiry Boards and Commissions

CHICAGO - Governor Pat Quinn today made a number of key appointments to the state's boards and commissions. Today's announcement continues the Governor's commitment to making Illinois government more accountable, transparent and effective.

"These individuals have an ethic of service and will make significant contributions on our state boards and commissions," Governor Quinn said. "I am confident these appointees will work on behalf of the people of Illinois to make a positive difference and move our state forward."

As a result of Governor Quinn's efforts to make the executive appointment process more accessible and transparent, residents who are interested in serving on boards and commissions can now apply online. For more information on all of the state's boards and commissions, or to apply to serve on a board, please visit Appointments.Illinois.gov.

Appointments made today by the Governor include :

Health Facilities and Services Review Board

Dale Galassie (reappointment) is former Executive Director at Lake County Health Department and former chair of the Illinois Health Facilities and Services Review Board. He holds an ABD on Ed.D from Vanderbilt University, a MSSJ and M.S. from Lewis University and a Certificate in Public Health from the University of Illinois.

Alan Greiman (reappointment) is a former Justice on the Appellate Court. He holds a J.D. and B.A. from the University of Illinois.

John Hayes (reappointment) is Managing Director and Certified Public Accountant and Appraisal at Anchor Planning & Valuations, Ltd. He holds his CPA from the University of Illinois, an MBA from Notre Dame University and a B.S. from DePaul University.

Illinois State Board of Health 

June Lee is an Attending Physician at Physician Anesthesia Associates. She holds an MBA from the University of Notre Dame, an M.D. from Rush St. Luke's Medical Center, and a B.A. from the University of Chicago.

Language Access to Government Services Task Force

Ami Gandhi is the Executive Director at South Asian American Policy & Research Institute. She holds a J.D. from The George Washington University Law School and a B.A. from Indiana University at Bloomington.

Chin Keomuongchanh is an insurance agency owner. He has completed courses in Business Management at Columbia College of Missouri.

Grace Chan McKibben is the Administrative Director at the Chinese American Service League. She holds an MBA from Keller Graduate School of Management and a B.A. and an M.A. from the University of Chicago.

Dary Mien is the Executive Director of the Cambodian Association of Illinois. She holds a B.A. from Columbia College Chicago.

MiYoung Seo is the Program Director at Korean American Community Services. She holds an MSW from Washington University in St. Louis, a B.A. from University of California Los Angeles and an Associate's degree from Santa Monica College.

Monika Starczuk is Program Manager at Uniting America AmeriCorps at the Illinois Coalition for Immigrant and Refugee Rights. She holds an M.A. in Political Science from Warsaw University.

Sima Quraishi is Executive Director at the Muslim Women Resource Center. She holds an M.A. from North Park University and a B.S. from the University of Illinois.

State Pharmacy Board

Prem Rupani is a physician at Mt. Sinai Hospital. He holds an MBBS from Gandhi Medical College.

Illinois Torture Inquiry and Relief Commission

Fr. Chuck Dahm is a pastor at St. Pius V Parish and also serves as President of the Board of Directors for the Resurrection Project, an economic development organization. He holds an M.A. in Philosophy and an M.A. in Theology from the Aquinas Institute of Rochester and a Ph.D. from University of Wisconsin.

John Mathias is a partner and attorney at Jenner & Block, LLP. He holds a J.D. from Harvard Law School and an A.B. from Dartmouth College.

Marcie Thorp is with the law firm SmithAmundsen, LLC and a former Assistant States Attorney with the Cook County States Attorney's Office. She holds a J.D. from Chicago-Kent College of Law, and a B.S. from the University of Illinois.

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MOLINE, IL - Faculty, staff and community members are invited to celebrate the history of Western Illinois University at the WIU-QC Founders' Day event beginning at 9 a.m. Tuesday, Sept. 24 in rooms 103/104 at the WIU-QC Riverfront Campus.

A light breakfast will be served prior to the ceremony. Individuals may register for the event by contacting Chris Brown at (309) 762-9481 or at MC-Brown2@wiu.edu. 

The program, including President Jack Thomas's State of the University address, will begin at 9 a.m. and the ceremonial bell will be rung to signal the start of classes at Western Illinois State Normal School.