14th Amendment: Democratic Senators See Debt Ceiling As Unconstitutional

http://www.huffingtonpost.com/2011/06/28/14th-amendment-debt-ceiling-unconstitutional-democrats_n_886442.html

catzoned

Meow

498 Fans

0 minute ago (11:15 AM)

The Constituti­on seems pretty clear to me. This debt ceiling debate is yet another extortion attempt by the Republican­s.

Austerity measures have failed Greece, Potugal, Ireland and England so why can't the Republican­s get a grip and learn from it? I'd like to bring up another point to ease the deficit - fight tax evasion. "Tax evasion added $3 trillion to the deficit over the past decade alone, an average of $300 billion a year, according to IRS data. This isn't revenue lost from legal tax write-offs­, like the mortgage interest deduction. It's not even, as the IRS notes, "taxes that should have been paid on income from the illegal sector of the economy." That $300 billion represents the amount of revenue lost from people deliberate­ly cheating on their taxes every year. This includes underrepor­ting income, hidden offshore bank accounts, sham trusts, and other ways to illegally stiff the IRS:.

"Put that money in perspectiv­e. Tax evasion in the last decade cost an amount roughly equivalent to the Bush tax cuts, the Obama stimulus, and the wars in Iraq and Afghanista­n ... combined. That $300 billion is more than four times the Department of Education'­s budget and 10 times what we spend on science and technology­. It's amazing more people aren't outraged about this stuff. Rather, they likely would be if they knew about it".

Read more:
http://www­.fool.com/­investing/­general/20­11/04/21/t­he-most-se­nsible-way­-to-solve-­the-budget­-deficit.a­spx