Government Shut Down Looming Again
Just as it seemed Washington was going to sign in yet another budget that would continue to add to the overwhelming deficit, deficit hawk Rand Paul stepped in to put a halt to the bipartisan budget proposal.
While the budget proposal had already had vocal critics such as Nancy Pelosi and Luis Gutierrez who jockeyed for protections for illegal immigrants, this recent hold up comes from within the presidents own party.
Senator Rand Paul (R-KY) has always been critical of raising the deficit, a position a growing number of conservatives (and democrats) share with him. And one should be fearful at least to some degree of a ever growing national debt that has surpassed 20 trillion dollars (yes $20,000,000,000,000)
Who knows if Senator Paul can actually use this to produce a budget that doesn't add to our deficit, recent history should not leave one optimistic.
Many criticize Senator Paul for what they perceive as grandstanding which depending of your view may or may not be true. None of that changes he is speaking for a large group of American citizens (myself included) when he talks about reducing the deficit, or at worst not adding to it.
It is a rational fear as foreign countries such as China as well as the our nations Federal Reserve decided to no longer purchase United States debt. This has forced the bond yields to raise leaving an aura of impending heightened inflation.
Rumors of a interest rate hike from the Fed are a near certainty with the latest bond yield increases. This chain reaction of events that have created uncertainty in the U.S economy are what sent the Stock Market into its first correction in over a year. All these events root back to the same underlying issue, the deficit.
Now how we handle the deficit is where most Americans split. Whether you believe higher taxes are in order or budget cuts, almost all Americans agree we need to stop this crazy overspending.