GOP intros bills to "Pay China First" before Soc. Sec. recipients

[kpete]

GOP intros bills to "Pay China First" before Soc. Sec. recipients
by Eclectablog
Mon Jan 31, 2011 at 09:02:09 AM PST

You might think the GOP hates the poor and the elderly and, really, all of those that rely on entitlement payments of one sort or another. But I'll bet you didn't know how much they hate them.

They hate them enough to introduce a bill that prioritizes paying off our debt to China over their monthly checks.

That's right. Congressman Tom McClintock of California has introduced H.R. 421 – "To require that the Government prioritize all obligations on the debt held by the public in the event that the debt limit is reached." This bill would prioritize payments to China and our other creditors over our own citizens should Congress not raise the debt ceiling.

Here's the text of Toomey's Senate bill (S.B. 163 – "The Full Faith and Credit Act",
aka, "The Pay China First Act"):

In the event that the debt of the United States Government, as defined in section 3101 of title 31, United States Code, reaches the statutory limit, the authority of the Department of the Treasury provided in section 3123 of title 31, United States Code, to pay with legal tender the principal and interest on debt held by the public shall take priority over all other obligations incurred by the Government of the United States.
http://www.opencongress.org/bill/112-h421/show

http://www.dailykos.com/storyonly/2011/1/31/940184/-GOP-intros-bills-to-Pay-China-First-before-Soc.-Sec.-recipients
'Pay China First' -- Republicans' Wild Plan To Avoid U.S. Debt Default
http://tpmdc.talkingpointsmemo.com/2011/01/pay-china-first----republicans-wild-plan-to-avoid-us-debt-default.php?ref=fpblg

[Statistical]

1. Largest holder of US debt is SSA not China.

All ebil foreigners only own roughly 25% of US Treasury debt combined.
China the largest foreign owner only owns roughly 5% of our debt.

three quarters of all US federal debt is owned by Americans.
The largest single entity holding federal debt is the SSA with $2.5 trillion.
Pension funds and life insurance companies also hold a significant portion of public debt.

[dmallind]

2. I keep trying to tell people that

The silly xenophobic "gut feel" that we owe China the vast majority of the debt keeps trumping facts.

We could pay China every penny for less than the TARP bill and not much more than one year of (listed - not including black funding) defense spending.

[monmouth]

3. Send this to AARP. Let's see their reaction...LOL....n/t

[sufrommich]

4. Lol. That should go over well with the voters. nt

[RC]

5. Reality is getting more nebulous for the Reich-wing nutz as time goes on.

When are we going to recognize the Far Right Conservatives as the mental health issue they are?