****Unexpected INCREASE of Tax Revenue****

WASHINGTON – Treasury Secretary Timothy F. Geithner now is saying that, contrary to his recent dire warnings of "catastrophic economic consequences" should Congress fail to increase the nation' debt limit, there has been an apparent unexpected increase in projected tax revenue, and the deadline for possible default has been benched until mid-spring.
The debt limit (the legal limit which the Congress allows the U.S. government to borrow to pay its bills) currently stands at $14.29 trillion.
In his Jan. 6, 2011, letter to Congress stating the urgency for the increase, Geithner advised that there was $335 billion of "headroom" beneath the current limit and further estimated that "the debt limit will be reached as early as March 31, 2011, and most likely sometime between that date and May 16, 2011."
Shock the Washington establishment by participating in the "No More Red Ink" campaign and shut down all new plans for bailouts, "stimulus" spending and even the funding for Obamacare.
The Treasury Secretary cushioned his estimate by explaining to the Congress that "because of the inherent uncertainty associated with tax receipts and refunds during the spring tax filing season, as well as other factors, it is not possible at this point to predict with precision the date by which the debt limit will be reached."
Not four short weeks later and nearly two months prior to the April 15 tax filing deadline, the Treasury Secretary has, due to apparent goods news from the bean counters at Treasury, temporarily delayed the political showdown with congressional Republicans opposing an increase in the debt limit.
Despite the inordinate amount of information provided to the Congress in the Jan. 6 "catastrophic" missive, the Treasury Secretary was not so generous in his latest debt limit delay communication.
According to the recent Treasury release, the earliest possible day of reckoning for reaching the debt limit has only been moved back five days, from Treasury's original date of March 31, 2011 to April 5, 2011. This reprieve was based on "an upward revision to projected receipts (tax) and a projected downward revision to debt to be issued to government trust funds."
The changing guesses come at a time when there is concerted plan to encourage Congress to refuse to raise the debt ceiling at all and, for the first time in decades, make the government's spending match its income.
Called the "No More Red Ink" campaign, it empowers America citizens to send messages to every member of the House Republican caucus inexpensively and efficiently – with guaranteed delivery by Fed Ex.
The campaign at this time is shipping the first 125,000 "red ink" letters to House Republicans urging them to oppose raising the debt limit when it comes to a vote in the coming weeks.
"Unfortunately, if the House Republicans do not hear from the American people in strength, they will vote for business-as-usual deficit spending for the next two years and surrender the power they have to force fiscal responsibility on Barack Obama and the Democrats in the Senate," says WND founder and CEO Joseph Farah, the organizer of the campaign. "House Speaker John Boehner says he wants to use the debt limit to wrangle concessions out of the Democrats, but when he signals, as he did last weekend, that Congress must raise the debt limit to keep the government solvent, he has already waved the white flag of surrender on the most important vote to be cast in Congress over the next two years."
There are those voices who already have spoken out in opposition to raising the limit, including former GOP presidential candidate and Reagan administration official Alan Keyes, Sens. Jim DeMint, R-S.C., and Pat Toomey, R-Pa., and Reps. Michele Bachmann, R-Minn., Ron Paul, R-Texas, and Anthony Weiner, D-N.Y.
"We should demand of our representatives in Congress that they refuse to raise the debt ceiling," said Keyes. "But we must also demand of ourselves that we refuse any longer to choose our political leaders from candidates produced by political parties intrinsically dependent on political vehicles fueled by unbridled government spending. Where politics is concerned, restoring the ceiling must be just the first expression of our determination to rebuild, as a home for responsible freedom, the house of constitutional liberty our forsworn elites are determined to destroy."
Keyes made his comments in support of Farah's plan to persuade House Republicans to defy their own leadership and refuse to raise the debt limit – an act that will force government to live within its means.
The commitment to a balanced fiscal plan is, however, wavering. Farah says the only hope is a major outpouring of protest from tea party activists and true conservatives who recognize that government is way too big and is in desperate need of major cuts just to bring it in line with the Constitution.
For his part, Farah has made it easy for the public to make their voices heard in Washington in a powerful way.
The "No More Red Ink" campaign has two facets:

* Sign a petition directed exclusively to all 242 House Republicans calling on them not to bargain away their "nuclear option" that can stop any further deficit spending for the next two years.

* Flood their offices with "red ink" letters that remind them they are holding all the cards in getting government spending under control and that all they have to do is vote "no" on raising the debt limit.

Last Edited by daisey on 02/07/2011 10:05 AM