Sarah Palin Sounds Off on Debt Crisis
Former Alaska governor reacts to GOP's proposed debt plan
- Duration 9:35
- Date Jul 13, 2011
Former Alaska governor reacts to GOP's proposed debt plan
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And the great -- debate rages on tonight in Washington DCS congressional leaders and president Barack Obama have once again failed to reach a deal on how to remedy America's fiscal crisis.
Now that means we are one day closer to the August 2 deadline.
When it is believed that the US will hit its fourteen point three trillion dollar debt ceiling.
And today Moody's announced that it is placing America's -- -- bond rating on review for a potential downgrade.
-- or risk of default -- -- wildly controversial attempt to avoid -- the Republican leader in the United States senate yesterday.
-- up what he called a last choice option to the White House.
Now -- his plan which has outraged conservatives.
Senator Mitch McConnell would hand over to President Obama the authority to repeatedly and unilaterally raise americans' borrowing limit.
The -- two thirds of congress votes against the hikes.
How my opinion he's essentially asking Republicans to surrender the very power.
That brought us -- this crisis in the first place -- man who knows no limits on spending your harder money.
And joining me from Alaska with her take on all of this Fox News contributor former Alaska governor.
Sarah Palin -- first of all governor just standing back from all of this the ever imagine an America.
Fourteen point three trillion dollars and we have to raise more money.
Because they can't live within their means it's pretty daunting to make.
Nonsense -- called a lack of planning that.
Our leaders are exercising in and showing that their constituents coming out ADC right now and did the lack of understanding.
That that -- too many have there in DC not understanding that Obama's big government job killing policies really are the antithesis.
What our country needs to get back on the right track to allow us to be exceptional again remember our country was built.
On a strong foundation -- reward for work ethics.
And development of our natural resource has been here we've done the complete opposite direction under Obama would -- -- cornerstones.
And down we are where we are now with as you mentioned that your intro -- telling us that our triple -- rating is under review now because we don't have a plan.
To get us back on that solid footing.
Right here's we've got to look at political reality and and we've got to look at the reality in terms of what we can get done now with where we are.
The Republicans only have one how one piece of congress they have the house.
We have United States senate Harry Reid who -- that the president runs the White House.
What would be acceptable -- you're conservative you're a well known in the Tea Party your Tea Party leader I'm a conservative registered conservative.
I would prefer cut cap and balance but I mean cut now not later not twelve years down the road.
If he can't get that throw the country can't default I think that's a reality you agree with is that correct.
Sure we cannot default but we have to do we cannot afford to retreat right now we are now is not the time to retreat -- -- good time to -- -- and we re load.
With reality by giving facts and numbers.
To the American public so that those of us across the US can start Chiming in and letting our representatives know.
That we will not capitulate we will not hand over more power which I believe is unconstitutional.
Two presidential bond -- to further manipulate our economy you -- article one section eight up our constitution spells out that congress.
Has the power of the purse strings -- this plan of Ben McConnell I think makes no sense because it does.
Cede power to our president and takes a -- that authority that is inherent in congress.
Amid the economic decisions that have to be made when it comes to debt.
Yeah I don't want them passing the -- and handing the keys over to Barack Obama.
-- maybe estimate dollar for dollar cuts but he's gonna use phony accounting methods he's gonna got our Defense Department.
And I wouldn't see their responsibility to him.
It's like -- -- -- -- the keys to the cart to a teenager doesn't have -- learning permit.
Yeah absolutely in the end -- again as I pointed out that.
The numbers speak for themselves when you look at our economic woes and things that have gotten so much worse under President Obama we can we cannot trust him to further manipulate our economy to further manipulate.
Our US energy supply.
And the value of our currency B -- his support of the -- not monetizing our debts and -- to you now talk of QE3 and perhaps -- for just printing more money out of thin -- too fast service our debt that the plane -- under Obama.
Are making absolutely no sense and that is why McConnell and Boehner are leaders in congress and in the senate have to be stronger than ever know -- -- no capitulation.
But allowing President Obama -- two under staying on.
Some free market -- tested principles that work for a pro private sector agenda that we need to get the economy back on the right track.
We can not afford to back off and just hand him with the white flags waiting in front of a white flag saying here.
President we trust you you take over I agree to do it because.
Our president -- -- that arena.
I all right and -- as a -- as it relates to what you said retreat capitulation.
Here's what the president's strategy is -- class warfare it it even if he raise taxes on people private jets it's 300 million dollars it's nothing.
Scared the elderly scare veterans scare the disabled.
It seems to me that there's a way to put the shoe on the other foot here and I think what congress.
I have a plan an idea what congress would go ahead.
And they would protect Social Security raise the debt ceiling put the cuts in place at least dollar for dollar make sure that they are immediate.
And then hand it off to the senate and the president.
And then if they -- the passive and -- it then it's on their shoulders set seemed like a good short term plan until election.
Well you know I'm still not one to buy into this notion that we must incur more debt we must increase the debt -- lean.
By August 2 to otherwise you know there will be catastrophe I I still don't them.
Believe that that's necessarily the case.
And and -- -- and 200 billion dollars coming -- to the federal government every month it takes 35 billion I'm I'm sorry billion dollars we have.
35 billion dollars that we must use to service the debt fifty billion dollars that we must use to.
Right those Social Security checks two point nine billion to a -- for our military personnel and and other essentials.
You prioritize our president.
Is it essentially is suggested the other day that he's not able to prioritize as the chief executive Robert nation he -- prioritize and that's why he suggested that Social Security checks.
May not be written come August 2 tip that debt -- isn't to increase -- You pay for the essentials first and then the non -- have to get cut and they have to wait that that's so you'll reality.
So governor you wouldn't raise the debt ceiling at all -- -- like I have the numbers and try enemy for example we -- -- 200 billion dollars every month.
We have 29 billion and interest on the debt 49 billion for Social Security fifty billion Medicare Medicaid.
Two point nine as you pointed out for active military veterans affairs two point nine billion.
So there's only 39 billion left -- the basically.
You know the FBI the CIA.
All these agencies then would would risk shutting down I -- money eight EPA perhaps but.
There is a risk there at that point politically as they're not.
But see Sean there aren't departments that can be revamped to end and -- some bills that can't wait to an -- and again it's our president's job ousted the the leader of the executive -- to prioritize.
And administer those dollars that congress.
And our president obviously isn't capable of doing that because he has no plan that he can even put forward to stay here are my priorities instead.
Heat don't -- he did add some months there.
Go when he said the government would shut down if XY and -- weren't that I accomplished the military what you get paid -- be thrown under the bus many says the other day all this next go around it's going to be your seniors who get thrown an advantage -- Social Security -- This is all -- know how I agree that that -- needs to be highlighted as we've wise I just pointed out -- been pointing out.
We're not gonna go bankrupt we're gonna pay -- -- all of that senior citizens are gonna get the Social Security no matter what.
And I think it's -- you know so.
What he's doing by trying to use.
Seniors as a pawn in this debate.
You agree with that you think what he's done is calculated.
I believe that it's absolutely shameful that he is trying to scare our schemes seniors who built this country and have contributed -- invested in this country over all these years that he would threaten to.
Throw them under the bus and not write them their Social Security checks that fear mongering we just can't bite into that in and yeah.
It it is leaves me to -- mind you -- remind viewers that we can't just wave a white flag and surrender and say oh heaven forbid that.
Those threats that our president is throwing out there yesterday -- -- there are military -- those disabled who need a safety.
Net debt they're not gonna beat taking care of by their fellow citizens we -- our president has no plan to deal away at.
An economy that is going bankrupt I go.