Day: July 6, 2011

Cut, Cap And Balance Pledge

Cut, Cap And Balance Pledge
By Bob Guzzardi


Congressman Mike Kelly (R-PA3) and US Senator Pat Toomey have signed the Cut, Cap and Balance Pledge for Fiscal Common Sense and for or the productive Forgotten Taxpayer.

FYI The Democrats have signed the “Spend, Borrow and Tax Pledge”

THE PLEDGE

I pledge to urge my Senators and Member of the House of Representatives to oppose any debt limit increase unless all three of the following conditions have been met:

  • Cut – Substantial cuts in spending that will reduce the deficit next year and thereafter.
  • Cap – Enforceable spending caps that will put federal spending on a path to a balanced budget.
  • Balance – Congressional passage of a Balanced Budget Amendment to the U.S. Constitution — but only if it includes both a spending limitation and a super-majority for raising taxes, in addition to balancing revenues and expenses.


HOW YOU CAN HELP

1. Sign the Pledge   2. Spread the word on Facebook and Twitter

 

Cut, Cap And Balance Pledge

Eric Cantor Betting Against T-Bonds?

Eric Cantor Betting Against T-Bonds? — Old friend Tom Flocco of Upper Providence has noted that Congressman Eric Cantor (R-Va7) who led the walkout in negotiations regarding the raising of the debt ceiling has money invested in a fund that will rise if Treasury Bonds drop as would happen if the debt ceiling is not raised.

It’s a subject being discussed with suspicion at numerous small harbors on the great sea of the world wide web.

The fund is ProShares Trust Ultrashort 20+ Year Treasury ETF. Cantor has $15,000 invested in it as part of a diversified portfolio — which also includes Treasury Bonds.

If one has a halfway-decent money manager one very well might have similar amount of money in that fund or a similar one.

It has been said — by the left-leaning Daily Kos no less — that Cantor sabotaging U.S. Treasury Bonds to benefit his ProShares fund would be like burning down a “million dollar mansion to collect 100 grand in fire insurance.”


Eric Cantor Betting Against T-Bonds?