{"id":13270,"date":"2021-10-17T02:54:13","date_gmt":"2021-10-17T02:54:13","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/us-senator-lummis-thanks-god-for-bitcoin-as-congress-discusses-raising-debt-ceiling\/"},"modified":"2021-10-17T02:54:13","modified_gmt":"2021-10-17T02:54:13","slug":"us-senator-lummis-thanks-god-for-bitcoin-as-congress-discusses-raising-debt-ceiling","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/us-senator-lummis-thanks-god-for-bitcoin-as-congress-discusses-raising-debt-ceiling\/","title":{"rendered":"US Senator Lummis Thanks God for Bitcoin as Congress Discusses Raising Debt Ceiling"},"content":{"rendered":"

U.S. Senator Cynthia Lummis said, \u201cThank God for bitcoin,\u201d during her speech to the Senate about raising the U.S. debt limit. \u201cBitcoin is not issued by a government, so it is not beholding to the debts that are run up by governments,\u201d she explained.<\/strong><\/p>\n

US Senator to Congress: \u2018Thank God for Bitcoin\u2019<\/h2>\n

Senator Cynthia Lummis praised bitcoin during her speech on the Senate floor last week about raising the U.S. debt limit. The senator has been a bitcoin hodler<\/a> since 2013 and has repeatedly stated that bitcoin is a great store of value<\/a>.<\/p>\n

Lummis pointed out that while lawmakers were intensely discussing raising the debt limit, \u201calmost no one is talking about the debt\u201d itself. \u201cWe are getting closer to $30 trillion. Certainly, if the spending that is being entertained by the majority party and the Biden administration passes, it will be over $30 trillion,\u201d she warned.<\/p>\n

The senator from Wyoming explained:<\/p>\n

Countries have historically tended to decline once the debt surpassed their gross domestic product.<\/p>\n

Citing the Congressional budget office stating in February that the national debt would surpass the country\u2019s GDP this year, the senator exclaimed: \u201cThe debt ceiling increase that is being discussed here is so more spending can occur without addressing our debt-to-GDP ratio. We cannot go on like this. It is irresponsible at the deepest levels.\u201d<\/p>\n

The senator warned, \u201cwe are swiftly approaching a time when we will be unable to\u201d pay our debt holders.<\/p>\n

She proceeded to share:<\/p>\n

One of the reasons that I became so interested in digital currencies, in non-fiat currencies, is because they are not issued by a government. Bitcoin is not issued by a government so it\u2019s not beholding to the debts that are run up by governments.<\/p>\n

Lummis asserted, \u201cIf we are going to let the dollar decline, having the lessons of history in front of us, and failing to act, we are truly irresponsible.\u201d<\/p>\n

She elaborated: \u201cIn the event that that contingency occurs, I want to make sure that non-fiat currencies \u2014 currencies not issued by governments, currencies not beholden to political elections \u2014 can grow, can allow people to save, can be there in the event that we fail at what we know we have to do.\u201d<\/p>\n

Noting that \u201cThere\u2019s no proof yet in the 21st century that we are going to make this right. Time and again, in the U.S. House and the Senate, time and again, presidents of both parties have run up the debt irresponsibly, with no plan to address it,\u201d the senator described, adding:<\/p>\n

So, thank God for bitcoin, and other non-fiat currencies, that transcends the irresponsibility of governments, including our own. That is an indictment of our responsibility \u2026 to address this looming, predictable, massive issue.<\/p>\n

What do you think about Senator Lummis\u2019 comments? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nEconomics, Congress, congressional, cynthia lummis, debt ceiling, debt limit, Debt to GDP ratio, gdp, thank god, thank god for bitcoin<\/p>\n","protected":false},"excerpt":{"rendered":"

U.S. Senator Cynthia Lummis said, \u201cThank God for bitcoin,\u201d during her speech to the Senate about raising the U.S. debt limit. \u201cBitcoin is not issued by a government, so it is not beholding to the debts that are run up by governments,\u201d she explained. US Senator to Congress: \u2018Thank God for Bitcoin\u2019 Senator Cynthia Lummis…<\/p>\n","protected":false},"author":0,"featured_media":13271,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13270","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13270"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13270"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13270\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13271"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13270"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13270"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13270"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}