[CHAMBER]National Debt Stabilization Act of 1929

[acecipher]

To our most esteemed colleagues:

We have recently been going over the fiscal status of our great nation, and have noticed one irregularity, which we hope to correct today.

We have a small, manageable national debt. It is less than our total revenue, and given our recent surplus, has not been growing.

However, that debt has resulted in some interest payments, currently of [2 credits] per quarter. This rate is low, currently one-fifth of our budgetary surplus. Unfortunately we do not have our interest payments accounted for; if we allow this to continue, our debt will grow, and the interest payments will rise with them. This will cause the debt and interest to spiral: A situation I am sure we all wish to avoid.

As such, we have a simple proposal: pay our interest, and do not allow the debt to grow.

Whereas it is best for the fiscal health of the nation to keep our debt at the current level:

Section 1: A part of the budgetary surplus will be used to pay our current interest owed, a total sum of [2c].

Section 2: The government will commit to keeping a balanced budget for the next year, and is advised to continue this practice for the forseeable future.

[Smyg]

We should rid ourselves of all debts to foreign imperialists.

[Westar]

We agree with the proposals and urge this government to spare no effort in dealing with this debt issue before it becomes a crisis.

[LordMoose]

We currently see no need to worry about debt at the moment. More good can be done with the money spent into other matters than going towards this tiny debt.

We could be investing into our nation, feeding the poor or even giving our nation a tax break.

debt is nothing to be feared as long as we don't go hamhock

[Flamelord]

While we are not inherently opposed to this idea, as has been noted the debt is not an immediately pressing issue. As such we wonder if it might be more efficient to address this when we are discussing the next budget. Then we could deal with both issues at the same time.

[acecipher]

While we are not inherently opposed to this idea, as has been noted the debt is not an immediately pressing issue. As such we wonder if it might be more efficient to address this when we are discussing the next budget. Then we could deal with both issues at the same time.

If the Respected President does wish to table the matter until then, we will be happy to.

[Flaming Bolshevik]

We see no need not to deal with it while it is still a manageable issue.

[Smyg]

Given recent aggressive British statements against our nation, we would like a Social Democratic response to the situation, and for this bill to eventually proceed in one way or another.

[Smyg]

I hope this discussion will resume shortly.

[acecipher]

We also do seek a resumption of the discussion of this proposal, but given the President's previous recalcitrance to do so, as well as his reply to the British government, we do not see any indication he actually seeks to address the matter of our debt, even when our creditors ask him to. The proposal has been laid before the Chamber, and we have invited the President to entertain a motion to table the discussion if they believe so strongly in their solution. Perhaps they merely wish to let it die here? Only their actions with regards to this bill will be able to show their true intentions.

[Flamelord]

The British government has found th answer the president gave him satisfactory, and has not further insisted upon the issue. It is also worth noting that this proposal would only address the interest upon present debt, and not the actual debt itself. As such we would appreciate it if certain other parties did not take our stance to indicate that we do not care about the financial state of our nation. Unlike others we do not feel the need to resort to fearmongering when our legislative proposals run into difficulty.

[Smyg]

Most fascinating, this.

[Luc]

Sebastião do Rego Barros, President of the Chamber of Deputies

I would like to urge the members of this house to come to some sort of conlcusion in regards to this bill! Otherwise, I will be forced to archive it.

[Snacks]

It is the belief of the Workers and Peasant's Block that, our ideological stance on the subject of foreign empires holding debt over the head of the Brazilian people aside, the people of this nation elected us all here to ensure that small financial issues like this do not become large ones. With all due honor to our Respected President, I am not entirely convinced 'efficiency' is the primary motive at play in opposition to this bill, given this body was recently forced to hold a joint session because he vetoed a measure with overwhelming support from parties across the political landscape, out of a vague and isolationist rationale.

Nonetheless, I will take his concern at face value, and make my own argument for the efficiency of this bill. What will cost the government and people of Brazil more in the long run- To enact this measure now, and insure this debt does not grow while we decide how to pay off the principal balance, or to let the debt accumulate by declining to pay our interest until we debate payment on both interest and principal and then need to pay more of both?

I believe everyone in this chamber knows that the former option is more responsible, though why it doesn't meet the Respected Presidents' standards of efficiency I could not say.

[Luc]

Sebastião do Rego Barros, President of the Chamber of Deputies

Would the delegates like to move this bill into voting? Or should more time be allocated for its debate?