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You know, the debt ceiling is not…is not something to toy with. That's the…the…if we hit the debt ceiling, that's the…essentially defaulting on our obligations, which is totally unprecedented in American history. The impact on the economy would be catastrophic. I mean, that would be a worse financial economic crisis than anything we saw in 2008.
A reverse argument though would be to say that increasing the debt ceiling isn't something that should be passed at will either. By continually raising the debt, you put inflationary pressures on the economy and you also increase the risk of default, which would do the same thing as Goolsbee is predicting.
If we did miraculously cap the debt ceiling to where it is now, I don't think it would be catastrophic destruction. The government would still be able to spend, it just would be forced to spend at or less than the incoming tax revenues. Essentially, it would be the equivalent of passing a balanced budget law. Sure, it would require cuts across the board, but what we're doing now is unsustainable.
Or we could have left the Bush Tax cuts expire. No problem, the Tea Party will be shutting down that evil government. That will end Social Security, Medicare and let the Military go without pay or gasoline or ammunition
Or we could have left the Bush Tax cuts expire. No problem, the Tea Party will be shutting down that evil government. That will end Social Security, Medicare and let the Military go without pay or gasoline or ammunition
But not to worry..no cuts in welfare, medicaid or Section 8 housing or food stamps.
And now schools will serve breakfast, lunch and dinner to kids so no one will starve.
Or we could have left the Bush Tax cuts expire. No problem, the Tea Party will be shutting down that evil government. That will end Social Security, Medicare and let the Military go without pay or gasoline or ammunition
Why those expenditures? Wouldn't it make much more sense to cut benefits and entitlements for those who either have NOT paid into the system for years (Social Security and Medicare recipients paid for those benefits for DECADES), or have NOT earned their pay (the military EARNS their pay)? Cut welfare benefits and entitlements. Those have been neither paid for nor earned. Why financially incentivize sloth and parasitism? That just gets us more of the same. We already have much more of both than we can afford.
We now have to borrow to make the interest payments on our debt.
See what that does..each month we owe more and more so we have to borrow more which just adds to the debt. We are in a vicious debt cycle here and none in Congress want to address this.
The folks in DC and at the Fed seem to still think we can spend out way out of debt using money we don't have.
A day of reckoning, is upon us......Folks!
Taking for granted, your life is all peaches and cream, either have already come to an end, or your going to feel the wrath soon.
The selfish "Me Generation" is going to be extinct, when it is going to take neighbor helping neighbor, to survive. Not because our government says we have to, but because you will have to.
We turned a blind eye on the power plays at the top of our nations government and we the people are going to pay the price, or lose this nation our forefathers built for us.
Either the people take back control, or plan on being dictated to, in the rest of the Earth's existence.
So if we hit the debt ceiling, which has already been raised multiple times, THEN it's catastrophic? Do you believe this?
It's only when he hit the debt ceiling that we have defaulted on our obligations? So the first $14.3T says we didn't default on our obligations?
The debt ceiling is now just another political tool to marginalize the new Congress. Raise it - the base is mad. Don't raise it - who knows.
These people are not living in reality - YET.
These people (Rep and Dem) do not live in the same world as the rest of the American citizens. Does anyone here believe for one minute that these people were ever effected (in the same way as the people they claim to be acting in the name of) by a ression or depression? These folks had/have parties with our money when millions of us sweat to make ends meet!
No! they are (acting like) nothing less than out of control teenagers whose parents (us) are afraid to disipline for fear of a having to put forth a little extra effort in order to regain control of the house. These (lawmakers) people are spoiled brats who abuse the very hands that feed them.
Let's hit the ceiling! Lets see what happens when these a-holes can't run over to the mall and spend money NONE of them have earned!
They do it because we let them!
The fact that we are here today to debate raising America's debt limit is a sign of leadership failure. It is a sign that the U.S. Government can't pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies. …
Increasing America's debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.
--Congressional Record, S.2237-8, 3/16/06 - regarding raising the debt limit in March 2006. He voted against it, but it passed 52-48.
But not to worry..no cuts in welfare, medicaid or Section 8 housing or food stamps.
And now schools will serve breakfast, lunch and dinner to kids so no one will starve.
No, if the credit limit is breached everything shuts off, even the Post Office. I sure hope the Republicans can get enough votes to approve $14 Trillion because a lot of democrats are saying they won't vote for it
No, if the credit limit is breached everything shuts off, even the Post Office. I sure hope the Republicans can get enough votes to approve $14 Trillion because a lot of democrats are saying they won't vote for it
I think the key is that the incoming Conservative Republicans want to see any raise in the debt ceiling complimented with an equal cut in spending, in writing, in the budget.
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