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They ARE digging the hole deeper, though. When your credit is downgraded, your interest rates go up, then your payments on that interest go up.
Our current debt is fixed rate. Any new debt (hopefully never) will be at a higher rate.
Quote:
Originally Posted by DC at the Ridge
Protecting our credit rating is vital to paying off our debt.
So to pay off my 5 credit cards that I have maxed out, I need to get a 6th so I can keep "living large"? Our credit rating will be lower no matter which way we go. I choose the temporary lowering of our credit rating with a balanced budget and no more debt. As the .gov starts to live within their means, they can start paying the debt down and get the credit rating back up. Try keeping your credit rating perfect as you go deeper into debt.
Thanks, Hotair, for giving up the latest news on this debacle. I appreciate not having to go back into old threads with many posts to get the latest news on what's going on. Now, if you could elaborate on more than the cartoon, that would be great for those of us confused out here who are not following this mess moment by moment.
I'll help you out...
1) Republicans said spending cuts to offset the deficit...
2) Democrats said NO... we don't want to cut spending...
3) Wall street and other countries says you better cut spending or else...
4) Democrats said Okay... we'll cut spending...
5) Republicans tried to write a bill with Democrats but the far-left want more revenue....
6) No deal was made and Republicans tried Cut, Cap, and Balance...
7) Democrats did not pass that Budget bill for purely partisan rhetoric... Budget bill killed ONCE by democrats...
8) Gang of Six made a bill, and BOTH democrats and republicans are okay with it.... except Obama... Budget bill killed TWICE by democrats...
9) Republicans said they have a spending bill and Obama REFUSES to go along with the budget bill unless Obama gets HIS agenda...
10) Both democrats and republicans draw up two separate bills..
11) Democrats said "whatever" the Republican bill is, its DOA.. Budget bill killed THREE times by democrats...
12) Here we are... who is doing the obstructing? who is doing the no compromise? Its one thing to say on TV but actions speak louder than words... except if you are liberal and believe everything the democrats say (which we have a lot of, in here)....
Thanks, Hotair, for giving up the latest news on this debacle. I appreciate not having to go back into old threads with many posts to get the latest news on what's going on. Now, if you could elaborate on more than the cartoon, that would be great for those of us confused out here who are not following this mess moment by moment.
Quick synopsis. We are at the same place that we were two weeks ago. Tea Party Terrorists will not move. They are against raising the debt ceiling at all - of course they have been saying that all the time - our mistake. We should never have believed they were rational.
Only alternatives at this point. The Reid plan or an unprecedented move by the President to invoke the 14th amendment.
Sounds like the Democrats alright... what is it they say? Any Republican bill is DOA? Wow, what compromise!
And remind us who said NO to tax increases. Who said NO to closing tax loopholes? Who said NO to President Obama's proposal that called for 4 trillion dollars in spending cuts? Remind us who WALKED away from the negotiating table 3 times?
Yeah SURE, walking AWAY from the negotiating table and devising a House GOP bill for cut, cap, and balance is called "compromise."
They ARE digging the hole deeper, though. When your credit is downgraded, your interest rates go up, then your payments on that interest go up. We are trillions of dollars in debt; for every interest point that goes up, it means we owe trillions more. That is the reality that seems to escape some people. Protecting our credit rating is vital to paying off our debt.
Why people don't understand this is beyond me. Besides, it's shameful to willlingly not pay off debts that you incurred. My fiscally conservative parents taught me that. Ironic, eh?
Sounds like the Democrats alright... what is it they say? Any Republican bill is DOA? Wow, what compromise!
Any bill that only benefits the GoP or requires a Constitutional Amendment 4 days before the Debt deadline is DoA.
But then you guys seem to be under the delusion that voting down a worthless bill that can't be implemented like Cut, Cap, and Balance means the Dems are being uncompromising meanies.
And remind us who said NO to tax increases. Who said NO to closing tax loopholes? Who said NO to President Obama's proposal that called for 4 trillion dollars in spending cuts? Remind us who WALKED away from the negotiating table 3 times?
Yeah SURE, walking AWAY from the negotiating table and devising a House GOP bill for cut, cap, and balance is called "compromise."
Who said NO tax increases? Republicans... Do you want your taxes to go up? Sorry, neither do I... they represent America, ALL of America, not just YOU... They were BOTH fine with closing loopholes, so you need to pay attention a bit more... Who said NO to Obama's spending cuts? Strangely, Obama NEVER had a plan... who walked away from the negotiating table 3 times because the other person REFUSED to back down? Gee wonder... Unfortunately for you there is more than one side of your viewpoint... I know you hate it...
The Lunatic fringe, economic terrorists, Tea party looks something like this.
They already compromised, they took 0bamaCare off the table.
BTW, "compromise" is what got us the $10 trillion in debt 0bama "inherited" and then 0bama gave us $4 trillion more in three short years.
So what are we supposed to compromise with? 0bama has added $1 trillion to the federal budget as baseline spending, and then adds $1.5 trillion in deficit spending on top of that, and we can't even get him to cut half of it.
A compromise would be 0bama agreeing to cutting $5 trillion in federal spending over ten years, and, at 0bama's spending rate, that would still see and increase the national debt of about $7 trillion.
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