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Once again, we're about to bump up against the so-called "debt ceiling", which if it's not raised in time, will put the US government in uncharted waters. If the Treasury Department is unable to pay its bills, it'll unleash a chain reaction of events, none of which would be good.
My question is thus - since the Treasury Department is obligated to pay its bills, regardless, why can't they just thumb their nose at Congress and ignore the debt ceiling, which is something that shouldn't exist in the first place? The Treasury Department, through the acts of Congress is obligated to pay for the things that Congress has passed into law - whether it be Social Security payments, interest on the debt, or the zillion and one things that it's mandated to pay for. I just don't see how failing to raise the "debt ceiling" can force the Treasury Department to renege on its obligations.
Perhaps this time we'll find out who has the biggest balls - the Treasury Department or Congress. My vote is with Treasury. What's yours?
My question is thus - since the Treasury Department is obligated to pay its bills, regardless, why can't they just thumb their nose at Congress and ignore the debt ceiling, which is something that shouldn't exist in the first place?
The purpose of the Debt Ceiling is to pressure Congress into producing balanced budgets.
The purpose of the Debt Ceiling is to pressure Congress into producing balanced budgets.
Pressure? What pressure? They keep raising the darned thing after a bunch of political grandstanding. Except for the one time they don't raise it, and we'll be in serious hot water because of it.
If Congress wants to have a balanced budget, then they need to actually pass a balanced budget.
Pressure? What pressure? They keep raising the darned thing after a bunch of political grandstanding. Except for the one time they don't raise it, and we'll be in serious hot water because of it.
If Congress wants to have a balanced budget, then they need to actually pass a balanced budget.
Don't you mean the President has to submit one first?
The purpose of the Debt Ceiling is to pressure Congress into producing balanced budgets.
No, it's to force Congress to think about the debt and deficits from time to time. No serious person believes that balanced budgets are an answer to anything.
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