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What is the difference between having no debt ceiling and having a debt ceiling that is increased every year anyway?
The latter requires effort.
If they can't be bothered to put in the effort to actually do their jobs and raise the debt ceiling through the proper legislative process, they shouldn't be allowed to raise spending to infinity and beyond.
TBH zero base budgeting with a mandatory balanced budget requirement should be required every single fiscal year. No more of this "this program should continue in perpetuity because reasons" crap. If we can't justify the expenditure, it gets cut. Period.
No surprise. These are the same sort of people who think living on credit cards is a viable life choice. You know, those smart enough to spend half of what little earnings they have on interest every month. The bankers love these kinds of suckers.
The debt ceiling is an idiotic invention. It pertains to paying bills already agreed to, not new spending.
This one. ^^^^^^
Right now, a spending bill is APPROVED, but you can't spend it because of the debt ceiling. It makes absolutely NO sense, except for it gets the uneducated up in arms because it sounds like "something."
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Right now, a spending bill is APPROVED, but you can't spend it because of the debt ceiling. It makes absolutely NO sense, except for it gets the uneducated up in arms because it sounds like "something."
Like a credit card. You approved spending $1000 but your CC is maxed out so you vote yourself an increase of $1000 to cover your spending.
The US didn't get to be $29 trillion in debt by being fiscally responsible.
We spend $7 trillion yet only bring in $4 trillion.
Right now, a spending bill is APPROVED, but you can't spend it because of the debt ceiling. It makes absolutely NO sense, except for it gets the uneducated up in arms because it sounds like "something."
Agree. Now, if we actually want to have a debt ceiling, then we should change the way it is applied - proactively instead of retroactively. Then no spending bill could pass until AFTER the debt ceiling was raised, although a better option is to have a balanced budget amendment.
Agree. Now, if we actually want to have a debt ceiling, then we should change the way it is applied - proactively instead of retroactively. Then no spending bill could pass until AFTER the debt ceiling was raised, although a better option is to have a balanced budget amendment.
Yes, this. ^^^^^ All of it.
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I have learned that most people do not know what the debt ceiling actually is. Here is a very understandable definition direct from whitehouse.gov:
QUOTED EXCERPT, my italics:
"The debt limit is a ceiling imposed by Congress on the amount of debt that the U.S. Federal government can have outstanding. This limit has been set at $28.4 trillion since August 1st, 2021.
"It is also important to note that the debt limit is not a forward-looking budgeting tool that reveals what policymakers think are ideal levels of spending and revenue. Rather, it reflects the spending and revenue decisions debated and enacted in prior years by prior Congresses and Administrations; in fact, 97 percent of the current national debt stems from policy choices made before the Biden Administration took office in January 2021—choices made by both parties on their own and in a bipartisan fashion. The debt limit is the amount that the U.S. Treasury can borrow to pay the bills that have become due based on these prior policy decisions." [END QUOTED EXCERPT]
Right now, a spending bill is APPROVED, but you can't spend it because of the debt ceiling. It makes absolutely NO sense, except for it gets the uneducated up in arms because it sounds like "something."
Not quite accurate. The spending bill was approved, you spent it, but now you can't PAY for it until the debt ceiling is raised. So every so often we're left with the real possibility that the US could default on its obligations. That Social Security checks might not get issued. That government contractors won't get paid. That if I try to cash in a US bond I won't be able to get my money out of it.
Then everyone realizes this would be a disaster and the ceiling gets raised.
The debt ceiling is an idiotic invention. It pertains to paying bills already agreed to, not new spending.
The debt ceiling has never prevented Congress from spending.
The ceiling then becomes another opportunity for political grandstanding.
Increasing the ceiling typically calls for more spending to get it passed.
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