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This morning the Treasury officially requested that Congress raise the debt ceiling. This has been a long-anticipated move and Congress cannot fail to act as the consequences would be catastrophic: think downgrading our AAA credit status – in other words, sorry China, we will not be able to pay our debts.
But, the prospect of raising the debt ceiling presents the first big hurdle for Speaker John Boehner. The Tea Party wing of his caucus will most certainly not vote for what they deem more bloated government spending. But, any economist will tell you it has to pass. So, Republicans are demanding steep spending cuts in exchange for raising the ceiling.
Originally posted by FlyersFan
SIDE NOTE .... Is Glenn Beck for or against raising the debt ceiling?
Does anyone know? Does Beck even know?
When Glenn Beck appeared on Fox Business Network with Judge Andrew Napolitano on Tuesday night to talk about whether or not to raise the debt ceiling, the segment ended up confusing the media and Beck followers alike. That prompted Beck on Thursday to come out and clarify what he meant: he supports raising the debt ceiling.
Originally posted by thecinic
Now this debt ceiling should only be raised to just exactly what we HAVE to have.. There is no need to raise the debt ceiling if they are just going to absolutely be irresponsible with the money, use it for things not needed, waste it.. ect. ect.
Originally posted by jjkenobi
Why even have a debt ceiling if every time you get close to it you can just raise it? Anyone?
Originally posted by thecinic
After nixon got rid of the gold standard that is what has let us get into this state to even being able to raise the debt ceiling...
Originally posted by Whereweheaded
We need to eradicate all politicians as the Declaration of Independence states. They are a growing cancer upon our society.
That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.
That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.
On topic: this is bad, very, very bad. The debt is staggering. Can someone please hit the reset button now?