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pavil
reply to post by Indigo5
How do we get our National Government spending in line with revenue we take in?????
I think we all would agree that we need to trim spending to achieve that. We can carry some national debt, but to do it for as long as we are, at the levels we do, is just asking for trouble, do you agree?
xuenchen
Obama has now proclaimed that raising the debt ceiling doesn't increase the debt.
LewsTherinThelamon
reply to post by xuenchen
The debt is completely pretend, anyway.
Who exactly is charging the government interest to use the money that "they" supposedly print?
Who could possibly have that kind of power?
Or, even better, who is it that the federal government is "borrowing" from if they are the ones printing the money in the first place?
The "debt ceiling" and this entire charade is such a joke. It's all just smoke and mirrors.
Here’s where the Government is different from individual people and businesses. When the Government borrows money, it doesn’t go to the bank and apply for a loan. It "issues debt." This means the Government sells Treasury marketable securities such as Treasury bills, notes, bonds and Treasury inflation-protected securities (TIPS) to other federal government agencies, individuals, businesses, state and local governments, as well as people, businesses and governments from other countries. Savings bonds are sold to individuals, corporations, associations, public and private organizations, fiduciaries, and other entities.
There is a maximum amount of debt the Government can have. This is known as the “debt ceiling.”
To raise that amount, the U.S. Treasury must get Congress to approve a new and higher limit.
Government Borrowing
strings0305
It really surprises me that no one here seems to understand what the debt ceiling actually is... The money is already spent. That means we owe the money whether we pay it off or not. Whatever damage has been done to the national debt ALREADY EXISTS. Because it exists, it needs to be paid. Raising the debt ceiling allows us to pay those debts.
If you want to rally against spending, go for it. But I'm sure everyone here knows what happens when you don't pay a credit card bill... Your credit rating goes down. Not raising the debt ceiling is the same thing as not paying off your credit card when it comes to the national debt. Sure, next month you can spend less. But RIGHT NOW, it needs to be paid.
If you want to focus on something, focus on SPENDING for next quarter/year. NOT raising the debt ceiling is bad for everyone. Cutting spending just -might- be good for everyone. (I know there's a hundred billion or two in extraneous military contracts that could be cut tomorrow without affecting national security--that might be a good place to start )
TheTalentedMrBryant
Some of you are missing the point.
To be fair, he isn't "wrong" like most of you have pointed out. However, a few of you have asked why the ceiling would even need to be raised?
It's all about maintaining credit worthiness to our creditors. If the debt ceiling isn't raised, our creditors KNOW that we have no way of paying them back. Likewise, if it is raised (regardless of whether or not we're taking on more debt) at least our creditors understand that we CAN pay them back.
buddha
one day soon
the interest will be so high.
that it will be Never pay'd off.
or has that been and gone?
Technically, your debt is increased in the eyes of a bank. when applying for a loan they take into account how much credit you have. So if you can pay back 100,00$ with the amount you make and you have credit card that have a credit limit that totals 90,000$ then you can have a loan for 10,00$ even if your balance is zero.
benrl
Seriously? It doesnt?
Well shoot I gotta go tell all my Credit cards to increase My limits cause Obama says it won't increase my debt.
While technically correct, its beyond stupid.