Obama Wants to Raise The Debt Ceiling More Eh?

[fskimospy]

Not raising the debt limit does not translate into defaulting in debt. Old debt can be rolled into into new debt. That does not affect the debt ceiling.

However, we couldn't make govt payroll, medicare payments and so forth.

Fern

Except of course for domestic reasons that US would default on its debts long before foregoing all those other things.

If we don't raise the debt ceiling I guarantee you we will default on our debt. Guar-an-tee.

 

[Jhhnn]

The way the Republicans are behaving is utterly irresponsible governance and it's bad for the country to let them get away with it. If the party controlling Congress learns that it can cause a global financial crisis every 6 months to a year and get what it wants we will have a huge problem on our hands.

They don't need to control congress- they just need 41 votes in the Senate to block any legislation.

 

[Fern]

Obama SHOULD be able to bypass Congress and have no debt limit because although it's the Treasury Department's responsibility to borrow the money that pays for the deficit, it's Congress that authorizes the deficit spending in the first place. Having the executive branch go the Congress to ask permission to borrow money to cover spending Congress authorized makes zero sense if you ask me.

I think a far better solution to have Congress pass a budget and simultaneously adjust the debt limit as needed for the authorized expenditure amount.

However, they haven't passed a budget is years (thanks to harry Reid).

Fern

 

[fskimospy]

I think a far better solution to have Congress pass a budget and simultaneously adjust the debt limit as needed for the authorized expenditure amount.

However, they haven't passed a budget is years (thanks to harry Reid).

Fern

Who cares about passing budgets? You know they are totally nonbinding resolutions that don't actually have any effect on the function of government, right? Our real budgets are passed every year in the form of appropriations bills for the various departments.

I have no idea what this fixation is that the right has about passing a budget. All the budgets passed in the past were ignored when it was convenient, they don't actually do anything, so what's the big deal?

 

[Jhhnn]

Not raising the debt limit does not translate into defaulting in debt. Old debt can be rolled into into new debt. That does not affect the debt ceiling.

However, we couldn't make govt payroll, medicare payments and so forth.

Fern

Imagine yourself on patrol in Afghanistan & your family not getting your paycheck to cover expenses, your credit rating going to hell & creditors on your spouse like white on rice...

It'd sure turn a lot of heads in the Military about which party they'll vote for...

 

[Jhhnn]

Who cares about passing budgets? You know they are totally nonbinding resolutions that don't actually have any effect on the function of government, right? Our real budgets are passed every year in the form of appropriations bills for the various departments.

I have no idea what this fixation is that the right has about passing a budget. All the budgets passed in the past were ignored when it was convenient, they don't actually do anything, so what's the big deal?

It's just a method to avoid cognitive dissonance & maintain denial. It's what makes their world turn. All the money for the wars was appropriated off-budget during the Bush years, even as the right wing punditocracy trotted out budget numbers, which were totally meaningless, other than to the Believers...

 

[First]

I think a far better solution to have Congress pass a budget and simultaneously adjust the debt limit as needed for the authorized expenditure amount.

However, they haven't passed a budget is years (thanks to harry Reid).

Fern

Jesus Fern, you really just glom onto right-wing talking points. The Senate not passing a budget is as big a non-issue issue as you can get. It doesn't actually stop anyone from doing anything WRT spending.

 

[werepossum]

Who cares about passing budgets? You know they are totally nonbinding resolutions that don't actually have any effect on the function of government, right? Our real budgets are passed every year in the form of appropriations bills for the various departments.

I have no idea what this fixation is that the right has about passing a budget. All the budgets passed in the past were ignored when it was convenient, they don't actually do anything, so what's the big deal?

Hmmm. We don't need debt limits, and we don't need budgets, so why do we need appropriations bills? Why don't we just have Obama give each department what he thinks they need?

Hell, why not just shift directly to issuing each department with an unlimited credit card? Then there would be no one left in the system to threaten a default. Obama can concentrate on his golf game, Congress can devote all its energy toward getting re-elected, and our credit rating would be infinity A. Everybody's happy.

 

[chucky2]

Hmmm. We don't need debt limits, and we don't need budgets, so why do we need appropriations bills? Why don't we just have Obama give each department what he thinks they need?

Hell, why not just shift directly to issuing each department with an unlimited credit card? Then there would be no one left in the system to threaten a default. Obama can concentrate on his golf game, Congress can devote all its energy toward getting re-elected, and our credit rating would be infinity A. Everybody's happy.

This actually sounds like a perfect idea. Even better, since there is no limit to the debt, that means it doesn't matter how high it goes. If that doesn't matter, no need for taxes really. Just make them some small token amount, say, 10% Fed., on Everyone, and call it a day. Massively scale back the IRS too. I think you're onto something there werepossum! :sneaky: