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Great - Now we Raise the Debt Ceiling?

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  • #16
    It's politics of course but not accurate to think of it as a tit for tat scenario. Fact is, the debt goes way up when Democrats control congress. Bush was doing OK until madam Pelosi and crew took over. The only anchor slowing them down at all is the Republicans control of the House.

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    • #17
      Originally posted by eric_farang_bah View Post
      we do NOT have to raise the Debt ceiling as long as we ensure things are paid off when due and arrange for others
      Do you have $10 trillion to spare?
      Facts do not cease to exist because they are ignored. -- Aldous Huxley
      Two things are infinite: the universe and human stupidity. -- Albert Einstein

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      • #18
        Originally posted by DAL View Post
        Do you have $10 trillion to spare?
        Hey, look at it this way- WHO THE HELL CAN "FORECLOSE" on us?......
        "we're americans ! We don't quit because we're wrong, we just keep doing it wrong UNTIL it turns out Right"...

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        • #19
          We're too big to fail.

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          • #20
            Originally posted by avalon42 View Post
            Obummer is going to re-run to the tune of $1B for his re-election campaign. He's got blank checks and he's been writing it to whomever and whenever he pleases. All of his idiot supporters are gonna whine that 4 years is not enough to unscrew the damage GWB did (I did not like GWB btw), so by 2016 we'll all be sold off as servants to various Chinese families.
            I ain't going down with out a FIGHT!

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            • #21
              Noted that none of the Lib trolls have mouthed on this thread yet.....

              Carry on....

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              • #22
                Originally posted by DOAcop38 View Post

                Hey, look at it this way- WHO THE HELL CAN "FORECLOSE" on us?......
                You have a point!


                Originally posted by avalon42 View Post

                ….by 2016 we'll all be sold off as servants to various Chinese families.


                Originally posted by westside popo View Post

                I ain't going down with out a FIGHT!
                Looks around house.... AR- check. Extra magazines- check. 3 billions rounds of 5.56- .... I gotta buy more ammo!
                "Blaming the prince of the fools should not blind anyone to the vast confederacy of fools that made him their prince" - Unknown Author
                ______________________________________________

                "That government is best which governs the least, because its people discipline themselves." - Thomas Jefferson
                ______________________________________________

                “There are two ways to conquer and enslave a nation. One is by the sword. The other is by debt.” - John Adams

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                • #23
                  China holds less than $1 trillion in US debt. Japan holds almost as much.

                  The Federal Reserve holds around $4 - 5 trillion (it's been going up due to QE2).

                  American citizens, including banks, pension funds, mutual funds and savings bond accounts, hold around $3 billion total. So if we repudiated this debt, we would need another bail-out, which we would be unable to finance.
                  Facts do not cease to exist because they are ignored. -- Aldous Huxley
                  Two things are infinite: the universe and human stupidity. -- Albert Einstein

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                  • #24
                    Let's say the Republicans get their way and we cut 5 trillion dollars from the debt by 2022. Are we talking 5 trillion dollars from the debt itself? Or is it cutting our yearly deficit every year for a total of 5 trillion?

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                    • #25
                      This won't even touch the debt. It will reduce by how much we go into deficit. It would be laughable if not so devastating in its effect
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                      • #26
                        Originally posted by 1042 Trooper View Post
                        I think not. I say shut off the money and let the chips fall where they may. This is just one more Obama lie. First he votes against it, now he wants it.

                        What a fool. Live with it, Barry.
                        A default on the Government debt would almost instantaneously transform America from a superpower into a third world country, and it would most certainly tank our economy and most likely the world economy with it.

                        Also I am not sure where the "lie" is, as Obama never promised that he would not allow the debt ceiling to be raised during his Presidency.

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                        • #27
                          Originally posted by JasperST View Post
                          It's politics of course but not accurate to think of it as a tit for tat scenario. Fact is, the debt goes way up when Democrats control congress. Bush was doing OK until madam Pelosi and crew took over. The only anchor slowing them down at all is the Republicans control of the House.


                          That is some serious historical revisionism there. Bush began his term with a budget surplus (which was achieved with much prodding from the GOP). It seems as though the GOP jettisoned their fiscal conservative principles entirely at the dawn of the new millennium. Bush and the GOP cut taxes without any spending cuts to ofset the revenue loss. They began two expensive wars, added a huge new Medicare entitlement, and spent money on all sorts of other programs without increasing revenue. This was prior to 2007. Most of our systemic debt problem predates Obama.
                          Last edited by BigPat; 04-14-2011, 06:29 PM.

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                          • #28
                            Originally posted by DAL View Post
                            Do you have $10 trillion to spare?
                            The debt ceiling is like a credit card and its spending limit. You dont have to pay the $10,000,000,000,000 off at once all you need is to pay off some then you can use that amont when needed. Like a family struggling to get by.

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                            • #29
                              Originally posted by BigPat View Post


                              That is some serious historical revisionism there. Bush began his term with a budget surplus (which was achieved with much prodding from the GOP). It seems as though the GOP jettisoned their fiscal conservative principles entirely at the dawn of the new millennium. Bush and the GOP cut taxes without any spending cuts to ofset the revenue loss. They began two expensive wars, added a huge new Medicare entitlement, and spent money on all sorts of other programs without increasing revenue. This was prior to 2007. Most of our systemic debt problem predates Obama.
                              You still haven't learned to read. When did Pelosi take over?

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                              • #30
                                The national debt is more than $14.3 trillion. With a deficit of somewhere around $1.4 trillion per year, the possibility that we could enact a budget with a surplus, which is what is needed to pay down even a small amount of debt, is remote.
                                Facts do not cease to exist because they are ignored. -- Aldous Huxley
                                Two things are infinite: the universe and human stupidity. -- Albert Einstein

                                Comment

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