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Great - Now we Raise the Debt Ceiling?

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  • #31
    Originally posted by DAL View Post
    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.
    If we dont then we are going to be a third world country

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    • #32
      Originally posted by JasperST View Post
      You still haven't learned to read. When did Pelosi take over?
      You ignore my points as usual. Your assertion that Bush and the GOP were fiscally responsible and that all of the deficits somehow began with Pelosi is laughable and completely false.

      BTW, instead of making your little snide remarks, maybe you should at least read up on the basic facts of the issues we are discussing. You are aware that Pelosi assumed duties as House Speaker in January 2007, right?

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      • #33
        Originally posted by DAL View Post
        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.
        I think it could be done, it happened a little more than a decade ago. The problem is that as soon as a surplus is achieved neither party can seem to reduce immediately eliminating the surplus with tax cuts and spending increases.

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        • #34
          If you want to be theoretical, we could raise the debt ceiling and not issue any new debt.

          If we do default, it will be very hard to issue any new debt except at exorbitant interest rates.
          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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          • #35
            Originally posted by 1042 Trooper View Post
            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
            Giving your pension back?
            Disclaimer: The writer does not represent any organization, employer, entity or other individual. The views expressed are those only of the writer. In the case of a sarcastic, facetious, nonsensical, stirring-the-pot, controversial or devil's advocate-type post, the views expressed may not even reflect those of the writer [This sig stolen from Brickcop who stole it from Frank Booth].

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            • #36
              Geithner confident Congress will raise debt limit

              WASHINGTON (AP) – Treasury Secretary Timothy Geithner (GYT'-nur) says Republicans are assuring the administration that they will pass an increase in the government's borrowing limit in time to prevent an unprecedented default on the nation's debt.

              Geithner tells NBC's "Meet the Press" that Republicans gave this assurance to President Barack Obama at a White House meeting last Wednesday.

              Geithner says Republican leaders told Obama that they recognized that they couldn't play around with the government's credit rating and he's confident Congress will act in time.

              Geithner has told congressional leaders that the U.S. will reach the current debt limit of $14.3 trillion no later than May 16. He has said he will have a few options he can use that would delay a possible government default until about July 8.
              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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              • #37
                Well that's good news... If Congress plays around with the debt ceiling like they did with the budget it could still have significant consequences.

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                • #38
                  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.
                  As much as it pains me, I have to agree with most of this. Bush spent money like a drunken liberal. Obama, however, has taken the ball and is heading to the end-zone with a speed that Bush could only imagine.
                  Originally posted by kontemplerande
                  Without Germany, you would not have won World War 2.

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                  • #39
                    If U.S. politics look too unstable, foreigners will not merely stop buying our debt; they will stop investing in the U.S.
                    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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                    • #40
                      Paulson Says Deficit Is America’s Biggest Challenge

                      Former Treasury Secretary Henry M. Paulson Jr. described the deficit as “the biggest, most fundamental economic challenge” the U.S. government is currently facing, and older generations of Americans aren’t making enough sacrifices to address it.

                      “I think as you look around the world, there are a number of Western democracies where the voters want benefits, but they don’t want to pay for them,” he said.

                      The U.S. national debt has soared to over $14 trillion. The current Treasury Secretary, Timothy Geithner, recently warned Congress that the U.S. would reach its debt limit of $14.29 trillion in mid-May.

                      “Default would cause a financial crisis potentially more severe than the crisis from which we are only now starting to recover,” Geithner wrote in his letter to lawmakers.

                      The Congressional Budget Office projects the federal debt held by the public over the next ten years will climb to $18 trillion, or 77% of GDP.

                      Paulson believes it’s possible to solve this problem by spreading sacrifices around society in a way in which it’s not too painful for any particular segment. He says the longer you wait, the more painful and tougher it will be on the next generation.

                      “All of us would like to have our children and their grandchildren grow up with at least the level of prosperity that we had” Paulson said. “In the U.S., we seem to be very selfish because the older generation is not making the sacrifices. So this is about generational equity.”

                      Public anger over the financial crisis has largely been directed towards Paulson and his former firm Goldman Sachs, once described by Rolling Stone as the “great vampire squid wrapped around the face of humanity.”

                      Many contend that it was no coincidence Paulson was a principal architect of bailouts that used taxpayers’ money to rescue Wall Street’s investment banks. His failure to save Lehman Brothers, though, continues to attract the most criticism, particularly in light of government efforts to support AIG, which benefited his old firm.

                      Victor Fung, the chairman of Li & Fung Group and moderator of yesterday’s discussion at Hong Kong University, wasted little time in questioning Paulson about his decisions during the height of the crisis.

                      The only mistake he was willing to concede during his tenure were mistakes of communication. He said that he was never able to convince the public that they had prevented a disaster that never occurred. He remains convinced that the major decisions he made at the time were the right ones.

                      Paulson says U.S. economic growth will be stronger in the second half of next year, but unemployment will be too high for a while. It will only dip down slowly and that will continue to be a problem for policymakers. The housing market that led the U.S. into the financial crisis is still “very, very fragile.”

                      http://blogs.forbes.com/robertolsen/...est-challenge/
                      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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