71% Of US Do NOT Want Debt Ceiling Raised

[Annie]

Not too realistic, especially where the most want cuts, but telling:

Public strongly opposes debt ceiling increase: Reuters/Ipsos | Reuters

Public strongly opposes debt ceiling increase: Reuters/Ipsos

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Analysis & Opinion

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By Andy Sullivan

WASHINGTON | Wed Jan 12, 2011 7:23am EST

WASHINGTON (Reuters) - The U.S. public overwhelmingly opposes raising the country's debt limit even though failure to do so could hurt America's international standing and push up borrowing costs, according to a Reuters/Ipsos poll released on Wednesday.

Some 71 percent of those surveyed oppose increasing the borrowing authority, the focus of a brewing political battle over federal spending. Only 18 percent support an increase

The poll underscores the tough task ahead for U.S. lawmakers as the debt nears its current ceiling of $14.3 trillion. Treasury Secretary Timothy Geithner last week warned that a failure to raise the borrowing limit in the coming months could lead to "catastrophic economic consequences".

Republicans, who won control of the House of Representatives in November on a promise to scale back government, hope to pair any debt-ceiling hike with a commitment from President Barack Obama to reduce long-term spending...

 

[frazzledgear]

Not too realistic, especially where the most want cuts, but telling:

Public strongly opposes debt ceiling increase: Reuters/Ipsos | Reuters

Public strongly opposes debt ceiling increase: Reuters/Ipsos

*
* Twitter Tweet This
* LinkedInShare on LinkedIn
* Facebook Share on Facebook
* 5diggsdigg

Related News

* Obama approval rises as economy improves: Reuters/Ipsos poll
Wed, Jan 12 2011
* Analysis: Bond market in spotlight as budget battle looms
Mon, Jan 10 2011
* Republicans acknowledge debt limit should rise
Thu, Jan 6 2011
* Republicans acknowledge debt limit should rise
Thu, Jan 6 2011
* House budget chairman says deeper cuts ahead
Thu, Jan 6 2011

Analysis & Opinion

* Washington Extra – It’s genetic
* 5 retirement security threats to watch in 2011

By Andy Sullivan

WASHINGTON | Wed Jan 12, 2011 7:23am EST

WASHINGTON (Reuters) - The U.S. public overwhelmingly opposes raising the country's debt limit even though failure to do so could hurt America's international standing and push up borrowing costs, according to a Reuters/Ipsos poll released on Wednesday.

Some 71 percent of those surveyed oppose increasing the borrowing authority, the focus of a brewing political battle over federal spending. Only 18 percent support an increase

The poll underscores the tough task ahead for U.S. lawmakers as the debt nears its current ceiling of $14.3 trillion. Treasury Secretary Timothy Geithner last week warned that a failure to raise the borrowing limit in the coming months could lead to "catastrophic economic consequences".

Republicans, who won control of the House of Representatives in November on a promise to scale back government, hope to pair any debt-ceiling hike with a commitment from President Barack Obama to reduce long-term spending...

They may not want it raised -but it will be. Neither party wants to be the one that allowed the US to lose its credit rating and all the terrible consequences that would result from that. As it is Moody's has given its SECOND warning to the US to get control of spending or have its credit rating reduced.

I understand why people think it shouldn't be increased. They naturally believe this is just government's way of avoiding getting a handle on spending (and for too many it is) and similar to finding you have reached your credit card max with your out of control spending -and instead of coming to grips with the out of control spending, just ask the credit card company to raise your max so you can keep spending yourself into bankruptcy and debt you can never pay off.

But not raising the debt limit really will bring economic disaster. It would make getting control of our debt even harder, the cost of government borrowing would greatly increase and the risk of total collapse takes a major jump. It would mean the US losing its triple A credit rating as a POORER RISK to loan money to at all and a lower credit rating means the US would be viewed as LESS likely to pay it back at all and some refuse to loan money to the US at all and those who would only willing to do so at a much higher interest rate. Which means it would INCREASE our debt even more. None of this would be a good thing. If they would ask people a question about the debt ceiling in context with the consequences that will happen if it isn't raised, I would expect a totally different result.

Better if Republicans put strings attached to raising it -deciding it will be raised X amount for the following year -just enough to be adequate for the current budget - during which major cuts in spending will have to take place instead of more increases in spending -and avoid the really bad consequences that will happen if the debt ceiling isn't raised.

 

[Article 15]

I don't want the debt ceiling raised either, however, my silly grasp on reality tells me that we don't have much choice at this juncture.

 

[editec]

I don't doubt it.

Of course I'd like to see the wording of the poll, too.

Do people even know what not "raising the country's debt limit" would mean?

If they weren't told what it would mean, then really...this is nothing but a PUSH POLL

 

[Sarah G]

It will be raised and the Teaparty/Republicans will also vote for it. Guaranteed.

 

[jillian]

I don't want the debt ceiling raised either, however, my silly grasp on reality tells me that we don't have much choice at this juncture.

it's that whole fact-based reality thing.

stop it!

my own bet is that most people don't know what the debt ceiling is or what happens if they don't raise it.

so there ya go.

 

[editec]

You don't want that debt ceiling raised?


Okay start withdrawling the troops out of our central Asian wars immediately.

Because otherwise they're going to be stranded there without supplies, a ride home or paychecks.

 

[Toro]

Debt is merely a residual to fiscal policy.

People say they don't want the debt ceiling raised. That's nice. They say they want the deficit cut. That's nice too. But they also don't want their taxes raised and their spending cut. They want someone else to pay for it, not them.

Until people realize and accept there is a tangible cost to themselves, this is not going to be resolved.

 

[editec]

Spot on, Toro.

 

[Lumpy 1]

Well...I don't believe we have much choice but Obama sure flip-flopped..

-----------------------

While President Obama’s economic advisor Austin Goolsbee argued Sunday that a refusal by the Senate to increase the government’s debt ceiling (currently $14.3 trillion) would be “catastrophic” and a sign of “insanity,” that’s not the position the president has held in the past.

Here are Obama’s thoughts on the debt limit in 2006, when he voted against increasing the ceiling:

The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.

In 2007 and in 2008, when the Senate voted to increase the limit by $850 billion and $800 billion respectively, Obama did not bother to vote. (He did vote for TARP, which increased the debt limit by $700 billion.)

Obama: Not Always a Fan of Upping Debt Ceiling - By Katrina Trinko - The Corner - National Review Online

 

[Madeline]

I'd like to pretend I know where this "debt ceiling" comes from, but I don't. Can I have a brief explanation, please? Is there a legal limit on our debt load?

Thankies.

 

[California Girl]

I don't want the debt ceiling raised either, however, my silly grasp on reality tells me that we don't have much choice at this juncture.

True. But, you could vote for someone who's not gonna spend us into oblivion. Just an idea.

 

[editec]

I'd like to pretend I know where this "debt ceiling" comes from, but I don't. Can I have a brief explanation, please? Is there a legal limit on our debt load?

Thankies.

Yes.

This authorizes the government to borrow more money to keep government going.

If that limit is not raised?

They will not be able to pay for the ONGOING responsibilities that the government handles.

I mean I can see exactly why people who object to deficiet spending think this might be a good thing, of course.

But the immediate outcome is disasterous...so disaterous that there will be no longer term benefit.

Like many of you I believe the government ought to be spending less and cutting much.

But this is surely NOT the way to do it.

 

[Madeline]

Where is this law? Is it embedded in the annual budget?

 

[Article 15]

I don't want the debt ceiling raised either, however, my silly grasp on reality tells me that we don't have much choice at this juncture.

True. But, you could vote for someone who's not gonna spend us into oblivion. Just an idea.

And that is who, exactly?

What I'm looking for is someone to come forward with a realistic plan of increasing revenue and reducing spending in all areas over the next couple of years until we are in the black and actually paying the debt down. Then once there, revisiting the issue and forming a plan to reduce overall taxes and spending simultaneously while still paying down the debt.

 

[PLYMCO_PILGRIM]

I definately don't want the debt ceiling raised personally.

However, I dont want us defaulting on our debts that we have incurred either as this would destroy whats left of our economy, our nations wealth, and our nation as a whole.


We need the politicians who we let run this country to just stop ADDING to the debt.....after raising it this last time we can not approve any further defecit budgets and need to (i can't believe i am going to say this) raise some taxes with VERY EXPLICIT temporary terms written into the raise of taxes that says WITHOUT EXCEPTION that after x number of years the tax goes away no matter what.

Or we need to drastically cut military spending through closing bases in countries such as germany, japan, and any other nation that isn't in turmoil where our troops are IN ADDITION TO cutting spending on entitlements and safety net programs. We have to do the second part VERY slow or you will end up with Watts type riots and politicians offering up solutions to said riots that give the government even more power over our god given liberties.

Thats my opinion anyway.

 

[Quantum Windbag]

I don't want the debt ceiling raised either, however, my silly grasp on reality tells me that we don't have much choice at this juncture.

And my silly grasp on reality tells me their is always a choice. We are going to have to fact the fact that we cannot indefinitely extend the debt without paying the price, and I think it would be better to face the facts now then 10 years down the road when the world refuses to let us extend the debt.

I also wonder just how bad actually refusing to borrow more money would be if we do not default on the existing debt.

 

[Quantum Windbag]

I'd like to pretend I know where this "debt ceiling" comes from, but I don't. Can I have a brief explanation, please? Is there a legal limit on our debt load?

Thankies.

Yes.

This authorizes the government to borrow more money to keep government going.

If that limit is not raised?

They will not be able to pay for the ONGOING responsibilities that the government handles.

I mean I can see exactly why people who object to deficiet spending think this might be a good thing, of course.

But the immediate outcome is disasterous...so disaterous that there will be no longer term benefit.

Like many of you I believe the government ought to be spending less and cutting much.

But this is surely NOT the way to do it.

Where is it declared that we have to keep paying for all those ongoing responsibilities? Why do we have to give tax breaks to giant corporations to grow food that they will grow without those tax breaks? Why do we have tax policies that encourage farmers to forgo growing food crops and to grow corn for ethanol production, a process that has a net negative impact on the environment? Why do we need to keep up a level of military overseas that requires us to maintain bases in countries that want us to leave?

I could go on, but I think you get the idea. Our ongoing responsibilities, as you call them, are the problem here, and we need to start reducing them so we do not need to increase the debt ceiling every tow years just to avoid facing the inevitable problems that we keep putting off.

 

[Modbert]

[ame]http://www.youtube.com/watch?v=XIX0ZDqDljA[/ame]

 

[Modbert]

Debt is merely a residual to fiscal policy.

People say they don't want the debt ceiling raised. That's nice. They say they want the deficit cut. That's nice too. But they also don't want their taxes raised and their spending cut. They want someone else to pay for it, not them.

Until people realize and accept there is a tangible cost to themselves, this is not going to be resolved.

Pretty much.