Abolish the debt ceiling

Discussion in 'Economy' started by oldfart, Nov 17, 2012.

  1. oldfart
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    oldfart Older than dirt

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    It appears that the only other nation on the face of the earth that has a debt ceiling is Denmark. I see no useful purpose that it serves. If we want to cut spending, we cando that in the budget. The Constitution says that the federal govenment can on spend what Congress has authorized. Section 4 of the Fourteenth Amendment holds that the debt of the United States is "not to be questioned", whatever that means.

    So folks, why not just abolish the debt ceiling? If Congress approves a budget, it could simultaneously approve paying for it.
     
  2. The Infidel
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    The Infidel EVIL CONSERVATIVE

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    That'll be the day...
     
  3. C_Clayton_Jones
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    C_Clayton_Jones Diamond Member

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    The ‘debt ceiling’ is about politics, not responsible economic policy.

    Get rid of it indeed.
     
  4. The Infidel
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    The Infidel EVIL CONSERVATIVE

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    Cut the credit cards in half
     
  5. Kevin_Kennedy
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    Kevin_Kennedy Defend Liberty

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    Since they just raise it every time they come up against it you're right that they might as well just get rid of it.
     
  6. Rshermr
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    Rshermr VIP Member

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    Yup, it needs to be eliminated. It serves no purpose, except to prove to the rest of the world, and the credit rating agencies, that you can not trust the US Government. Since debt is not created by the debt limit, but is created by congress, then any new projects and commitments by our government are subject to the whims of votes of congress AFTER the fact when the debt ceiling needs to be raised to cover costs of legislation that has already been passed. That is, congress can incur new debt and then vote to not pay for it.
    The only other value of a debt limit is to provide congress with a political football to play with. But perhaps now, the negative ramifications are apparent enough to the voting public to dull the the desires of unscrupulous politicians to try to use the debt ceiling for partisan purposes.
     
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    Last edited: Nov 19, 2012
  7. Politico
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    Politico Gold Member

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    Wow amazing how many people have no clue what the debt ceiling is. Actually looking at the boner everyone pulled on election day no it's not.
     
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  8. Rshermr
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    Rshermr VIP Member

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    Who do you feel is unable to understand what the debt ceiling is? Pretty simple concept.
     
  9. EdwardBaiamonte
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    EdwardBaiamonte Gold Member

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    The debt ceiling is about living within our means so we don't end up like Greece you perfect 1000% liberal idiot!!!
     
  10. Dont Taz Me Bro
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    Dont Taz Me Bro USMB Mod Staff Member Gold Supporting Member Supporting Member

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    Except every time we hit it they just go and raise it, so what the hell is the point? If they actually stuck to it and spent responsibly then I could see it being a useful tool, but the American people have pretty much rendered it pointless.
     

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