Only one other country in the world has a debt ceiling

[Chris]

I think it is obvious at this point why having a debt ceiling is a really, really stupid thing to do.

That's why no one else does it.

False, many countries cannot obtain credit. In important first step in accumulating debt.

That's not the same thing, but nice try.

As Bill Clinton said, it's stupid for Congress to vote twice.

Once to spend the money, and then again to pay the bill they already authorized.

 

[KissMy]

I know you have all heard so much about the debt ceiling that you're probably exhausted. But I think it's important to point out a few facts because this matter has been so clouded by rhetoric.

Did you know that there is only one other country in the world that even has a debt ceiling? That's Denmark, a strange anomaly, and its debt ceiling is deliberately kept very high so that it will never need to be raised.

Why does no one else have a debt ceiling?

Because when a legislature votes to authorize spending at a certain level but authorizes tax revenues at a lower level, it is assumed that the government will have to borrow the difference.

The vote to have higher expenditures than tax revenues is - in effect - a vote to borrow money to cover the difference.

And in the United States, Congress - including Republicans - voted for a budget in which expenditures exceeded tax revenues.

The logical consequence of that budget - again, passed by Republicans and Democrats, is that the government has to make up the difference by borrowing.

To come at it now after the budget has been passed is like getting your Visa bill and calling up the company to say, "Actually we don't want to buy all that stuff we bought."

That's not how it works. First you pay the bill, then you can change your spending habits.

Fareed's Take: The damage is already done! – Global Public Square - CNN.com Blogs

Shut-up retard! The legislature never voted to authorize the spending because the Obamacrats never passed a budget!

 

[saveliberty]

I think it is obvious at this point why having a debt ceiling is a really, really stupid thing to do.

That's why no one else does it.

False, many countries cannot obtain credit. In important first step in accumulating debt.

That's not the same thing, but nice try.

As Bill Clinton said, it's stupid for Congress to vote twice.

Once to spend the money, and then again to pay the bill they already authorized.

Point 1: It is the same thing. You can't have debt unless credit has been extended.

Point 2: The Constitution set up the two step process. Bill can think whatever he wants, still has to follow the Constitution.