Raising the Debt Ceiling: A Primer

Discussion in 'Politics' started by shintao, May 30, 2011.

  1. shintao
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    If we fail to raise the debt ceiling we will not have the dollars to pay on our obligations. We owe $12.09 trillion dollars and must pay interest on that debt. If we default on our borrowing, our credit rating will tank, affecting our position in the global economic market. So, we have no choice but raise the debt ceiling.

    Either a creditor goes unpaid, or we go without something we need.

    Why We Must Raise the Debt Ceiling… : ThyBlackMan.com

    We do have a choice, we can default our borrowers, let the credit rating tank. So what then? Like other countries who have been delt this debt-kneel, the IMF steps in and corrects the situation.

    This thread isn't about cutting debt, it is about going into default and what happens next when Humpty Dumpty takes the fall.

    Other countries have defaulted and have been saved by the IMF. Maybe it is our turn to consider this alternative. Most importantly, it doesn't last forever. For those who oppose the WTO and global markets, this would be a god send to shutting down global trade and rebuilding America with new businesses willing to trade inside the United States.
     
    Last edited: May 30, 2011
  2. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    I wish I could raise my debt ceiling when I want to like the gov't does. If I tell my boss I need a raise because I spend too much he'll likely say; "Well, stop spending so much and get the f*ck out of my office!"

    We need to tell the gov't to "get the f*ck out" as well.
     
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  3. kyzr
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    kyzr Gold Member

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    WRONG....WRONG....WRONG.....WRONG....

    If the DEBT Ceiling is not raised, that means that Medicare/Medicaid gets block grants and not every dime they ask for. The medical system needs to live within its budget.

    Same for ALL of the other expenses, they will need to live within the $2.5T budget w/o BORROWING another dime.

    I hope they don't raise the DEBT CEILING.
     
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  4. shintao
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    You are saying programs all rely on borrowing from foreigners, and would have to live within the budget. Good!!
     
  5. lehr
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    lehr Member

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    if obama cant run amerika on 3.7trillion dollars for 1 yr. then destroy the economy now ! we r doing something wrong - lets find out what we r doing wrong - stop spending money on israel -the npr and acorn and planned parenthood and foreign aid and research on such things as sex life of a worm and what names for babies makes parents feel good
     
  6. LadyGunSlinger
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    LadyGunSlinger Conservative Babe Supporting Member

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    Typical liberal answer: "We're broke so we have to spend more." What kind of fucking retarded logic is that??!!
     
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  7. shintao
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    I agree, we must live within our means, not live within the means of how much we can borrow. It would also make people become more focused on government spending and make choices of where their money goes.
     
    Last edited: May 30, 2011
  8. shintao
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    That was the con answer for 8 years, and I thought the same way when Cheney said deficits don't matter.

    The question now is should we go into default, and what will be the consequences of taking that action.


    If it closes down global trade, it could mean a return of small businesses. Would it also send more Big Business scurrying for foreign shores.

    Not paying interest payments on debt might free up billions for other purposes.
     
  9. percysunshine
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    percysunshine Gold Member

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    Shin toad, as usual, has it wrong. Visa must send him an auto-printed Christmas card every year.
     
  10. Soggy in NOLA
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    Soggy in NOLA Platinum Member

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    This is all so much fear-mongering... the world will not come to an end if we don't borrow even more money.
     

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