hortysir
In Memorial of 47
If the debt ceiling is not raised, the government will default on its financial obligations. If you run out of money, cant increase your income, and cant borrow, what do you do? Your creditors lineup and you pay what you can and the rest have to wait. The same thing would happen with the government but its quite a bit more serious. For example, the government pays the troops fighting overseas, but doesnt pay contractors. Then just about everyone who has US Savings bond turns them in for redemption. About 12 trillion dollars in treasury bills and notes would be dumped on the open market. In the US and abroad, US dollars would be exchanged for just about any currency driving the value of the dollar down to pennies bringing on hyperinflation. I dont think I need to go any further with this doomsday scenario, as it will never happen because no political party would be foolish enough to pursue this course. But what could happen in this high stakes game of chicken, interest rates on treasuries followed by other interest rates could sky rocket, pushing the economy into another recession.It's not about "wanting to see the country fail"
You can't be "fiscally responsible" by raising the debt limit.
My credit cards are maxed out.
Does it make sense to go and borrow money to pay them down so I can go out and buy more stuff?
WE ARE FUCKING BROKE.
Turn off the lights, shut the door, and flip the sign
It is responsible to spend more than you earn, but it is far more irresponsible to refuse to pay your creditors.
That's when ya go out and get a second job (raise revenue) and eat Ramon noodles (cut spending).
You DO NOT take out ANOTHER loan.