Thoughts on the debt ceiling .

[INTIMADATOR2007]

Whats your take on what is going on with our out of control congress on both sides of the isle. Dont they understand our country is more important than the next election .

[mrveggieman]

Whats your take on what is going on with our out of control congress on both sides of the isle. Dont they understand our country is more important than the next election .

I don't think that any politician regardless of their party understands that.

[duane1969]

If they do their jobs and cut spending (something EVERY politician promises when trying to get elected but never really does) then there would be no need for a debt ceiling because we would not be spending more than is taken in on taxes.

As far as I am concerned, raising the debt ceiling is an admission of intent to continue deficit spending.

[pghin08]

It's a short thread, but I like it. Both parties are at fault when it comes to overspending, and both were at fault with the debt impasse.

We HAD to raise the ceiling at this point. There was no way around it. You can't come up with a deficit elimination in the span of two months. A lot of people underestimate how bad a US default would have been. In a globalized marketplace, systemic risk is a very powerful thing, as we saw in 2008. The moral of the story in the markets would have been "If the US can default, anyone can".

I sincerely hope that this is a first step towards a more comprehensive budget plan. I was just reading a month or so ago that AARP (who really runs Washington) even admitted that we need to overhaul Social Security and Medicare. They're nothing short of Ponzi schemes, and they promised the American people way more than they can deliver. Hopefully the rest of the Baby Boomers (and those who are even older) can recognize that they too have to make sacrifices, and this includes admission that they can't get everything they were promised, so that the generations below them don't have to bear their entire burden.

[Star_Cards]

Whats your take on what is going on with our out of control congress on both sides of the isle. Dont they understand our country is more important than the next election .

this is pretty much all they think about. Keeping their job is their typical priority and it shows. I think if they had term limits for every political position that may make a difference.

[texansrangerfan73]

raising the debt ceiling is an admission of intent to continue deficit spending.

Bingo there it is!!!!! It really sux to be indebted to the communist abroad.

[pghin08]

Bingo there it is!!!!! It really sux to be indebted to the communist abroad.

We're not really indebted to a lot of "Communists"

The biggest foreign holders of US debt:

1. China- If you still think China is really a communist marketplace, get out of the 1970s. China is a market economy.

2. Japan- No.

3. The UK- No.

4. Brazil- No.

5. Taiwan- No.

[texansrangerfan73]

Well opinions vary. Maybe we should just be under the Crown again.

[pghin08]

Well opinions vary. Maybe we should just be under the Crown again.

Being a Communist country/market isn't an opinion. It either is or isn't.

[*censored*]

It's bad that we had to do it again, but largely inevitable considering the sense of entitlement and "GIMME IT, IT'S MINE!" mentality that everyone in this country has now.

It's also stupid that the Republicans are complaining and fighting it when their hero Reagan raised it something like 29 times.

For the record, per the Congressional Budget Office, the debt increase by presidential term...

Carter: -0.4%
Reagan 1: 49%
Reagan 2: 40.2%
GHW Bush: 32.7%
Clinton 1: 13.2%
Clinton 2: -0.2%
GW Bush 1: 22.8%
GW Bush 2: 18.7%
Obama: 12.5%

Note the severe lack of negative numbers when compared to the massive positive numbers.