Vote on Debt Limit increase?

[joeydb]

What would you do as a member of Congress?

[dellinger63]

Huge suprise but I'd vote as Obama did when he was in the Senate: NO

[randallscott35]

There is no backbone. We will collapse.

[somerfrost]

Originally Posted by randallscott35

There is no backbone. We will collapse.

I hate to see it raised but the ramifications of not doing so outweigh increased debt.

[joeydb]

Originally Posted by somerfrost

I hate to see it raised but the ramifications of not doing so outweigh increased debt.

Yes, IF we start to pay it down aggressively now. If not, the outcome is exactly the same and all the more permanent once we are cut off from borrowing instead of deciding to reduce the debt on our own.

[dellinger63]

Originally Posted by somerfrost

I hate to see it raised but the ramifications of not doing so outweigh increased debt.

We have to face the music someday. Better to do it while the fat lady is still singing in english.

[somerfrost]

Originally Posted by dellinger63

We have to face the music someday. Better to do it while the fat lady is still singing in english.

No, we can't cut off our heads to spite our nose...we must raise the ceiling and enact meaningful debt reduction at the same time.

[Riot]

Originally Posted by joeydb

What would you do as a member of Congress?

You have to vote yes. There isn't any option that will not irrepairably harm this country regarding our credit rating and interest rates, and our standing in the world financial community if "no" votes dominate. To think that there is a choice, is beyond absurd. This vote is not the place for anyone to "take a stand". That's stupid.

[geeker2]

Originally Posted by Riot

You have to vote yes. There isn't any option that will not irrepairably harm this country regarding our credit rating and interest rates, and our standing in the world financial community if "no" votes dominate. To think that there is a choice, is beyond absurd. This vote is not the place for anyone to "take a stand". That's stupid.

Actually you don't. Just because the debt limit isn't raised it doesn't mean we will not make the interest payment on the debt. It just means the government would have to divert payments from elsewhere. You know it's kind of like spending what you can afford.

Maybe they should start by cutting all those flights on Air Force One and wasted congressional trips abroad.....

[Riot]

Originally Posted by geeker2

Actually you don't. Just because the debt limit isn't raised it doesn't mean we will not make the interest payment on the debt.

It does mean our credit rating is immediately and permanently impacted, and that interest rate has now skyrocketed. Let alone the impact on the world markets. Thinking there is no serious, long-term consequences is absurdly wrong.

So that's "actually, you do".

[dellinger63]

[quote=Riot;770201]

Actually you do. It does mean our credit rating is immediately impacted, and that interest rate has now skyrocketed. Thinking there is no "real" consequences is absurd.

What happens in 10-20 years when GDP equals or is less than our interest payment and no one but Cash-For-Gold is willing to give us money? Or will we keep printing monay and a gallon of milk will cost $2K?

[Riot]

[quote=dellinger63;770205]

Originally Posted by Riot

What happens in 10-20 years when GDP equals or is less than our interest payment and no one but Cash-For-Gold is willing to give us money? Or will keep printing monay and a gallon of milk will cost $2K?

You don't fix that by refusing to raise the debt ceiling. Do you?

[geeker2]

Originally Posted by Riot

It does mean our credit rating is immediately and permanently impacted, and that interest rate has now skyrocketed. Let alone the impact on the world markets. Thinking there is no serious, long-term consequences is absurdly wrong.

So that's "actually, you do".

Actually it's the Debt that threatens the U.S. credit rating -just ask S&P.

So if you cut spending and stop borrowing you have a winner - so actually you don't.

[Riot]

Originally Posted by geeker2

Actually it's the Debt that threatens the U.S. credit rating -just ask S&P.

So if you cut spending and stop borrowing you have a winner - so actually you don't.

Not raising the debt ceiling isn't an action that cuts spending and borrowing, is it?

And what what type of talk has negatively influenced that recent S & P announcement? Oh, yeah - politicos yammering on about doing something completely idiotic, not raising the debt ceiling.