Debt Ceiling Warning! Not Another Dime!

[dellinger63]

Someone tell Washington we're getting close again. I think they need some help this time.

Not too long ago, September 22 to be exact, after much pleading and dealing the Debt Limit was raised by 500 billion to $15.194 trillion from $14.694 trillion, which it had reached. With promises and dreams of cuts a bi-partisan Super Committee was formed, resulting in broken promises and bad dreams. As of December 5, three days ago, the debt was $15.025 trillion, $331 billion of the $500 billion gone. 62% of the total amount that was raised. Dividing by the 74 days it took to spend, gives a $4.53 billion dollar a day pace. With $169 billion to go we have 37 well three days have passed so 34 days to go January 11, before we repeat the whole act again.

There is hope though as the rate of rise in the debt has slowed down considerably. Within the first 25 days the debt rose $200 billion and we were on a $8 billion/day pace so maybe the horse is being pulled up and will be turned around to head back. However the time has come to see if the horse will jump the fence. If she doesn’t we finally have some control.

Do Not Raise the Debt Ceiling Another Dime.

Tis the only way Washington will ever turn around.

http://www.treasurydirect.gov/govt/c...harts_debt.htm

[Riot]

Do Not Raise the Debt Ceiling Another Dime.

Why? Our credit rating has already been downgraded once due to those stupid debt ceiling games. We pay our bills. Saying we won't pay bills we've already incurred is ridiculous. We signed onto debt. We borrowed. We pay it.

Originally Posted by Riot

Why? Our credit rating has already been downgraded once due to those stupid debt ceiling games. We pay our bills. Saying we won't pay bills we've already incurred is ridiculous. We signed onto debt. We borrowed. We pay it.

It is mathematically impossible for us to pay our debts in full. Nice try though.

[dellinger63]

Originally Posted by Riot

Why? Our credit rating has already been downgraded once due to those stupid debt ceiling games. We pay our bills. Saying we won't pay bills we've already incurred is ridiculous. We signed onto debt. We borrowed. We pay it.

Reminds me of the story a guy goes in to his barber and asks if he can borrow ten bucks. Barber tells him, "no, you already owe me twenty". Guy says if you don't give me the ten I won't give you the twenty and walks out.

You'd be surprised to see how many programs are expendable once a priority list has to be constructed. We have enough to pay our bills we just can't have any new bills coming in and we need to renegotiate many of the agreements 'contracts' we have outstanding. I'll suggest one. The current pension obligations we have for congress and the President should be voided as the pensions of any non-military government employee who worked for less than 30yrs. It's a drop in the bucket but it's a drop and will show good faith to our creditors almost 25% of which are our seniors.

[Riot]

Originally Posted by Coach Pants

It is mathematically impossible for us to pay our debts in full. Nice try though.

Shhhhh ... I'm trying to make a point to Dell. He still doesn't understand what the debt ceiling is about.

[dellinger63]

Originally Posted by Riot

Shhhhh ... I'm trying to make a point to Dell. He still doesn't understand what the debt ceiling is about.

Are contributions to PBS and NPR more or less important than paying SS and Medicare benefits?

Repeat the question inserting (any discretionary government office/program) and you'll get the answer.

I wish Obama had used it to decide before sending Egypt $2 billion and Pakistan $1 billion.

Or currently, is creating a whole new consumer protection bureaucracy and all the staffing and money it entails more or less important than paying SS?

Washington is completely impotent when it comes to cutting anything. They need to be treated as a child, unwilling to leave the toy store w/o buying something, would.

I understand what the debt ceiling is and want to use it like a middle age Spanish ring bit to get the horse turned around and going back towards the barn. We’re presently just a few percentage points behind Greece and Italy in so far as Debt to GDP ratios so now is the time to act. To give you an idea of the seriousness, this potential catastrophe is 1,000 times more immanent and real than Global Warming! Yet something we can fix fairly easily.

And yes once the horse is turned around taxes could be raised as long as provisions are put in place dictating all new taxes go to paying down the debt and not creating some more government jobs, or given to GM, or Egypt, Pakistan, Solyndra, Goldman, Fannie/Freddie, Union teachers, cops firemen etc etc etc

[dellinger63]

Simple solution to not raising the ceiling YET AGAIN

Obama should petition congress to expedite writing a bill enacting the mandatory cuts agreed to after the failure of the Super Committee by the end of this week and sign it Friday morning. No need for more $$$$$.

[GenuineRisk]

Atheists and their human gods. Krugman is a Keynesian disciple and deceiver. He doesn't have the answers.

[Rudeboyelvis]

Originally Posted by Coach Pants

Legalize and tax the living shiz out of pot and gambling, shut down virtually all military outposts around the globe that we keep paying for in other countries unless their closure posts a credible threat to national security and are welcomed by the nation we're squatting in, and get the hell out of unprovoked wars around the world - and we could pay off our deficit within two years.

FTFY

[bigrun]

Originally Posted by GenuineRisk

Krugman and this guy, two of best writers in the business..








Oh, and this beauty too...can't leave her out...

[Riot]

Originally Posted by GenuineRisk

LOL. Hey, we have Europe, and the Bush years, to see how "conservative" financial policy works.

Not too well.

Disaster, really.

Duh.