The House passed a bill that permits the government to borrow money beyond the current debt ceiling until May. If you were in Congress, would you support or oppose this extension?
I would vote for a small extension. But address the debt within that 3 month time period. It needs fixed this year.
Bills are bills but we seriously need to have some type of consequence for spending substantially more money than what the Gov collects.
It's common sense - you don't get another credit card to continue living beyond your means and to pay off the maxed out cards you already have.
And yes, I do know it is more complicated than that! But seriously, is it really?
@Greendog, you actually think the spike in 09 is because Obama decided to put the wars "on the books?" Is this just your theory or did you actually read that somewhere? I'm just curious how a person can be so misinformed. Go to the White House Historical Data tables online and see what u think.
The debt ceiling will always rise until we get a global currency. Cause "government spending" is just a loan of money from the federal reserve-which is a private bank- like all loans there is interest, to pay the interest we borrow money from other nations. We then owe them money. We'll always owe $
OMG RJ! It means don't buy things you can't pay for without borrowing from the Chinese! Nancy Pelosi and Harry Reid would be proud of you!
Oh boy! Nancy Pelosi logic alert! Yikes!
Also.... Criticizing O without referencing Reagan and Bush is quite appropriate. Gauging O's incompetence against those who are no longer president is a complete non sequitur.
Reagan was a far better President than Obama could EVER aspire to be!
And.... Yea right...the GOP is the boogie man...... Whatever.
when I registered as a member of the Libertarian Party.
do you believe in libertarian policies?
I meant vote out our rep. Not retain.
Dang. You speak the truth.
How will we fulfill our convictions? I say we vote our own person. If we don't, this cycle will continue.
So many disagree with congress.
Yet these same people will re-elect these same people that they disagree with.
I agree with your general point.
However, The debt ceiling is permission to pay debt Congress already voted to spend. Not raising it would be like continuing to charge on your credit card but refusing to pay the bills.
Analogy: if your checking account goes into the red, and you KEEP ON SPENDING, what happens to your account??? THE DEBT INCREASES. It's common-f?cking-sense.
I like how debt haw always forget a few important points.
1. Half of the stimulus was tax cuts
2. Bush and Rs hid the cost of two wars off the books in emergency spending bills. Yet they blame O for the spike in 2008 when he put it on
3. majority of Rs in Congress were there when we had surpluses.
The repubs don't really call each other out, if they did they'd be more responsible. I find them to be quite opposite, very hypocritical. All you have to do is look at the ratio of money sent to and received by the Feds to see most red states are leeches.
The democrats had control of the house and senate and he got alot passed. And bull he compromises, he's the worst when it comes to compromising. People have said even on the left its his way or no way!
Ya because your facts are so reliable. You act more like a lib than a libertarian. Maybe you should look that up and actually have a fact or two.
You can argue, quote meaningless or biased data but it is simple math.
You cannot pay your bills on good intentions or with percentages.
Now consider if my card debt was 5x my salary ( assume $100K for ease of math). If I am spending $130k (putting $30K/yr on my card) and I increase my spending by only 1.4% my spending goes to $131,840 annually. Thus 1.4% added $1840 more debt but 500% increase added $5.
You refer to Reagan and again to percentages which are meaningless. For example: I have $1 balance on my credit card and charge a $5 burger. That's 500% increase but my debt is less than 0.06% of my income. Totally manageable....
Everyone (GOP and Dems) was involved in taking the stimulus back to help get the money into the system. Not against the idea of one time stimulus. I am very much against making that the spending level from now on.
ALL of congress has low approval ratings. Not just GOP
I also noticed how you didn't mention anything about Reagan and baby Bush getting the debt ceiling raised at will with no deals on spending cuts. That's why lice and cockroaches are more popular than 112th congress
A stimulus that GOP gladly accepted, took back to their state and spent although they voted against it because they have principles... hahaha. Reagan tripled the national debt & he's a conservative hero. GOP haven't balanced a budget since 1950s so why would anyone listen to them about economics?
Percentage data and other favorable but meaningless hype is the BS that is constantly fed to weak minded to win them to one side or another.
People need to get familiar with the facts or do themselves and everyone else a favor and stay home on election days.
You are looking at year over year increases. Obama's first year had $787B stimulus (30% extra government spending)as the baseline THEN he only grew it by 1.4%. 30% plus 1.4% is the percentage that you will find aligns with actual $ spent.
Percentages do not matter. Look at the dollars spent.
In this case was the fiscal year of the "stimulus". Boehner's plan forces a new budget to approved this resetting the cycle. He does a lousy job of explaining the issue but it is the best approach available to reign in spending.
This may help. www.cbpp.org/cms/?fa=view&id=155
In short the prez used a loophole in the congressional budget act of 1974. He submitted a insane budget every year counting on congress to reject it. If no budget is reached then spending defaults to last approved budget which...
1st term spending : Reagan 7.8% ... Bush Sr. 5.4% .... Clinton 3.2% ..... Baby Bush 7.3% ..... Obama 1.4%. GOP voted to raise debt ceiling for Reagan 18 times, Baby Bush 7 times without spending cuts or offsets. Hypocrisy is why GOP can't win elections anymore.
I am not sure how it is even possible constitutionally but even without a budget being passed spending at the proposed, but rejected, budget went on anyway. I hold everyone involved with spending anyway responsible but the prez is the CEO of the gov and is the only 1 that cud have acted alone.
We the people deserve a government smart enough to adjust for inflation and down turns in revenue. If revenue drops the gov should reduce spending to make ends meet. Mr.O submitted budgets that no one voted for. Then senate (Dem controlled) did not follow up. Both failed at their jobs....
RJ-I am with you on using the facts but believe the only credible source is the Gov itself. If they don't know then they should be the first cost cut. CBO and GAO all show spending for the past four years higher than in 2007 when we had 2 wars in full swing.
Ziplock- the rating agency's want to see that we have a plan to address the debt. They do not want to see us clear the way to borrow more.
Visa may keep sending card offers but when your personnel debt reaches 5x your annual salary you can bet they cut you off. Same with Gov.
As if logic or facts have anything to do with our government or elected officials.
I say leave leave the ceiling and cut the politicians off at the knees.
The government cannot be out of money. Tim "Turbotax" Geitner still has checks left!
Mr. Obama's rhetoric that we will default is inflammatory, intentionally misleading and perhaps the most STUPID statement ever uttered by a politician. Considering Biden's history that is a real accomplishment!
The debt we have now $16.5 T should absolutely be paid and we can become a debt free nation. But we cannot do it and continue spending (entitlements and defense). The service on the debt is $240B/ yr and the gov will get $2.9T in revenue in 2013. We can pay the bill without debt increase
Federal govt needs to get back to the intentions of our founding fathers. Negotiate foreign trade and provide for the common defense.
And stay the heck out of every thing else.
It is like in a restaurant.
You never hear a customer say "There is too much cheese on this".
You must mean cut spending! Taxes fund spending, whatever the level, and we have some arrears to pay off.
Raise more taxes. Spend far less.
Increase the debt ceiling only as a very short term measure.
Learn, America, to live with less Government largesse.
Pay your taxes.
This debt thing should work itself out if existence. The sun will still rise.
The House? All by itself?
Military should be on home soil. Lobbyist should be illegal. Politicians should pay for their own desk/pens/paper and such and be paid min. Wage. That would go a LONG WAY to fixing budget.
if you"stop spending" (whatever that means) what does that to the economy?
Tax at level to sustain, with few percentage above to repay until paid. No more borrowing. No more global policing. Remove the UN from our affairs. Partner with north and Central America to stabilize free trade.
OPPOSE!!! Quit spending already!!! My God, Washington is like a spoiled Beverly Hills kid with a maxed out credit card!!! STOP IT!!!
Sensible size of governance to defend the country, provide, infrastructure, protect national treasures, and assist states and territories in producing commerce. Allow states to do the remainder as they see fit, governed by the constitution and amendments.
If you buy the car and later decide not to pay for it, it is repossessed and you screw your credit rating.