Quote:
Originally Posted by Riot
Not raising the debt ceiling has nothing whatsoever to do with preventing "new spending". Not raising the debt ceiling has nothing whatsoever to do with "reducing the debt".
Not raising the debt ceiling will increase our debt, as it will increase our interest rates permanently.
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How does that make any sense? If we don't raise the ceiling, we can't borrow any more money, right? So spending will HAVE to go down to a level where tax revenue alone will support.
As for interest rates going up, is that worse than speeding toward a debt level in both principal and interest that we cannot afford? The party is over and now is the time to pay down the debt and ultimately eliminate it. If our great grandchildren can see that day I'd be impressed.