Vote on Debt Limit increase?

[dellinger63]

Originally Posted by Riot

Sigh Let's take away our ability to have ready cash flow to pay our bills, and say we will no longer pay our compounding and ever-increasing interest on our debt! That will show our creditors we are serious.

Yea act like a crack addict and apply for more credit. That will show our creditors (China). Like a normal american family in financial trouble credit cards need to be cut in half and we need to make due with what we have. No more money for Fannie, Freddie or USPO or any of our other deadbeat relatives.

[Riot]

Originally Posted by dellinger63

Yea act like a crack addict and apply for more credit. That will show our creditors (China). Like a normal american family in financial trouble credit cards need to be cut in half and we need to make due with what we have. No more money for Fannie, Freddie or USPO or any of our other deadbeat relatives.

The debt ceiling is far more than just a credit card, Dell. That is certainly NOT what it's main purpose is. There seems to be some misunderstanding, that the debt ceiling is "that's all we can spend". No. That is NOT it's purpose.

Freezing it doesn't keep us only spending a certain amount, like some arbitrary limit to "paycheck" income - it makes us default on our loans because we can't pay, because we don't have the ebb and flow capability within our own financial systems and internationally to transfer money readily to meet our obligations. Can you understand the difference?

To do what you wish, we would need billions in cash literally sitting in a bank somewhere. You understand that doesn't exist, that's not how it works, right?

[Danzig]

http://www.slate.com/id/2293892/

[Riot]

Originally Posted by Danzig

http://www.slate.com/id/2293892/

Aya, yup

[dellinger63]

Oh I know it will pass, freddie, fannie and the PO will be bailed out once again, Pakistan will get its aid etc etc etc. and the 60% of households who pay taxes will again argue who will pick up the tab!

Sickening

[Nascar1966]

If the debt ceiling is raised then the Dems will spend more money that this country doesn't have. How could the debt be cut? Send the troops home from Iraq, Afghanistan, and quit this so-called fued with Libya. Ever time Nato or the UN cries for this country's help like they do all the time, help out a little bit but this county shouldn't be the country that is paying the most of the time for t
their causes.

[joeydb]

Originally Posted by Nascar1966

If the debt ceiling is raised then the Dems will spend more money that this country doesn't have. How could the debt be cut? Send the troops home from Iraq, Afghanistan, and quit this so-called fued with Libya. Ever time Nato or the UN cries for this country's help like they do all the time, help out a little bit but this county shouldn't be the country that is paying the most of the time for t
their causes.

While you're at it, bring home the troops from South Korea and Eastern Europe also. The Korean War and World War II, respectively, were a looong time ago.

Remember a couple of years ago when we had to bear the Democratic talking point "America's addiction to oil", as if an engine is addicted to the fuel it is designed to use? In this case it's more along the lines of "Congress' addiction to your tax dollars." They just can't stop themselves from spending, like the crack addict mentioned a couple of posts previous to this.

[joeydb]

Originally Posted by Riot

The debt ceiling is far more than just a credit card, Dell. That is certainly NOT what it's main purpose is. There seems to be some misunderstanding, that the debt ceiling is "that's all we can spend". No. That is NOT it's purpose.

Freezing it doesn't keep us only spending a certain amount, like some arbitrary limit to "paycheck" income - it makes us default on our loans because we can't pay, because we don't have the ebb and flow capability within our own financial systems and internationally to transfer money readily to meet our obligations. Can you understand the difference?

To do what you wish, we would need billions in cash literally sitting in a bank somewhere. You understand that doesn't exist, that's not how it works, right?

OK, jumping off from your point though, it sounds like "we need to borrow more or we'll default on our existing debt." That doesn't make much sense. If that is literally true, we are already done.

[Riot]

Originally Posted by joeydb

OK, jumping off from your point though, it sounds like "we need to borrow more or we'll default on our existing debt." That doesn't make much sense. If that is literally true, we are already done.

Go read 'Zig's article, and learn how and why we issue Treasury bonds.