Raising the debt ceiling

Canceled2

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The origins of the federal government’s statutory debt limit can be traced back to 1917. Congress has voted to increase the limit numerous times over the decades, including 10 times since 2001.

The present debt limit is $14.3 trillion, and total outstanding debt subject to the limit currently stands at just under $14 trillion. Given that policymakers don’t have the will to immediately cut spending enough to keep the debt from hitting the limit, a political battle over raising the limit is unfolding.

The Obama administration is basically warning that congressional (i.e., Republican) intransigence could potentially lead to the federal government defaulting on the debt. Treasury Secretary Tim Geithner warned Congress that failing to increase the debt limit would result in “catastrophic economic consequences that would last for decades.” The president’s chief economic advisor, Austan Goolsbee, warned Congress not to “play chicken” over whether to raise the debt limit as failing to do so would cause “a worse financial economic crisis than anything we saw in 2008…This is not a game.
The debt ceiling is not something to toy with.”

Back in 2006, then-Senator Barack Obama apparently wasn’t concerned about the “catastrophic economic consequences” when he voted against raising the debt limit. ABC News recalls Obama’s stated reason for his “no” vote:

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure,” he said on March 16, 2006. “Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.”

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The origins of the federal government’s statutory debt limit can be traced back to 1917. Congress has voted to increase the limit numerous times over the decades, including 10 times since 2001.

The present debt limit is $14.3 trillion, and total outstanding debt subject to the limit currently stands at just under $14 trillion. Given that policymakers don’t have the will to immediately cut spending enough to keep the debt from hitting the limit, a political battle over raising the limit is unfolding.

The Obama administration is basically warning that congressional (i.e., Republican) intransigence could potentially lead to the federal government defaulting on the debt. Treasury Secretary Tim Geithner warned Congress that failing to increase the debt limit would result in “catastrophic economic consequences that would last for decades.” The president’s chief economic advisor, Austan Goolsbee, warned Congress not to “play chicken” over whether to raise the debt limit as failing to do so would cause “a worse financial economic crisis than anything we saw in 2008…This is not a game.
The debt ceiling is not something to toy with.”

Back in 2006, then-Senator Barack Obama apparently wasn’t concerned about the “catastrophic economic consequences” when he voted against raising the debt limit. ABC News recalls Obama’s stated reason for his “no” vote:

“The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure,” he said on March 16, 2006. “Leadership means that ‘the buck stops here.’ Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America’s debt limit.”

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great thread
 
the actual root of today's debt rest on the back of previous administrations that spent recklessly rather than increasing taxes as required or cutting spending or a combination thereof
 
the actual root of today's debt rest on the back of previous administrations that spent recklessly rather than increasing taxes as required or cutting spending or a combination thereof

No, the trouble lay in the fact that with tax cuts should have come spending cuts to match. What Obama did was to add even more debt. What this new congress MUST do is to cut spending to match the neccesary tax cuts.
 
I think this is time to revisit the Balanced Budget Amendment. If we, as Americans, have to balance our budgets, and figure out how to make do with what we bring in, the Federal Government should operate no differently. If every corporation in America is obligated to it's stockholders, to make responsible financial decisions and not bankrupt the company, then our Congress should be so obligated to the people. Austan the Pinhead is right, this is not a game.

Now is the time to demand Congress get their act together, and reign in spending... across the board. A return to 2008 spending levels, would reduce the need to raise the debt ceiling, and if we did have to do so down the road, it wouldn't need to be extended more than a couple hundred billion, not trillions. The idiotic notion that we can allow Congress to pass all of this massive spending legislation, then turn around and tell us they have to raise the debt ceiling, we can't NOT do that... it's poppycock. Cut the spending, rescind the spending you've done, recall the remaining stimulus money... and commit to cut 25% across the board on all programs and departments of the Federal government, and balance the upcoming budget. THEN... if we NEED to raise the debt ceiling, we can debate how much from there.
 
..."House Budget Committee Chairman Paul Ryan, a Republican, said he recognized the need to allow the government to go deeper in debt.

"Will the debt ceiling ... have to be raised? Yes," said Ryan..."

http://www.reuters.com/article/idUSTRE70606E20110107?pageNumber=2

From your source...

Ryan said he would unveil $60 billion in immediate spending cuts over the coming weeks and push for even deeper cuts in the fiscal year that starts in October.
 
The Obama spoke out against wasteful spending and high debt during the 6 months or so that he was a senator, became the most wasteful spender during his first two years as President and now wants the debt ceiling raised. And this is how many times that it has been raised during his tenure, not to mention authorizing the Fed to simply print more money without Congressional approval. The hypocrisy of The Obama and his apologists is truly astounding.
 
Look at it skyrocket:

usgs_line.php
 
http://www.opencongress.org/article...-Always-Been-Against-Raising-the-Debt-Ceiling




Bill Containing Debt Ceiling Increase New Debt Ceiling Level Enacted


Number of Republicans in Senate Voting “Yes”
111-H.J.Res.45 – Increasing the statutory limit on the public debt (the current bill) $14,294,000,000,000 0
111-H.R.4314 – To permit continued financing of Government operations (2009) $12,394,000,000,000 1
111-H.R.1 – American Recovery and Reinvestment Act (2009) $12,104,000,000,000 2
110-H.R.1424 – Emergency Economic Stabilization Act (2008) $11,315,000,000,000 33
110-H.R.3221 – Housing and Recovery Act (2008) $10,615,000,000,000 34
110-H.J.Res.43 – Increasing the statutory limit on the public debt (2007) $9,815,000,000,000 26
109-H.J.Res.47 – Debt limit increase resolution (2006) $8,965,000,000,000 51
108-S.2986 – A bill to Amend Title 31 of U.S. Code to increase the public debt limit (2004) $8,184,000,000,000 50
108-H.J.Res.51 – Debt limit increase resolution (2003) $7,384,000,000,000 50
107-S.2578 – Debt limit bill (2002) $6,400,000,000,000 31
105-H.R.2015 – Balanced Budget Act of 1997 $5,950,000,000,000 Passed by unanimous consent; 55 Republicans vote in favor
 
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Desh just proved that the GOP is fiscally responsible with regards to the debt/ GNP ratio. Compare the numbers of republicans who voted for in 2008, 2009, and 2010 with my posted chart.
 
Except that I use it as a generality for all liberals, using the example of a liberal calling all conservatives retarded. As you saying that said liberal lied to me?
 
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