Us passes Debt ceiling

Started by OmegaRuby and AlphaSapphire May 16th, 2011 4:25 PM
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Age 28
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Seen September 24th, 2018
Posted July 3rd, 2018
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13.1 Years
Alright so we already hit the ceiling on our debt (source: http://www.sltrib.com/sltrib/world/51825358-68/limit-debt-government-borrowing.html.csp )
what do you think will happen after this? Will the Us have to sell some of it's assets? Raise the limit?
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Melody

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Seen March 4th, 2018
Posted March 2nd, 2018
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18.6 Years
WE HAVE NO CHOICE, WE MUST RAISE THE CEILING!

Why? Because we have a bunch of dunderheads in congress who can't get things done on a timeline no matter how important it may be. They won't compromise long enough to solve the problem anytime soon, likely won't see any serious progress until these jokers realize "OSHI- I'M UP FOR REELECTION IN X MONTHS!"

FreakyLocz14

Conservative Patriot

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Seen August 29th, 2018
Posted August 28th, 2018
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I stand with the House majority and Senate Republicans in not raising the debt ceiling. Congress needs to learn how to be fiscally responsible. The American people want to know why we have to balance our budgets, but they don't.

What's worse is now Obammie will raid Social Security to compensate. He needs that money for his pet projects. This wouldn't happen in a personalized SS system.

Livewire

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Seen December 3rd, 2022
Posted August 2nd, 2019
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I stand with the House majority and Senate Republicans in not raising the debt ceiling. Congress needs to learn how to be fiscally responsible. The American people want to know why we have to balance our budgets, but they don't.

What's worse is now Obammie will raid Social Security to compensate. He needs that money for his pet projects. This wouldn't happen in a personalized SS system.
Your deluded view of how politics work is laughable. Who raised the debt ceiling before, 7 times? Your Republican leadership from 2001-2009. The deficit increased some 70% under George Bush, fyi. So don't try to slander the current administration by making it seem like this is strictly Obama's policy.

Regardless, the debt ceiling being raised/lowered is marginal. There are always nations willing to buy up our debt and there always will be. In example, China.


With no fanfare and little notice, the national debt has grown by more than $4 trillion during George W. Bush's presidency.

It's the biggest increase under any president in U.S history.

On the day President Bush took office, the national debt stood at $5.727 trillion. The latest number from the Treasury Department shows the national debt now stands at more than $9.849 trillion. That's a 71.9 percent increase on Mr. Bush's watch.

The bailout plan now pending in Congress could add hundreds of billions of dollars to the national debt – though President Bush said this morning he expects that over time, "much if not all" of the bailout money "will be paid back."

But the government is taking no chances. Buried deep in the hundred pages of bailout legislation is a provision that would raise the statutory ceiling on the national debt to $11.315 trillion. It'll be the 7th time the debt limit has been raised during this administration. In fact it was just two months ago, on July 30, that President Bush signed the Housing and Economic Recovery Act, which contained a provision raising the debt ceiling to $10.615 trillion.
http://www.cbsnews.com/8301-500803_162-4486228-500803.html

FreakyLocz14

Conservative Patriot

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Seen August 29th, 2018
Posted August 28th, 2018
3,497 posts
14 Years


Your deluded view of how politics work is laughable. Who raised the debt ceiling before, 7 times? Your Republican leadership from 2001-2009. The deficit increased some 70% under George Bush, fyi. So don't try to slander the current administration by making it seem like this is strictly Obama's policy.

Regardless, the debt ceiling being raised/lowered is marginal. There are always nations willing to buy up our debt and there always will be. In example, China.




http://www.cbsnews.com/8301-500803_162-4486228-500803.html
On the day Bush took office? I lol'd. That obviously means that those problems were there before he stepped in the door.

And 2001-2009? I seem to recall that the Democrats have been in control of the national purse (the House of Representatives) since January 2007 until January 2011. If you knew how our government works, you'd know that all spending bills must originate from the House. The Dems have controlled the Senate since 2007, too.
Age 28
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Oregon
Seen September 24th, 2018
Posted July 3rd, 2018
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13.1 Years
It's not time to assign blame, it's time for both parties to grow up and stop bickering to find a reasonable solution much like they did back in America's more golden days before they became like bickering little children...
I say raise taxes on the rich, cut spending, sell some assets and that should help provide at least some breathing space while we figure out a longer term plan to start paying it off.
I'm currently working on some novels. If you're interested you can read them here:
https://www.wattpad.com/user/ImperialSun

FreakyLocz14

Conservative Patriot

Male
Seen August 29th, 2018
Posted August 28th, 2018
3,497 posts
14 Years
It's not time to assign blame, it's time for both parties to grow up and stop bickering to find a reasonable solution much like they did back in America's more golden days before they became like bickering little children...
I say raise taxes on the rich, cut spending, sell some assets and that should help provide at least some breathing space while we figure out a longer term plan to start paying it off.
Why raise taxes on the rich only? Do you know not know that the top income earners (i.e., the ones that create the most jobs) pay 35% of their income in taxes, while the bottoms pays from nothing at all to 10%. Raising taxes on the wealthy is the last thing we need at a time where many states face high unemployment rates. What we need to do is freeze any unspent stimulus money, spend less on entitlements, reduce the benefits of government workers, reduce the regulatory burdens we place on businesses, and immediately end the Iraq and Afghanistan wars.

aruchan

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Seen October 30th, 2011
Posted October 2nd, 2011
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12.3 Years
The US will not reach any suitable budget compromise given the current state of party politics. While it is possible the debt could shrink by tax increases or external factors, the debt ceiling will get raised higher and higher.
However, in terms of GDP to debt ratio, the US isn't that high. Many industrialized countries have much higher debt percentages, most notably Japan (over twice its annual GDP in debt). So the debt will probably not destroy our economy soon, but presents a big issue in the long term.