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The debt ceiling: How high can it go? Will it EVER stop rising?

Discussion in 'Economics, Business, and Taxes' started by Barbella, Dec 27, 2011.

  1. Barbella

    Barbella Senator

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    IS the sky the limit? Or...better question: How long before this house of cards collapeses?

    "The White House plans to ask Congress by the end of the week for an increase in the government's debt ceiling to allow the United States to pay its bills on time, according to a senior U.S. Treasury Department official on Tuesday.

    The approval is expected to go through without a challenge, given that Congress is in recess until later in January and the request is in line with an agreement to keep the U.S. government funded into 2013.

    The debt is projected to fall within $100 billion of the current cap by Dec. 30, when the United States has $82 billion in interest on its debt and payments such as Social Security coming due. President Barack Obama is expected to ask for authority to increase the borrowing limit by $1.2 trillion, part of the spending authority that was negotiated between Congress and the White House this summer.

    Under the agreement struck in August during the showdown over the government's debt limit, the cap is automatically raised unless Congress votes to block the debt-ceiling extension. Lawmakers have 15 days within receiving the request to vote, which is largely symbolic because the president can veto it and Congress would be unlikely to muster the two-thirds majority to override it. Moreover, the U.S. House of Representatives also is in recess until Jan. 17.

    The deal called for raising the debt ceiling by $2.1 trillion to serve the nation's borrowing needs into 2013 and also included mandatory cuts to the federal budget deficit. Since then, the extension has been increased twice by a total of $900 billion.

    The debt limit currently stands at $15.194 trillion and would increase to $16.394 trillion with the request."
    http://nbcpolitics.msnbc.msn.com/_n...-to-ask-for-debt-limit-hike-treasury-official
     
  2. NightSwimmer

    NightSwimmer Senator

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    Q: How high can it go?

    A: Theoretically, it can increase to infinity.

    Q: Will it EVER stop rising?

    A: Probably. History indicates that cycles are to be expected.
     
  3. bdtex

    bdtex Administrator Staff Member

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    Would the TEAA+ Party prefer to see another downgrade in the full faith and credit of the US? Will a GOP House and Senate refuse a request by a Pres. Romney to increase the debt ceiling? The US Government isn't a New Jersey horse farm or a Houston area title company. The same rules do not apply.
     
  4. NCmusicman

    NCmusicman Governor

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    Obama's agenda is to bankrupt the nation by overspending... it's necessary for his "Fundamental Change" to a USS of A Socialist/Communist country.
    This song was a warning I first heard at a Tea Party rally: http://www.youtube.com/watch?v=Dn5-Vw9Do0g
    Turn the speakers on - this is good and very telling as we look back.
     
  5. BRU

    BRU Mayor

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    and if you recall.........

    "The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally." Obama

    At that time the proposed debt ceiling was 5T LOWER ...go figure
     
  6. BitterPill

    BitterPill The Shoe Cometh Supporting Member

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    I love seeing wingers complain about the national debt. It automatically makes every one of them into hypocrites.

    Automatically.
     
  7. anti.reptile

    anti.reptile Council Member

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    Where in history other than during WWII is our debt to GDP been so large?
     
  8. anti.reptile

    anti.reptile Council Member

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    What amazes me is the left nuts could care less. How did that work out for the Dems in the midterms. We are 5 trillion more in debt thNks to Obama. Yu just don't get it do you?
     
  9. BitterPill

    BitterPill The Shoe Cometh Supporting Member

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    It was as bad then as it is now, but back then the top tax rate was closer to 90%.

    You want a solution, and there it is: Revenue.

    Someone has to fund the American renaissance, and it isn't going to be the poor or middle classes.

    It's time for the 1% to step-up to the plate--the clean-up hitters we've been sheltering in the dugout.
     
  10. anti.reptile

    anti.reptile Council Member

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    Revenue as a percentage of GDP was lower then with higher tax rates. It's not what the rate is determining tax revenue. And if we inactive the class warfare card we see that taxing the rich at 100% barely makes a dent in the debt. You know that, I know that. And Obama knows that. He can't run on his record the average dumb Dem voter doesn't know that. They really believe repealing bushes cuts will fix things.
     
  11. BitterPill

    BitterPill The Shoe Cometh Supporting Member

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    Not me. When Wolfowitz said the Iraqi adventure would cost 60 billion tops, and that the Iraqis would pay for most of it, I did the math and knew we were screwed.

    We borrowed money to invade Iraq on your watch. That's when reality became incalculable.
     
  12. StanH

    StanH Council Member

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    Sorry, but the numbers simply don't add up. You could take it all from the rich, and we'd still come up short.

    To think we can keep funding outrageous, wasteful and ridiculous government spending is silly.

     
  13. StanH

    StanH Council Member

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    And then there's Obama saying Bush increasing the national debt by $4 trillion was unpatriotic.

    http://www.youtube.com/watch?v=1kuTG19Cu_Q

    But somehow when Obama does the same in less time than Bush, it's not?

    Liberals are INSANE.

     
  14. NCmusicman

    NCmusicman Governor

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    That was back when Obama was running for office - he has a knack for morphing into what he isn't when he runs for office. Obama wants the USA financially ruined - and that should be obvious to everyone by now.
     
  15. BitterPill

    BitterPill The Shoe Cometh Supporting Member

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    Seven, maybe even eight trillion of that deficit is the Bush tax cuts, and he contrived a war on top of it.

    Yet you complain. It is blatant hypocrisy: nothing more, nothing less.
     
  16. anti.reptile

    anti.reptile Council Member

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    so 60 billion bother you but obamas 5 trillion nearly a peep.
     
  17. StanH

    StanH Council Member

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    I assume you mean the Obama tax cuts. After all, he's the one responsible for their continuation.

    Yes, Bush bungled the war in Iraq. I supported going in there. However, I believe that any time we use our military, we should go in and absolutely CRUSH the enemy in short order. It should be so humiliating to the enemy, that his neighbors tremble in fear at the prospect of pissing us off.

    At any rate, the problem is that DC politicians will still want to spend that money that's been spent on Bush's and Obama's wars. They'll want to still spend that and more, simply on other items and agendas like getting monkeys high on cocaine, putting shrimp on treadmills, gang member tattoo removal and expanding airports nobody uses. I certainly can't afford to spend as wastefully as the US government. Can you?

     
  18. anti.reptile

    anti.reptile Council Member

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    7-8 trillion? May i see you math?
     
  19. StanH

    StanH Council Member

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    I'm on a trip, or else I'd break out with a book on this I have at home. I should probably do so anyway, as this theme seems to be common with liberals.

     
  20. mark14

    mark14 Council Member

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    It sure wouldn't have risen so fast if it weren't for the financial collapse casued by failure to regulate and Bush hadn't cut so many taxes while starting wars and Repulbicans didn't pass unfunded Medicare expansions but we don't like to seriously talk about this, do we?
     

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