Lawmakers Set For Battle Over Debt Ceiling Increase

[Confederate Kahanist]

http://www.personalliberty.com/news/lawmakers-set-for-battle-over-debt-ceiling-increase-800324556/?eiid=&rmid=2011_01_06_PLA_[PIZ0111D]&rrid=306930734

The United States Treasury reports that the Federal debt has exceeded $13.9 trillion, which comes dangerously close to the statutory ceiling of $14.29 trillion set by Congress and approved by President Barack Obama last February.

The Obama administration is pushing to increase the debt limit, but could face resistance from a stronger Republican presence in Congress, which has pledged to reduce government spending and lower the deficit. Freshmen Tea Party lawmakers in particular are expected to take a hard line against an increase in the debt ceiling.

However, White House officials have warned that a failure to increase the limit would result in a "catastrophic" economic crisis. Appearing on ABC's This Week on Jan. 2, Obama's top economic advisor, Austan Goolsbee, said that the U.S. would go into default if the ceiling isn't raised, which could create a bigger fiscal mess than in 2008, when the nation entered into a severe recession.

"I don't see why anybody's talking about playing chicken with the debt ceiling," Goolsbee told the news provider. "If we get to the point where you've damaged the full faith and credit of the United States, that would be the first default in history caused purely by insanity."

According to FOX News, the national debt climbed approximately $1 trillion in a seven-month span, from June 2010 to the end of the year. The news provider reported that the deficit increased by 60 percent under former Speaker of the House Nancy Pelosi (D-Calif.), who served for four years.

[cjd]

My question to all this is where does it end? Each time we get to the limit the same old admonishment gets cried out about the entire house of cards will collapse if more money isn't tossed into the pot... The way I see it is the entire structure is to heavy to sustain itself any longer and its time to remove some of the excess... The correction should have started a few years ago... All that's being done  is putting off the inevitable.

[Debbie Shafer]

To Congress, Shut off the Limitless Checkbook!

[HiWarp]

My question to all this is where does it end? Each time we get to the limit the same old admonishment gets cried out about the entire house of cards will collapse if more money isn't tossed into the pot... The way I see it is the entire structure is to heavy to sustain itself any longer and its time to remove some of the excess... The correction should have started a few years ago... All that's being done  is putting off the inevitable.

Nowhere. It never ends, as long as we continue on this path. Ask yourself this; if you had access to free money that you never had to personally work for and will never have to personally pay back and you spent it all and then some and the result of that overspending was that the imbeciles who gave you the money with no strings attached just give you more money and this occurred year after year after year... when would you say "this is enough, I'm going to stop spending now"? And just for good measure, imagine that the same people who gave you this money didn't really know what you were spending it on and didn't really care.

[Confederate Kahanist]

I blame them using Osama's race as an excuse to raise the debt ceiling.