RAISE MY DEBT LIMIT

[PROBASCO]

http://www.youtube.com/watch?v=Li0no7O9zmE

[mriddick]

If the gov't was an individual, always a good one..

BTW Condensed from an earlier thread on the same subject...


"Why the U.S. was downgraded…"

• U.S. Tax revenue: $2,170,000,000,000
• Fed budget: $3,820,000,000,000
• New debt: $ 1,650,000,000,000
• National debt: $14,271,000,000,000
• Recent budget cuts: $ 38,500,000,000

"Let's now remove eight zeros and pretend it's a household budget…

• Annual family income: $21,700
• Money the family spent: $38,200
• New debt on the credit card: $16,500
• Outstanding balance on the credit card: $142,710
• Total budget cuts: $385 " – Anonymous

BTW to look how the family spends...
Defense $6,890 (689,000,000,000)
Social Security $7.010 (701,000,000,000)
Medicare $7,930 (793,000,000,000)
Discretionary $6,660 (660,000,000,000)
Mandatory $4,160 (416,000,000,000)
Interest on debt $1,970 (197,000,000,000)

[Charliebravo]

At this point I'd be willing to elect Dave Ramsey as President. They need to go through the budget with a chainsaw, not a scalpel.

[ltorlo64]

If the gov't was an individual, always a good one..

BTW Condensed from an earlier thread on the same subject...

This is why I am against raising taxes until we cut spending. I believe that taxes will have to be raised, but it should not be the first action. Raising taxes will just put off making the hard decisions that need to be made.

[Charliebravo]

This is why I am against raising taxes until we cut spending. I believe that taxes will have to be raised, but it should not be the first action. Raising taxes will just put off making the hard decisions that need to be made.As soon as they cut spending and raise taxes, they'll just raise spending again to require another tax hike. We need a balanced budget amendment.

[Ruskiegunlover]

correction: WE'LL GIVE TIAWAN to china to get them to back off.


Either way, china and the U.S. are on a collision course over the debt......

[mriddick]

correction: WE'LL GIVE TIAWAN to china to get them to back off.


Either way, china and the U.S. are on a collision course over the debt......

I really don't get that, it's like saying you and your bank are on a collision course over them paying you interest on your savings. The only problem is if and when the Chinese feel they have enough invested and cut Washington off from more money, I'm sure they'll be happy to collect interest for centuries if we let them (and in some ways I think that is the goal). I think are on a crash with our inability to borrow.

[mriddick]

The idea you can inflate away the debt is not really that realistic, little debt is held long term, it's almost all short term debt. If inflation was to creep up the interest rates would creep up as well so all that would happen is when the debt comes up they would roll it over at a newer higher interest rate bond.