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Thread: Obama aide: Debt limit fight could be "catastrophic"

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    Obama aide: Debt limit fight could be "catastrophic"

    Obama aide: Debt limit fight could be catastrophic | Reuters

    Republicans, who will take control of the House of Representatives this week, are demanding spending cuts to curb the $1.3 trillion budget deficit and several have said they would oppose a higher debt ceiling if Obama does not agree to a range of painful cuts.

    White House economic adviser Austan Goolsbee accused Republicans of "playing chicken" with the nation's financial credibility.

    "This is not a game. You know, the debt ceiling ... is not something to toy with," Goolsbee told the ABC News program "This Week." "If we hit the debt ceiling, that's ... essentially defaulting on our obligations, which is totally unprecedented in American history."

    "The impact on the economy would be catastrophic. I mean, that would be a worse financial economic crisis than anything we saw in 2008," he said.

    Without a vote by Congress to raise the limit on government borrowing, the Treasury Department could bump up against the current $14.3 trillion debt limit. Treasury has estimated the limit could be reached during the first or second quarter of this year.

    Republican Rep. Michele Bachmann of Minnesota told CBS' "Face the Nation" Republicans were not looking to shut the government down but they do want to cut spending so the debt limit does not have to be raised "continually."
    Congress has raised the debt ceiling six times in the last three years to keep pace with our deteriorating financial situation. It is currently pegged at $14.3 trillion, but to put this in perspective, a little over three years ago the debt limit was less than $9 trillion.

    It seems the Democrats solution (yes, I blame the Democrats for the last 6 increases, as they were in control and the vote was along party lines), to the problem of spending beyond our means... is to simply increase or credit limit and keep spending.

    The GOP wants to end this practice, and the Obama administration considers that possibly catastrophic. Typical.
    Last edited by Whovian; 01-03-11 at 03:21 PM.

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    Re: Obama aide: Debt limit fight could be "catastrophic"

    This is crazy. this would be like me saying every time I get close to the limit on my credit cards, instead of paying them down, I call and have them raise the limits.....

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    Re: Obama aide: Debt limit fight could be "catastrophic"

    I'm hoping for "catastrophic".
    “I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on what’s being proposed here, he’d agree with it. He would agree that the First Amendment cannot be absolute.” - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


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    Re: Obama aide: Debt limit fight could be "catastrophic"

    When it happens, it's going to hurt. There is NO WAY AROUND that outcome!


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    Re: Obama aide: Debt limit fight could be "catastrophic"

    Quote Originally Posted by Whovian View Post
    Obama aide: Debt limit fight could be catastrophic | Reuters



    Congress has raised the debt ceiling six times in the last three years to keep pace with our deteriorating financial situation. It is currently pegged at $14.3 trillion, but to put this in perspective, a little over three years ago the debt limit was less than $9 trillion.

    It seems the Democrats solution (yes, I blame the Democrats for the last 6 increases, as they were in control and the vote was along party lines), to the problem of spending beyond our means... is to simply increase or credit limit and keep spending.

    The GOP wants to end this practice, and the Obama administration considers that possibly catastrophic. Typical.
    i'll agree, we need cuts....but where...if the repubs think that they are going to force a bunch of cuts in social programs, they are deluding themselves...they will have to put some serious skin in the game as well, and they will have to take some huge cuts in areas that are traditional republican favorites, such as defense spending...and while cutting spending, there will have to be a raise in taxes somewhere, and that is something repubs will have to be willing to accept, if we are ever going to get serious about bringing the deficit/debt down.

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    Re: Obama aide: Debt limit fight could be "catastrophic"

    Reminds me of the days when Clinton was trying cut back and was fought on it every inch of the way by the same people who now think it's a good idea. Better late than never I suppose.

    I really don't expect the debt to get cut. I just expect it to get shifted to republican interests where the rich get richer and the poor gets poorer.

    Business as usual in D.C. Can't wait for fishing season to start up again.

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    Re: Obama aide: Debt limit fight could be "catastrophic"

    Quote Originally Posted by randel View Post
    i'll agree, we need cuts....but where...if the repubs think that they are going to force a bunch of cuts in social programs, they are deluding themselves...they will have to put some serious skin in the game as well, and they will have to take some huge cuts in areas that are traditional republican favorites, such as defense spending...and while cutting spending, there will have to be a raise in taxes somewhere, and that is something repubs will have to be willing to accept, if we are ever going to get serious about bringing the deficit/debt down.
    i do not disagree with anything you just said.

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    Re: Obama aide: Debt limit fight could be "catastrophic"

    Quote Originally Posted by randel View Post
    i'll agree, we need cuts....but where...if the repubs think that they are going to force a bunch of cuts in social programs, they are deluding themselves...they will have to put some serious skin in the game as well, and they will have to take some huge cuts in areas that are traditional republican favorites, such as defense spending...and while cutting spending, there will have to be a raise in taxes somewhere, and that is something repubs will have to be willing to accept, if we are ever going to get serious about bringing the deficit/debt down.

    We could start with Union pension liabilities, long before we hit defense. Also, let's take a look at those social programs. Start with the Medicare unfunded liability, I believe it is in the hundreds of trillions now.

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    Re: Obama aide: Debt limit fight could be "catastrophic"

    Quote Originally Posted by j-mac View Post
    We could start with Union pension liabilities, long before we hit defense. Also, let's take a look at those social programs. Start with the Medicare unfunded liability, I believe it is in the hundreds of trillions now.

    j-mac
    not gonna happen if you wish the repubs to stay in power, there cannot be any sacred cows if we are going to get serious ...both sides are going to want political cover for any massive cuts

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    Re: Obama aide: Debt limit fight could be "catastrophic"

    Quote Originally Posted by randel View Post
    not gonna happen if you wish the repubs to stay in power, there cannot be any sacred cows if we are going to get serious ...both sides are going to want political cover for any massive cuts
    Time to make hamburger out of those cows.
    “I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on what’s being proposed here, he’d agree with it. He would agree that the First Amendment cannot be absolute.” - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


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