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Thread: As Debt Limit Reached, Agreement Still Far Off .

  1. #41
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    Re: As Debt Limit Reached, Agreement Still Far Off .

    I support the GOP in not raising the debt ceiling. I know they are doing it for the wrong reasons, but the result will be the same.

    Once the power to borrow is maxed out, then the government will finally start making crucial changes to the budget that are necessary to save our economy from eventual and complete collapse. Raising the ceiling is just delaying the inevitable, and with the extra time bought the two parties are just going to keep up the partisan fighting. With the ceiling reached, it will create an urgency that would HOPEFULLY make discussion about financial matters more realistic.

    If, however, the ceiling is reached and the partisan bitch fest continues, then our economy is doomed. And you know what, if it comes to that, we deserve it. Maybe then people will get off their complacent asses and be more active in the political process.

    We have the representatives we asked for. If they can't make it work, then it's our own fault.

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    Re: As Debt Limit Reached, Agreement Still Far Off .

    Quote Originally Posted by danarhea View Post
    This is not the time for political ideologues and a "my way or the highway" approach.
    Right....because its DNC Koolaid time......yayyyy!

    Its clearly time to continue spending our Bankrupt Grandchildren's Grandchildren's money on Democrat Subprime Social Programs to Nowhere.......

    To wonder how Leftist Greece, facing collapse under Debt, continues spending with little regard..........is to see the Democrat future this country holds.
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  3. #43
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    Re: As Debt Limit Reached, Agreement Still Far Off .

    Quote Originally Posted by Badmutha View Post
    Right....because its DNC Koolaid time......yayyyy!

    Its clearly time to continue spending our Bankrupt Grandchildren's Grandchildren's money on Democrat Subprime Social Programs to Nowhere.......

    To wonder how Leftist Greece, facing collapse under Debt, continues spending with little regard..........is to see the Democrat future this country holds.
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    You only exhibit a lack of understanding of the actual issue at hand.

    Yes, spending must be cut. Duh. That's obvious.

    Holding the debt ceiling still will NOT cut spending except in ways that will make the dollar worth much less, raise interest rates on the debt that already exists, thus exacerbating the debt issue.

    This is like telling an overweight person that instead of eating right and exercising to get healthy they need to get cheap lipo and become anorexic to solve their problems.

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    Re: As Debt Limit Reached, Agreement Still Far Off .

    I understand both sides of this argument.

    On the one hand, we've borrowed trillions of dollars with a clear obligation to repay our loans. It's not something any individual borrower or typical household wouldn't be expected to do. But on the other hand, we've borrowed so much money without affixing a means to pay for said expenditures (i.e., unfunded liabilities) that even if we collected tax revenues for the rest of the year (according to G. Gordon Liddy this morning on his talk show), we wouldn't be able to pay the interest by itself let alone continue to pay for any of the other social programs that are helping to keep the economy relatively afloat (i.e., unemployment insurance) let alone fund both wars that have yet to either fully draw down or disengage from.

    As I understand the argument, raising the debt limit would allow the Treasury to continue to borrow money while also being about to pay for those things this nation still needs funding for (i.e., some defense spending, unemployment benefits, etc., etc.). The argument critics have against raising the debt limit is cut some entitlements while also paying down the debt. I'd agree with that if cutting programs didn't mean we also had to forego starving people or forcing more people onto the streets. We have to consider the series of natural disasters that have wreaked havoc across the mid-south and mid-west recently. Folks are still cleaning up from the tornados that hit the mid-south and the mid-west is going to be feeling the affects of the floods - natural and intentional - for months if not years! So, as much as you may not like what danarhea is saying, he is correct.

    Now is not the time to be playing partisan games with the debt limit. It's not just about cutting and spending, or shall I say Congress' irresponsible monetary policies no matter which side of the political divide is to blame for it. Now is the time to do what is necessary for the country; we can argue over getting our fiscal house in order afterwards.

    Now, if Senate Republicanswant to attach a rider to the debt limit bill that stipulates no more spending above the requested increase amount thru say 2012 either without significant budget cuts or no new taxes (which I know the latter they'd never agree to, but you have to know the tax debt is coming by Ocotober/November of 2012), then I can see room for compromise on this issue. Either way you go, I believe the debt limit has to be raised if for no other reason than we're going to have to borrow more money to help pay for the cleanup and reinburment efforts from these floods and tornados. The price tag for the mid-south is estimated to be in the 100's of billions. I can't imagine what it's going to cost for the floods.

    (BTW, yes, personal property and life insurance will cover most of the cost but FEMA is already spending tons of money to help the victims of these disaster, and as I've stated what they've already paid out is just the beginning. Local and state governments will be seeking federal disaster relief for these events for a very long time.)
    Last edited by Objective Voice; 05-16-11 at 07:15 PM.

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    Re: As Debt Limit Reached, Agreement Still Far Off .

    Quote Originally Posted by FilmFestGuy View Post
    You only exhibit a lack of understanding of the actual issue at hand.

    Yes, spending must be cut. Duh. That's obvious.
    Wasnt that obvious a few trillion dollars ago?............

    Wasnt that obvious a few entitlements or Democrat social teets ago?..........

    So Yes Spending must be cut......and the Democrat Party cant bring itself to cut a frickin Cowboy Poetry Contest.

    Holding the debt ceiling still will NOT cut spending except in ways that will make the dollar worth much less, raise interest rates on the debt that already exists, thus exacerbating the debt issue.
    We have a bunch of (D)runken sailors asking for a bigger credit limit.........good thing that isnt exacerbating the debt issue.

    Im betting the (D)runken sailors will be very careful with OUR MONEY...... this time........

    This is like telling an overweight person that instead of eating right and exercising to get healthy they need to get cheap lipo and become anorexic to solve their problems.
    Well 400 lbs and 30 years later........when you still have the former human/liberal blob........maybe its time for something a bit more drastic.
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  6. #46
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    Re: As Debt Limit Reached, Agreement Still Far Off .

    Quote Originally Posted by liblady View Post
    we also cannot default on our loans. right now, the republicans are grandstanding and hoping to make points for 2012. it ain't gonna work.
    Not raising the debt limit does not mean defaulting on our loans. That is a talking point set up my the Dems. The loans can be paid and still remain below the debt ceiling. It is other spending that would have to be curtailed...
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    Re: As Debt Limit Reached, Agreement Still Far Off .

    Apparently, the Treasury will be able to stall the inevitable through various accounting tricks through August of this year. Least that's what I heard on NPR, and what the NPR God says, goes.
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    Re: As Debt Limit Reached, Agreement Still Far Off .

    Quote Originally Posted by ludahai View Post
    Not raising the debt limit does not mean defaulting on our loans. That is a talking point set up my the Dems. The loans can be paid and still remain below the debt ceiling. It is other spending that would have to be curtailed...
    Did you read the article? Defaulting on our debt is not a Democratic talking point. This is straight from the Wall Street Journal.

    The Treasury Department said Monday it will stop issuing and reinvesting government securities in certain government pension plans, part of a series of steps designed to delay a default until Aug. 2.
    You are one of the more intelligent posters here, ludahai, and I respect most of what you write. But I have to ask you this - What part of "default" don't you understand?
    Last edited by danarhea; 05-16-11 at 08:50 PM.
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    Re: As Debt Limit Reached, Agreement Still Far Off .

    Quote Originally Posted by danarhea View Post
    It's not a matter of borrowing. It's a matter of paying what we already owe. Would you have the United States of America be a deadbeat?
    You are borrowing money every minute of every hour of every day and you cannot even pay the interest. With due respect, I don't think you realize how deep this problem is.

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    Re: As Debt Limit Reached, Agreement Still Far Off .

    Quote Originally Posted by Grant View Post
    You are borrowing money every minute of every hour of every day and you cannot even pay the interest. With due respect, I don't think you realize how deep this problem is.
    Actually, I do understand how serious it is. But refusing to pay our bills is going to make things orders of magnitude worse. Our Congress critters need to do what needs to be done NOW, and then we can talk about how we are going to cut expenditures beyond what we already owe.
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