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View Poll Results: Should the debt ceiling be eliminated?
Yes, the president should be able to borrow what he thinks is necessary 10 24.39%
No, Congress should have a say in what we borrow 29 70.73%
gaz says he doesn't know or care 2 4.88%
Voters: 41. You may not vote on this poll

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Old 12-06-2012, 06:13 PM   Topic Starter
mlyonsd mlyonsd is offline
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Should the debt ceiling be eliminated?

The Obama administration has suggested eliminating the debt ceiling which would allow the executive branch to borrow how much money they want.

Good idea or not?
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Old 12-06-2012, 06:16 PM   #2
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Quote:
Originally Posted by mlyonsd View Post
The Obama administration has suggested eliminating the debt ceiling which would allow the executive branch to borrow how much money they want.

Good idea or not?
Yes.

One correction though, it doesn't allow the executive to borrow "how much money they want", it allows them to borrow exactly the amount of deficit spending already passed by Congress. Congress passed the deficit, requiring them to pass another bill allowing the Treasury to fund that deficit is pointless and antiquated.

No other country has a "debt ceiling" and it serves absolutely no purpose other than destabilizing markets. Eliminate it.
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Old 12-06-2012, 06:56 PM   #3
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Quote:
Originally Posted by FD View Post
No other country has a "debt ceiling" and it serves absolutely no purpose other than destabilizing markets. Eliminate it.
It's a totally ****ed up idea. We pay the money that we owe. We don't default on our loans.

R's, you want to quit spending money, your in control of Congress. GIT-R-DONE.
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Old 12-07-2012, 08:13 AM   #4
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Quote:
Originally Posted by BigRedChief View Post
It's a totally ****ed up idea. We pay the money that we owe. We don't default on our loans.

R's, you want to quit spending money, your in control of Congress. GIT-R-DONE.
b-b-b-b-b-but that dem president
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Old 12-06-2012, 06:19 PM   #5
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Typical misleading framing of the issue. It is not about borrowing as much as someone wants. It is about paying bills that are due.
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Old 12-06-2012, 06:24 PM   #6
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This is one of the few polls I can actually vote on, because the phrasing of the issue in the poll is well done, and the answer on this issue is so clear.

It should absolutely be eliminated.
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Old 12-06-2012, 06:51 PM   #7
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BS poll worded to get the response of the R's. The president doesn't get to spend shit without Congressional approval.

It's paying back the money that was spent by Congress. R's control congress, correct? You don;t want to spend more money? The R's control Congress and Congress controls the money.

This debt ceiling debacle of last summer was pathetic. We already spent the money. We are only talking about paying it back. There is no way in hell that Obama will be dragged into another debacle like last year. The country won't stand for it.
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Old 12-07-2012, 08:09 AM   #8
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Quote:
Originally Posted by BigRedChief View Post
BS poll worded to get the response of the R's. The president doesn't get to spend shit without Congressional approval.

It's paying back the money that was spent by Congress. R's control congress, correct? You don;t want to spend more money? The R's control Congress and Congress controls the money.

This debt ceiling debacle of last summer was pathetic. We already spent the money. We are only talking about paying it back. There is no way in hell that Obama will be dragged into another debacle like last year. The country won't stand for it.
Again, debt ceiling votes are specifically about borrowing money, not about paying it back.
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Old 12-07-2012, 08:10 AM   #9
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Quote:
Originally Posted by patteeu View Post
Again, debt ceiling votes are specifically about borrowing money, not about paying it back.
It is for money Congress\POTUS has already approved. It is useless
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Old 12-07-2012, 08:13 AM   #10
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Originally Posted by dirk digler View Post
It is for money Congress\POTUS has already approved. It is useless
I assume you mean "spending".
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Old 12-07-2012, 08:39 AM   #11
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Originally Posted by patteeu View Post
I assume you mean "spending".
sure. Still pointless.
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Old 12-07-2012, 09:28 AM   #12
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Quote:
Originally Posted by patteeu View Post
Again, debt ceiling votes are specifically about borrowing money, not about paying it back.
With debt payments needing to regularly roll over, if Congress doesn't pass a bill slashing appropriations to meet revenue minus interest, and if they also don't approve a debt ceiling increase, then it is about paying it back. They are typically debating just the ceiling half, which means if they dont pass it we default on the debts we owe.
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Old 12-07-2012, 10:00 AM   #13
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Quote:
Originally Posted by FD View Post
With debt payments needing to regularly roll over, if Congress doesn't pass a bill slashing appropriations to meet revenue minus interest, and if they also don't approve a debt ceiling increase, then it is about paying it back. They are typically debating just the ceiling half, which means if they dont pass it we default on the debts we owe.
In a scenario where the debt ceiling hasn't been adequately increased, the executive branch can make debt service the top priority for available funds and avoid default.
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Old 12-07-2012, 10:02 AM   #14
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Originally Posted by patteeu View Post
In a scenario where the debt ceiling hasn't been adequately increased, the executive branch can make debt service the top priority for available funds and avoid default.
I doubt that would be legal, in the long run.
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Old 12-07-2012, 02:36 PM   #15
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Quote:
Originally Posted by FD View Post
With debt payments needing to regularly roll over, if Congress doesn't pass a bill slashing appropriations to meet revenue minus interest, and if they also don't approve a debt ceiling increase, then it is about paying it back. They are typically debating just the ceiling half, which means if they dont pass it we default on the debts we owe.
I think that is the point of the Grandstanding by the conservatives last time. When all we have to do is borrow and borrow and borrow no one pays attention to the bills racking up but, if something had to get cut to pay for the other expenses, people might actually notice. Obviously we need to pay our bills but at some point we are going to have to have some correlation between revenue and expenditures.
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