Economics Should the debt ceiling be eliminated? - Page 2

**mlyonsd** · 12-06-2012, 05:13 PM

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?

**mlyonsd** · 12-06-2012, 06:26 PM

Quote:

Originally Posted by FD

If you actually think thats a valid response then you have no idea what the debt ceiling is or how it works.

You don't think every business has a limit where no one will lend them more money?

cosmo20002 · 12-06-2012, 06:29 PM

Quote:

Originally Posted by Taco John

Why don't we just move to a monarchy? What's the point of checks-and-balances if people just want to eliminate them because they're inconvenient?

The checks and balances are already in place for spending. Paying accrued bills should not be a matter for debate and playing politics.

**mlyonsd** · 12-06-2012, 06:31 PM

Quote:

Originally Posted by cosmo20002

So, that's a law, right?

Yeah I'm pretty sure there's a law in there somewhere that limits a bank from how much money they can borrow to pay for debts they have achieved.

La literatura · 12-06-2012, 06:42 PM

Yeah, I think it makes us grasp where we're at with things. It seems like a good idea, but I haven't done much studying on it.

cosmo20002 · 12-06-2012, 06:46 PM

Quote:

Originally Posted by mlyonsd

Yeah I'm pretty sure there's a law in there somewhere that limits a bank from how much money they can borrow to pay for debts they have achieved.

You are obviously clueless (or pretending to be for some reason) about the issues relevant to the so-called "debt ceiling." As stated before, it is about paying bills for debts already owed.

**dirk digler** · 12-06-2012, 06:49 PM

Yes it should be eliminated for many of the reasons others have stated above. It really makes no sense.

**BigRedChief** · 12-06-2012, 07:01 PM

Quote:

Originally Posted by dirk digler

Yes it should be eliminated for many of the reasons others have stated above. It really makes no sense.

that's why it was no big deal to raise it. Almost always a 98-1 vote. Until the tea party decided to make it a political tool to bash the Dems.

WoodDraw · 12-06-2012, 07:05 PM

Quote:

Originally Posted by mlyonsd

You don't think every business has a limit where no one will lend them more money?

You don't think governments do as well? If the lenders no longer have faith in the US as a borrower, they'll refuse to lend or make it so expensive that it becomes impractical.

**BigRedChief** · 12-06-2012, 07:10 PM

Quote:

Originally Posted by WoodDraw

You don't think governments do as well? If the lenders no longer have faith in the US as a borrower, they'll refuse to lend or make it so expensive that it becomes impractical.

The U.S. government is the safest bet in the world.

If the USA goes down, the world will follow.

FD · 12-06-2012, 07:16 PM

Quote:

Originally Posted by mlyonsd

You don't think every business has a limit where no one will lend them more money?

They do, but other than the word "debt", that has absolutely nothing to do with a statutory debt ceiling.

WoodDraw · 12-06-2012, 07:21 PM

Quote:

Originally Posted by BigRedChief

The U.S. government is the safest bet in the world.

If the USA goes down, the world will follow.

Yeah, of course. There's just no logical replacement. That's why it's insane to be messing with default.

I'm all for a discussion/fight over the deficit. And there are ways to do it with a gun point at your head, if that's your thing (government shutdown, for one), but to use the debt limit...

KILLER_CLOWN · 12-07-2012, 07:03 AM

We've nominated GOD out of existence, surely we can get rid of a false ceiling right? I know I want a credit card with no limit and shouldn't have to prove I can pay it back.

**patteeu** · 12-07-2012, 07:06 AM

No, the President shouldn't be able to borrow whatever he wants.

The debt ceiling mechanism might be an unnecessary anachronism and I'm not necessarily against doing away with it, but if nothing else, it can serve as a useful reminder to people about our ever-increasing debt. Maybe we should require a super-majority in Congress to approve any deficit-expanding appropriation instead.

**patteeu** · 12-07-2012, 07:09 AM

Quote:

Originally Posted by BigRedChief

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.

**dirk digler** · 12-07-2012, 07:10 AM

Quote:

Originally Posted by patteeu

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

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

12-06-2012, 05:13 PM
mlyonsd Supporter Join Date: Aug 2000 Location: Spink, SD Casino cash: $30243	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?
Posts: 22,358

12-06-2012, 06:42 PM	#19
La literatura MVP Join Date: Nov 2011 Casino cash: $50809	Yeah, I think it makes us grasp where we're at with things. It seems like a good idea, but I haven't done much studying on it.
Posts: 7,171

12-06-2012, 06:49 PM	#21
dirk digler Please squeeze Join Date: Jul 2003 Location: Clinton, MO Casino cash: $163061	Yes it should be eliminated for many of the reasons others have stated above. It really makes no sense.
Posts: 45,472

12-07-2012, 07:03 AM	#27
KILLER_CLOWN Be HEALED!!!!!!! Join Date: Feb 2002 Location: Fascist State Casino cash: $11111086	We've nominated GOD out of existence, surely we can get rid of a false ceiling right? I know I want a credit card with no limit and shouldn't have to prove I can pay it back. __________________ "Not every one that saith unto me, Lord, Lord, shall enter into the kingdom of heaven; but he that doeth the will of my Father ... And then will I profess unto them, I never knew you: depart from me, ye that work iniquity." "If the people let government decide what foods they eat and what medicines they take, their bodies will soon be in as sorry a state as are the souls of those who live under tyranny." - Thomas Jefferson
Posts: 19,973

12-07-2012, 07:06 AM	#28
patteeu The 23rd Pillar Join Date: Sep 2002 Casino cash: $421113	No, the President shouldn't be able to borrow whatever he wants. The debt ceiling mechanism might be an unnecessary anachronism and I'm not necessarily against doing away with it, but if nothing else, it can serve as a useful reminder to people about our ever-increasing debt. Maybe we should require a super-majority in Congress to approve any deficit-expanding appropriation instead. __________________ Obamacare’s fix for an American health care system that the federal government long ago broke, is to give the federal government far more power over American health care; that its solution to escalating health costs is to mandate greater health benefits (and, hence, higher costs); and that its solution to the pricey overreliance on pre-paid health plans — offered by insurance companies in lieu of real insurance — is to have the government require Americans to buy those pre-paid health plans under penalty of law.
Posts: 67,785

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode