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Old 10-08-2013, 07:38 PM  
petegz28 petegz28 is online now
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Reid wants $1T debt hike to end of 2014

http://thehill.com/blogs/on-the-mone...to-end-of-2014
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Old 10-08-2013, 07:43 PM   #2
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Old 10-08-2013, 07:44 PM   #3
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This kind of shit is what gives Repubs more ammo to hold out. Obama is up their crying about he will negotiate but not really and then here comes this cock-vein wanting another $1t in debt.
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Old 10-08-2013, 07:51 PM   #4
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Is this more than the current sequester-level deficit would accumulate to?
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Old 10-08-2013, 08:00 PM   #5
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Is this more than the current sequester-level deficit would accumulate to?
Don't know but does that really matter? We cannot afford to keep taking on trillions of additional debt.
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Old 10-08-2013, 08:05 PM   #6
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Don't know but does that really matter? We cannot afford to keep taking on trillions of additional debt.
Yes it matters, because the point is to lower the deficit and eventually pay off debt. If we do that, then we are pragmatic and fiscally responsible. If we ignore the deficit and simply dont pay our bills, then we are deadbeats. That is the difference.
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Old 10-08-2013, 08:06 PM   #7
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Old 10-08-2013, 08:06 PM   #8
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Yes it matters, because the point is to lower the deficit and eventually pay off debt. If we do that, then we are pragmatic and fiscally responsible. If we ignore the deficit and simply dont pay our bills, then we are deadbeats. That is the difference.
I don't say anyone is saying ignore anything. But to keep adding debt is not a way to pay down debt
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Old 10-08-2013, 08:08 PM   #9
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Old 10-08-2013, 08:11 PM   #10
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I don't say anyone is saying ignore anything. But to keep adding debt is not a way to pay down debt
We add debt through the budget deficit (i.e, by spending more than we take in) not through raising the debt ceiling. Raising the debt ceiling, by itself does not add to the debt, the spending was already appropriated.

Its like someone with a hundred dollar credit card bill simply saying they will not pay for five months, save $20 a month, and pay it off at the end of the five months. That person forgot about the massive apr hit they will take and the accumulating interest. Now they have turned a $100 problem into a 300$ problem.
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Old 10-08-2013, 08:14 PM   #11
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Originally Posted by banyon View Post
We add debt through the budget deficit (i.e, by spending more than we take in) not through raising the debt ceiling. Raising the debt ceiling, by itself does not add to the debt, the spending was already appropriated.

Its like someone with a hundred dollar credit card bill simply saying they will not pay for five months, save $20 a month, and pay it off at the end of the five months. That person forgot about the massive apr hit they will take and the accumulating interest. Now they have turned a $100 problem into a 300$ problem.
seems to be a little backwards..we spend the money then approve raising the debt ceiling??? It has to stop and unfortunately there isn't going to be an easy or pain free way of doing so.
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Old 10-08-2013, 08:14 PM   #12
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At what point do people stop lending us money?
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Old 10-08-2013, 08:15 PM   #13
cosmo20002 cosmo20002 is offline
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Originally Posted by petegz28 View Post
Don't know but does that really matter? We cannot afford to keep taking on trillions of additional debt.
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Old 10-08-2013, 08:16 PM   #14
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seems to be a little backwards..we spend the money then approve raising the debt ceiling??? It has to stop and unfortunately there isn't going to be an easy or pain free way of doing so.
Backward or no, thats the way the legislation is written. Most countries think it doesnt make sense to try to approve spending twice.
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Old 10-08-2013, 08:17 PM   #15
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At what point do people stop lending us money?
When we stop paying it back.
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