Clown Shoes: Raising the debt ceiling does not increase our debt.
- Thread starter Max E.
- Start date
I already said that it is possible you could have a budget surplus and still raise the debt.
However Obama was being disingenuous.
In this environment with Congress deficit spending without passing a budget, the debt ceiling is doing the job it was designed to do. IMO.
Stop crazy spending without a showdown.
That would be correct! But then it begs the question "Why do it at all?"
Obama also said that we need to raise the debt ceiling to meet our obligations.
Let me translate that for you, (since you seem to have problems). That means Raise the debt in order to make interest only payments on that debt.
Quote from Lucrum:
So is mine.
And as proof I embarked on a career commensurate with my IQ.
You? LOL
Now be fair. This is a huge stretch goal for Our Hero. I mean, just to be a roofer, never mind running a crew. If they gave Olympic medals for effort to overcome, here'd be a winner for sure!
EDIT: Furthermore, the guy is far more deserving of a Nobel Peace Prize Medal than Dear Leader. I mean, Our Hero never advocated going to war, at least until Dear Leader did.
Interest Expense on the Debt Outstanding:
http://www.treasurydirect.gov/govt/reports/ir/ir_expense.htm
US government revenue:
http://www.usgovernmentrevenue.com/revenue_history
wait... ricter you realize this is a tangent about interest on the debt.
its not about debt load... its about the level of the debt. if the debt ceiling were kept in place... I believe the govt would have to balance the budget at that point.
http://en.wikipedia.org/wiki/United_States_debt_ceiling
The United States debt ceiling or debt limit is a legislative restriction on the amount of national debt that can be issued by the Treasury. Because expenditures are authorized by separate legislation, the debt ceiling does not actually restrict deficits. In effect, it can only restrain the Treasury from paying for expenditures that have already been incurred. The United States has had some sort of legislative restriction on debt since 1917. Periodically, a political dispute arises over legislation to raise the debt ceiling. When the debt ceiling is reached, the Treasury has undertaken "extraordinary measures" which buy more time for the ceiling to be raised.
its not about debt load... its about the level of the debt. if the debt ceiling were kept in place... I believe the govt would have to balance the budget at that point.
http://en.wikipedia.org/wiki/United_States_debt_ceiling
The United States debt ceiling or debt limit is a legislative restriction on the amount of national debt that can be issued by the Treasury. Because expenditures are authorized by separate legislation, the debt ceiling does not actually restrict deficits. In effect, it can only restrain the Treasury from paying for expenditures that have already been incurred. The United States has had some sort of legislative restriction on debt since 1917. Periodically, a political dispute arises over legislation to raise the debt ceiling. When the debt ceiling is reached, the Treasury has undertaken "extraordinary measures" which buy more time for the ceiling to be raised.