Article 6
As excited as many of you got while we studied the Federal Budget, I am sure this short article will get those emotions right back to the surface. What are the ramifications for Americans if "Congress can't pay its bills" by the middle of March as the article suggests?
Enjoy as we get ready to "raise the roof"! (I mean ceiling!)
Mr. Thompson
Congress is Asked to Raise the Debt Limit
posted by erdecker @ 6:58 AM
7 comments
7 Comments:
"At that time, unless the debt limit is raised or the Treasury Department takes authorized extraordinary actions, we will be unable to continue to finance government operations," Snow wrote.
"OR the Treasury Department takes authorized extraordinary actions." I wonder what kind of actions Snow is talking about. Either way, it is odd that Snow, who is the Secretary of the Treasury seems to think that the option which involves HIS department seems the least possible.
It's not only ridiculous that the ceiling was raised over 1 billion dollars in just a year, but that raising the ceiling is becoming the "perfect" solution to our increasing debt. Hopefully these other options Snow speaks of can not only be considered, but ACTED on with a future where we've become more fiscally responsibly in mind.
Actually Heather, the reference you make to the raising of the debt ceiling should be 1 trillion.
Is what Secretary Snow suggests any different than what some people do with their credit card debt? When 1 card max's out, they transfer balances (debt) to another card or they open a yet another new card so they can continue to function financially.
Mr. Thompson
If our solution to not having enough money is to simply raise the debt limit every time, what is the point in even having a debt limit? In practice, there is no such thing as a debt limit if it is so dang easy for congress to raise it. Why not let the people have a say in raising the debt limit? Rather than simply letting congress decide, allow the people to vote. Or, if that is impractical, find some other way of restraining congress' spending. Come to think of it, there is no restraint or method of 'checks' on the quantity of money the government can spend, is there, since the so called debt limit is a pointless facade. hm...
Let's pretend that congress is a dog. So basically, they are on one of those retractable leashes that extend further and further when the dog pulls on them, allowing the owner no control of how far away the dog can stray. So it only makes sense that we need to get a leash that is a fixed length, preferably not 8.18 trillion feet long. Or better yet, shock collars. Yeah.. thats the ticket...
Seriously though, when people run up in credit card debt, don't they usually end up turning to the gov't to bail them out? So where exactly are we going to turn to when our debt gets even more out of control? Who knows...
O Well, I'm off to petsmart to find out how much 435 shock collars will cost us.
Congress undoubltedly needs to change the way it spends americans money, but isn't it americans who vote those reckless politicians into office? All of the services we demand from our government cost money, so in order to lessen spending we must ask for less from our government and rely on ourselves and our own capabilities in a greater way. Many people are unable to, or dont want to live less luxuriously so.... our wonderful government will only continue spending!
Maybe the government coudl stop issuing US savings bonds with intrest it cant pay. that would help, then Americans could start voting into office people who focus on minimizing government spending (esspecially on non-manditory items, even though they may be a good idea or a nice gesture.)
Then, just for kicks, we could stop researching new weapons technologies? I fwe only maintained and didnt build anything new for a few years we woudl be behind militarily but a heck of a lot better off on the domestic front!
Medicare/ Medicaid could use some reform and it wouldnt hurt to do something about the soon to be empty social security!
-Becky Baker
The debt ceiling shouldn't be raised at all. Yes if our goverment can't borrow anymore money then they won't be able to function but raising the ceiling would only prolong the problem. If we were able to reduce our debt after we raise the ceiling up this time then it would be worth while to do it. But since this year the defiecit is 427 billion, and we are projected to go even further. "Additional debt over that decade should total $1.36 trillion..." Raising the ceiling would only do more harm than good. Therefore the government should come up with a solution and the quicker they do it, the better.
http://www.washingtonpost.com/wp-dyn/articles/A35029-2005Jan25.html
wouldn't it be nice if we could all raise our own dept cap like that, i could bounce checks and not pay the $30 or whatever it is and just keep raising it until i'm dead, but i can't so i have to learn to manage my money. i'm not saying i dont borrow from my parents... but my point is that the government shouldn't be able to keep raising the debt each year, and then maybe it would force those in office to learn how to manage the governments money as well.
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