The debt limit ceiling passed in 1939, should be repealed. There’s no reason for a mature country to fight over whether to pay its bills.
Instead, we should focus on cutting spending and passing responsible budgets that ensure the federal government lives under the same rules average folks have to live under.
“Instead, we should focus on cutting spending and passing responsible budgets that ensure the federal government lives under the same rules average folks have to live under.
True. But if we could accomplish the above, then there would be no need to set a debt limit. Unfortunately, our govt is full of unscrupulous scoundrels who feel they are above the law and above “We the People”
goldstategop wrote:
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The debt limit ceiling passed in 1939, should be repealed. There’s no reason for a mature country to fight over whether to pay its bills.
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Ok, then please explain to us how you think you can get radical ideologues who refuse to negotiate or compromise like Barack Obama and the modern day Democrat party to reign in dangerously out-of-control spending without a debt ceiling???
Interest Expense Fiscal Year 2013
December $95,736,594,801.52
November $25,068,968,472.99
October $12,922,741,407.27
Fiscal Year Total $133,728,304,681.78
That is the interest since October 12 through December 12. The US can pay that interest off every month based on current tax revenues, and then would have to prioritize payments to see what else it could afford.
I predicted last month that the GOP would fold (again) on the debt ceiling as soon as Obama threatened to not pay Social Security checks.
Like clockwork, both event happened.
This nation must reform Entitlements or we will collapse economically in a very short time.
People that collect Entitlements don't want to hear that, but it is the truth.
You clearly don't understand this has nothing to do with paying existing bills. The current interest on the debt is only about 15% of monthly revenues. It has everything to do with making future commitments (spending more in the future and borrowing more to cover the future spending).
The debt limit process should never be repealed. If it was repealed, our rating would be downgraded to that of a third world country and the interest on future borrowing would be through the roof - bankrupting (as if we aren't already) the country.
We need a debt ceiling for fiscal sanity.
Reaching the debt ceiling does NOT prevent us from paying our bills. You are believing and repeating the Dim/liberal lie.
We take in over 200 billion a month in revenue.
Our “bills” (that is, what we are constitutionally obligated to pay every month) is between 30 and 40 billion.
What we need to do, when we reach the debt ceiling, is decide where to stop wasting the taxpayers’ money.
THAT is what the left does not want to do.
If we eliminate the debt ceiling, both parties will deficit-spend us into complete economic collapse.