Lets start with a simple FACT: SINCE 1962 the DEBT CEILING HAS BEEN RAISED 74 times, this would make it the 75th time since 1962.. So lets see, its 2015, 53 years and the debt ceiling has been raised 74 times, now going on 75, so this is an average of about 1.5 times a year the debt ceiling has been raised.... The same old news just a different day, the same old news where the treasury secretary comes out and announces again that the US is only a few weeks from hitting the debt ceiling and that if nothing is done there will be another crisis and the US wont be able to pay their bills blah blah blah blah blah and more fu$King blahhhhhh.....thats all this is....so I wonder whats going to happen???? hmmmmmmmmm .... we all know the story, US loves to spend and loves debt so we all know they are going to raise it another couple of trillion, which means probably another 6 months before we come back to the same old story again....how can anyone possibly believe that the US economy is the strongest in the world when all we do it print money and have tens of trillions in debt, please tell me how come every single time the debt ceiling is reached they just raise it once again instead of saying you know what, maybe we need to cut back on spending, maybe we need to see how were spending the money, but why should they care, they just print another few trillion and move on..... so truth of the matter is there is no way the US is going to default when all we do is keep raising the debt ceiling, why even put any worries or thoughts into the american publics mind when they could care less to begin with.... Lew to Congress: Debt limit now exhausted Tuesday, November 3 Fred Imbert | @foimbert 43 Mins AgoBreaking News 137 SHARES 136 COMMENTSJoin the Discussion Getty Images U.S. Treasury Secretary Jack Lew Treasury Secretary Jack Lew said Thursday the U.S. debt limit will be exhausted Nov. 3, two days before previously estimated. "At that point, we expect Treasury would be left with less than $30 billion to meet all of the nation's commitments — an amount far short of net expenditures on certain days, which can be as high as $60 billion," Lew said in a letter. "Operating the United States government with no borrowing authority, and with only the cash on hand on a given day, would be profoundly irresponsible. As I wrote previously, we anticipate that a remaining cash balance of less than $30 billion would be depleted quickly," he said. Debt ceiling fail could get really ugly Lew also said the U.S. government would not be able to meet most of its obligations without a higher debt ceiling and thus urged Congress to raise it. "We have learned from the past that failing to act until the last minute can cause serious harm to business and consumer confidence, raise short-term borrowing costs for taxpayers, and negatively impact the credit rating of the United States," he said. Last Friday, Lew made similar remarks at an International Monetary Fund meeting in Peru, saying: "Congress needs to act or we could be faced with a crisis."
Mnuchin calls on Congress to raise debt limit as deadline approaches: Reuters And here we go ooooooo again....more debt ceiling dribble out in the news today...I'll say it again, again, again and again....this isn't news, how many times has the debt ceiling been raised in the last 50+ years??? Yep there you go, it doesn't matter how many times we reach the debt ceiling allllllll they do is raise it and raise it and raise it and raise it again....there is no talk about fixing anything, the only fix is to raise it and guess what it will be raised again come next week....I don't know why they just raise it to $898 trillion dollars, then we won't have to worry any more because I think $898 trillion is enough to go out 150+ years, we can keep spending without worrying where the debt ceiling will be, on another note why don't they just not worry about the cap, just make it an unlimited Fu$king debt ceiling, problem solved!!!?? we won't have to hear this pathetic talk about raising the debt ceiling any longer....
Well you're right about one thing, the concept of a "debt ceiling" is foolish and should be abolished. If you understand how Congress appropriates money, you understand how ludicrous it is to then apply a debt ceiling. Although I shudder to compare macro to home economics, this is exactly like someone spending $10,000 on a credit card, and then in the name of fiscal discipline refusing to pay any more than $9,000 of it back and declaring bankruptcy despite being able to easily payback the last $1,000.
The government will be perpetually in debt, forever and ever, unless it eliminates the Federal Reserve System. The "central bank". So naturally, the debt ceiling will have to always rise as the government spends more and more of the Fed's money. Seems easy enough to understand. Why the long faces?
That's a pretty massive misunderstanding of both the national debt and Federal Reserve System concepts! You can certainly have a Federal Reserve with no debt and a debt with no Federal Reserve. If, for example, we had kept the Clinton surpluses going we would have eventually had no debt. The Federal Reserve wouldn't have crumbled to dust the day we hit 0 debt!
And the military, it's 57% of the discretionary budget. Oh, I forget we need to increase that just for the sake of doing so (and I'm a retired officer).