Selfishly, as a federal employee, I'm glad to see this since they were tapping my retirement funds to pay the bills. But someday that bill is gonna come due, and a lot of people are in for a lot of hurt. There is a clear choice to be made; continue living beyond our means until a crisis hits, or confront the problem before it gets worse. Care to guess the choice that will be made?
Simply put the US can't spend more than it already is. To approve the increase would be like giving an irresponsible teenager who is already burried in debt a credit card with a higher limit.
I guess what I am asking is what happens with a 'federal default' (from article)? I guess what I am looking for is what exactly happens if we don't pass this? I assume value of dollar falls through the floor, heavy borrowing from retirement funds, ???? Basically do we have any choice on this? Not passing it seem as if it would do more harm than passing it. And cheers in advance for educating the idiot.
I'm basically recalling economics and finance courses from college, but if my understanding is correct; if the increase doesn't pass (it will) then the US will either be forced to curb it's spending significantly or find alterative areas to "borrow" from. Currently I believe the gov't is dipping into funds and basically saying "we owe you." If the vote doesn't pass it would be a huge mistake for Bushco to not raise taxes (one of many reasons they really should). If (when) the vote does pass it will basically be an increase in the line of credit the US has to borrow against. The excessive spending will continue and Bush will probably cut taxes again. In my mind this vote passing will end up doing bigtime damage if Bushco. doesn't curb spending AND raise taxes. The success of this vote will do far more harm in the end to the value of the dollar than would a failure, IMHO. But Bush is more interested in being like by Americans during his time in office than actualy making this country a better place. That isn't to say he doesn't love it, but is just making wrong decisions in several areas.
Sometimes I wonder if Visa or Mastercard runs our government. I have credit card debt and yet they still raise my spending limit every couple of years. I love me those Reeps and their fiscally conservative outlook!
Just wondering if we will ever reach the $1 Trillion debt limit within this Administration $1 trillion=$1 million X 1 million That is just unbelievable. Maybe if we move more companies overseas to pay lower taxes and lower their payroll our country we can get to that figure. The pointless war in Iraq is certainly helping us get there, and the good news for those wishing to reach the $1 trillion goal is there is no end in sight for the war And if we can get "W"'s "tax cuts for those that certainly don't need it" to be permanent that'll help. What a disgrace
Bush Signs Debt Hike into Law Apparently in the Delay hubub this wasn't widely reported on. It's not a bad thing...yet, but the proper steps must be taken to keep a hold of things. How much you want to bet those steps aren't taken? How about 100 Euros?
the "conservatives" have just butt-******** the entire american future. they have asked for blow jobs from the people and received them carte blanche. they are not only a scourge on the land, they are a scourge in their own pathetic, insipid hearts. they are butt-**********. most of them are nazis from the south. others are nazis from texas. all of them are nazis. pathetic.