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Debt Ceiling?

BlackFlags
Posts: 904
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10/27/2015 12:49:35 PM
Posted: 1 year ago
At 10/27/2015 12:41:51 PM, Greyparrot wrote:
Why do we even have a debt ceiling? Most of the country doesn't care how much we borrow, so why even have a limit?

It is an important determination to make each year between Republicans and Democrats.
Greyparrot
Posts: 14,282
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10/27/2015 12:50:58 PM
Posted: 1 year ago
At 10/27/2015 12:49:35 PM, BlackFlags wrote:
At 10/27/2015 12:41:51 PM, Greyparrot wrote:
Why do we even have a debt ceiling? Most of the country doesn't care how much we borrow, so why even have a limit?

It is an important determination to make each year between Republicans and Democrats.

Republicans only pretend to care. The vast majority of the public does not care. We have a credit card, why not max it out?
BlackFlags
Posts: 904
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10/27/2015 12:55:38 PM
Posted: 1 year ago
At 10/27/2015 12:50:58 PM, Greyparrot wrote:
Republicans only pretend to care. The vast majority of the public does not care. We have a credit card, why not max it out?

I agree that people are too apathetic about their governments.

Doing that would just create problems later. All that debt has to be payed, with interest. Also our credit rating would go down with excessive borrowing, so if the government actually needed to take money out for a serious financial crisis, they would have no one to loan them money.

It goes without saying that being self sufficient is superior to being dependent. Most politicians are smart enough to realize that if we stopped taking debt all together, we would go through something twice as bad as the Great Depression, and three times as bad as the Civil War.

The US is quite literally living on borrowed money.
Sarai.K82
Posts: 30
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10/27/2015 3:13:02 PM
Posted: 1 year ago
At 10/27/2015 12:41:51 PM, Greyparrot wrote:
Why do we even have a debt ceiling? Most of the country doesn't care how much we :borrow, so why even have a limit?

There is no actual requirement for a debt ceiling. Congress could also do away with it altogether, since it"s not required by the Constitution. In fact, from 1980 to 1995, we had no practical debt ceiling under the Gephardt rule, but when Newt Gingrich and the other members of the 1994 Republican wave came into power, they revoked that rule. The debt ceiling lets politicians have a second crack at renegotiating the budget or other issues that were already decided on earlier.
TBR
Posts: 9,991
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10/27/2015 3:15:37 PM
Posted: 1 year ago
At 10/27/2015 12:41:51 PM, Greyparrot wrote:
Why do we even have a debt ceiling? Most of the country doesn't care how much we borrow, so why even have a limit?

The only gripe I have is how the Republicans have used this as a political wedge. Honest discussion about spending is fine. Pure blame-game serves no real end.