This idea that the main priority is to reduce the debt, instead of creating more jobs through stimulus such as infrastructure spending is ludicrous. The debt ceiling is used to pay the bills that have already been accrued, not to 'increase spending'. This isn't to say the debt isn't a problem, but to suggest sharply cutting spending and defaulting on public debt during an economic downturn is the worst possible outcome.
That said, it shouldn't exist anymore, not when it used as a weapon of political brinkmanship to extract concessions that will do more harm to the economy than good, not to mention putting the full faith of the United States debt at risk, such standoffs have already contributed to anemic, less than projected growth rates, and is centered around being used as a political weapon by a few obscenely wealthy and vested interests
To all the people on the other side of the Red and Green bar, I hear what you are saying, but at the moment, we NEED to borrow money. Even if we reduce spending, the cuts we make won't go through in time to get us that money when we need it.
The US has debts that have interest and payments that need to be made, and if we make cuts, we get that money next fiscal year. The money we already have allocated this year is gone, and we don't have enough to cover our payments now.
I agree that we need to work toward eliminating deficits so we can start paying off this debt, but that is something we can only do at certain times, and for right now, since we can't, we need another way to pay.
Choosing not to follow through on your commitments isn't Fiscally Responsible or any kind of Responsible, so we can't ignore the fact that we promised to pay back a certain amount of our debt now and default instead.
I do not believe that the US needs to raise the debt ceiling. I think that the debt ceiling is already too high as it is. I think that instead of doing that, there needs to be more of an emphasis put on trying to fix the debt instead of adding on to it.
I do not believe the US should need to raise the debt ceiling again. If I'm not mistake we just did this a couple of times. The debt ceiling should remain where it is and it shouldn't need to be changed much in the future. The US needs to cut back spending and I know some effort has been made to do just that.
Raising the debt ceiling just ignores the issue and pushes it aside for a future group to deal with. Instead, the country needs to focus on reducing its debt as much as possible by coming up with ways to pay off some of the debt. Raising a debt ceiling keeps the country just on the brink of hitting it again.
No, the US does not need to raise the debt ceiling, because we have too much debt. Other nations will stop lending to us. We need to stop borrowing what we cannot afford. We could start living within our means. That is what we have to do as individuals and it is sound financial policy.