U.S. Debt Ceiling

[island1fox]

In recent history a Senator voted no to raise the Debt ceiling stating that government spending had to be controlled and that if the ceiling had to be raised it was a "failure of Leadership"
Who was that Senator ??

 

[over9five]

Our Messiah said that!

 

[Jones]

From an interview with Bruce Bartlett concerning the debt ceiling:

No other major countries have a debt ceiling that operates independently of congressional decisions on taxes and spending. What's the rationale for keeping it in place?
Well, we do it primarily, I suppose, from historical practice. But it is also convenient for demagoguing. And, believe me, this is absolutely bipartisan. For example, in 2006, when the debt limit was increased, both Joe Biden and Barack Obama, both members of the Senate at that time, opposed the increase with the usual demagoguery -- "How dare we pass these debts on to our children -- but of course now the shoe is on the other foot. The basic thing is that the debt ceiling simply allows members of Congress to avoid responsibility for their own actions. They can increase spending and cut taxes and in the process increase the deficit and then express outrage when the logical consequences of their actions require the Treasury to borrow more. It gives them a free vote; they can go back to their constituents and say I voted to control the debt by not increasing the debt limit. And some people are foolish enough to buy this stuff.

It can be read in it's entirety here.

 

[Bubblehead]

In recent history a Senator voted no to raise the Debt ceiling stating that government spending had to be controlled and that if the ceiling had to be raised it was a "failure of Leadership"
Who was that Senator ??

Jim DeMint

 

[browndevil]

In recent history a Senator voted no to raise the Debt ceiling stating that government spending had to be controlled and that if the ceiling had to be raised it was a "failure of Leadership"
Who was that Senator ??

Let's start by reducing our defense budget.

 

[klein]

From an interview with Bruce Bartlett concerning the debt ceiling:
It can be read in it's entirety here.

Looks like no other option, but to raise the debt ceiling.
Bruce Bartlett wrote well, about the major concequences it would have, if it wasn't raised.

 

[moreluck]

If it is raised, there needs to be tons of strings attached........All cuts of all kinds.

 

[bbsam]

If it is raised, there needs to be tons of strings attached........All cuts of all kinds.

Should be interesting. Cuts at the Federal level should sink most of the states within a couple years.

 

[UpstateNYUPSer(Ret)]

Value Added Tax

 

[bbsam]

Value Added Tax

And somehow I am to think that I'm paying less in taxes because the package it differently?

 

[UpstateNYUPSer(Ret)]

And somehow I am to think that I'm paying less in taxes because the package it differently?

With a VAT you will be paying much more in taxes. Think of a VAT as a national sales tax.

 

[cachsux]

For the amount of debt we have it should have a ceiling that looks like the Sistine Chapel.

 

[klein]

Should be interesting. Cuts at the Federal level should sink most of the states within a couple years.

You know as good as I do, nothing will happen.
The new budget will be out soon (with probably another trillion deficit), and they'll all sign it (with a little meckering),
with the same old excuse, that they can't raise taxes or cut spending, until the econemy strengthens.

And they'll agree to raise the ceiling.

And life will go on, as the debt keeps on growing.

 

[bbsam]

With a VAT you will be paying much more in taxes. Think of a VAT as a national sales tax.

But the republicans won!

 

[tieguy]

Looks like no other option, but to raise the debt ceiling.
Bruce Bartlett wrote well, about the major concequences it would have, if it wasn't raised.

there you go an unemployed canadian fired for drinking on the job said it needed to be raised.

 

[tieguy]

With a VAT you will be paying much more in taxes. Think of a VAT as a national sales tax.

how do you figure? with vat I dont pay if I dont buy. In todays world I pay a tax even if I dont spend any of my money.

 

[tieguy]

You know as good as I do, nothing will happen.
The new budget will be out soon (with probably another trillion deficit), and they'll all sign it (with a little meckering),
with the same old excuse, that they can't raise taxes or cut spending, until the econemy strengthens.

And they'll agree to raise the ceiling.

And life will go on, as the debt keeps on growing.

for those of you who may be wondering "meckering" is a small town in australia.

 

[klein]

how do you figure? with vat I dont pay if I dont buy. In todays world I pay a tax even if I dont spend any of my money.

That's not how it works Tie, you get the pleasure to continue paying income taxes, plus lets say 7% vat tax on top of all services and goods.
Yes, even gasoline goes up by 7%, an oil change for the car, a repair (car or home or appliance), flight tickets, all bought prepared foods (includes sandwiches at a grocery store, or a cup of coffee to work, even a hamburger and rotten ronnies or any restaurant for that matter.

Plus all junk foods, like chocolate milk, soda pop, beer, wine, cigs, potato chips.
Even school supplies, like paper, pencils, etc.

Only thing that will remain tax free are basic foods (just the basic), - doughnuts are taxed, bread isn't. Milk, butter, cheese isn't taxed, but eggnog, chocolate milk, ice cream is.
Coffee & Tea aren't considered basic foods here, they are taxed as well in the grocery shelfs.

Even UPS, fedex and postoffice rates go up with the tax. Nothing is really spared.


Tie, if you don't want the debt ceiling to be raised, then praise for higher taxes, cuts in ss and medicare/aid and whatever else they must do to save over a trillion.

 

[wkmac]

But the republicans won!

You're right and they are getting off to a wonderful start too!

New Congress, Same smelly underwear!

The problem is not raising the debt ceiling itself but the fact that they see the debt ceiling as nothing more than another new benchmark to hit.

 

[klein]

You're right and they are getting off to a wonderful start too!

New Congress, Same smelly underwear!

The problem is not raising the debt ceiling itself but the fact that they see the debt ceiling as nothing more than another new benchmark to hit.

if they predict 1.27 Trillion, it'll be more like 1.5 Tr.
If my math is correct, even at 1.2 Trillion, it works out to over $4000 added in federal debt for every man, woman, child in the US, next year alone.
Not including extra state deficits.