Quote:
Originally Posted by whell
I'm familiar with the phrase. However, if we're $14 Trillion in debt, its not the full faith and credit of the United States backing our dollar. Its someone else's credit.
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But
it's our debt and by borrowing it we, as a nation, promised to pay it back.
Quote:
Originally Posted by BlueStreak
No, seriously. I would say spending has to be cut and the ceiling stays where it is. Lower the ceiling as debt is reduced. What good is having a "debt ceiling" if all we do is push it up as debt increases? At that rate it's meaningless anyways so, why bother?
The real controversy behind it all is; What do you cut?
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Unless and until Congress, particularly those making all the spending cuts noises, show their meddle, the whole debt ceiling argument is a symbolic distraction. In many cases, the same folks clamoring for not increasing the debt ceiling want to increase DoD spending.
My tip to Congress - cut the tough guy rhetoric and silly symbolism and get to work finding meaningful cuts and enact them.