Quote:
Originally Posted by finnbow
Try that with your credit card company. Buy a bunch of stuff this month and at the end of the month simply refuse to pay the bill unless they reduce the amount you owe them. See how that works out for you. It will ruin your credit rating just as the GOP's stunt threatens to ruin ours.
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Using your analogy: Buy a bunch of stuff that you don't really have the money to cover, make the minimum monthly payment on the balance, and the let the interest accrue on the balance each month. That's very much like what our Federal Gov't is doing.
Your credit card company will let you get away with that for a while, but your credit card company has a credit limit that is part of the agreement that you have with the credit card company. The US Gov't has the 14th amendment and the Public Debt Acts.
But just like your credit card, there are limited ways to pay down the balance and get back under the Federal debt limit. There's a responsible way to do it: reduce spending and use the funds to pay down legal obligations.
Then there's the way our Federal Gov't does it, which you are apparently a fan of they do the equivalent of calling the credit card company and getting the credit limit increases, while at the same time borrowing more money to pay legal obligations, but don't cut spending at all. In fact, make sure you increase it, so you can repeat the above exercise damn near every year.
Idiocy.
