Wall Street Week Ahead: Cliff may be a fear, but debt ceiling much scarier

Comments (13)
CountryPride wrote:

Debt ceiling much scarier? Not according to our wise leaders like Harry Reid who said their was no time to waste in passing the pork loaded $60 billion Sandy storm bill. They act like there is no debt problem in America.

Dec 29, 2012 5:33am EST  --  Report as abuse
speaker12 wrote:

Sooner or later the American people are going to realize that OB and his cronies are going to bankrupt their country. How so many Americans voted to re-elect Obama is a wonder. They will soon find out that this was a big mistake.

Dec 29, 2012 10:56am EST  --  Report as abuse
Raelyn wrote:

The unwillingnes of the conservatives (“my way or the highway”) is the cause of this, and I will never forgive them. They should have come to some sort of agreement that we can all live with, months ago. They are like children whose toys were taken away from them. And they want to start another war, when we can’t afford their last two wars…

Dec 29, 2012 11:06am EST  --  Report as abuse
TheNewWorld wrote:

@Raelyn

I will never forgive the Democrats or the Republicans for spending so much money over the last 12 years. I doubt our kids and grand kids will forgive them either. When we have to wait until age 80 to draw Social Security we can all look back to 2000 till whenever we finally get serious about our fiscal situation and realize how stupid it was to continuously practice Keynesian economics and completely ignore deficits and the debt.

Dec 29, 2012 4:46pm EST  --  Report as abuse
AdamSmith wrote:

The greatest crime of this millenium was United States Bush admininstration’s invasion of Iraq in 2003. Iraq had never done America any harm whatsoever.

America spent over $2 trillion dollars on that war. But the American government under Bush didn’t have $2 trillion, so it had to borrow the money.

And today, America has yet to pay back that $2 trillion debt. America instead is simply carrying that war debt on its books forward, and paying quarterly interest on it.

Of all the mistakes America has made during the entire lifespans of all living Americans today, young and old, no mistake approaches the economic damage to America done by the Bush admininstration’s bloody, bungling and disasterous invasion of Iraq just 10 years ago, in 2003.

All the Americans who supported that war, and cheered for its violence, when they lament the state of America’s current deficit, should look in the mirror.

Dec 30, 2012 1:02pm EST  --  Report as abuse
pavoter1946 wrote:

As Dick Cheney said, deficits don’t matter, and Republicans proved it.

Now, deficits are the most important thing for Republicans, next to protecting low rates for millionaires and billionaires.

Neither side can resist spending. It is just that one side pretends, and the other side ignores.

Dec 30, 2012 1:27pm EST  --  Report as abuse
wootendw wrote:

“considering how close lawmakers came to a default.”

Not true. There was never a danger of default even if the debt ceiling were not raised. There was more than enough revenue to service the debt and bond holders always get paid FIRST. There was a danger to other recipients of Federal tax revenues, including Social Security, but the bond holders would have been paid and Tim Geithner had contingency plans to make sure they did.

Dec 31, 2012 2:31am EST  --  Report as abuse
jaham wrote:

I hope the GOP stands firm and again uses the debt ceiling as leverage to try to cut reckless government spending.

We will achieve fiscal balance in this country, and if it isn’t in the next 4 years, at least we can slow Obama and the Dems down and minimize the damage done.

Dec 31, 2012 8:33am EST  --  Report as abuse
jaham wrote:

@adamsmith said: “America spent over $2 trillion dollars on that war.”

Yea and we spent another $14.5T on the federal debt NOT on war…

Dec 31, 2012 8:36am EST  --  Report as abuse
SDaignault wrote:

What I am personally (Republican or Democrat) doesn’t matter. The parties and politicians don’t serve the public, they serve the lobbies and interests that fund them. Our deficit has doubled in the last 10 years. In particular, the %GDP has gone from the high 60% range four years ago to just over 100%, this year. Our deficit has gone up $4 trillion dollars in slightly less than three years. The last calculation I saw showed our deficit at $16.370 trillion against a $16.394 trillion ceiling. I hope my math is bad, but, that looks like there is $.024 trillion left. These desperate realities are barely reported by the mainstream media. I don’t know how to interpret the infatuation with the “fiscal cliff” when there is a far more serious problem. Spending. The system is so broken, it not only can’t repair itself, it can’t even acknowledge the problem or stop making it worse. Forget four years from now or even two years from now. I can’t imagine what will happen between now and six to twelve months from now.

Dec 31, 2012 9:12am EST  --  Report as abuse
Whatsgoingon wrote:

For decades the limit has been nothing but a reasons for the politicians to claim OT pay – This cliff was another perfect setup, wasn’t it? The percentage of tax income paid on interest will hit 100% in less than 10 years, if we keep the current deficit level. Is it scary for tax payers? Yeah, of course. But that’s a dream come true for the politicians. After they are “laid off” they can sit on the beach watching tax dollars flowing into their accounts without lifting a finger. Why would anyone think any party is serious about limiting the deficit, if endebting the nation serves their (about the only) common interest?

Dec 31, 2012 10:58am EST  --  Report as abuse
Whatsgoingon wrote:

@SDaignault: “… I can’t imagine what will happen between now and six to twelve months from now.” LOL still remember the end of the emperor’s parade – who was more embarrassed: The boy, the emperor, or the bystanders?

Dec 31, 2012 11:03am EST  --  Report as abuse
SeniorMoment wrote:

I have strong doubts there will be resolution of the fiscal cliff in 2012 or 2013. To continue operating, the federal government must come to a balanced budget. If not now when the economy is growing, why ever? As analysts have noted the USA still has a lot of wealth to spend down, but once that is gone the USA will be in far worse shape than Greece is now.

Dec 31, 2012 11:48am EST  --  Report as abuse
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