White House says Congress must raise debt limit

Comments (38)
imacracker wrote:

I think all the House has to do is pass a very specific spending authorization that allows the Treasury to borrow money to pay the interest/principal that is due.

Without a budget for the past few years, I don’t really see any reason to pay anything else. Everybody knows that when you run an organization without any budget discipline, you get overspending. Everybody knows that.

Jan 04, 2013 10:42am EST  --  Report as abuse
eddo wrote:

We were “playing with dynamite” when the White House,specifically Barack Obama, insisted on spending money we didn’t have!

Jan 04, 2013 10:45am EST  --  Report as abuse
bobber1956 wrote:

NO!

Jan 04, 2013 10:47am EST  --  Report as abuse
BOOWAH wrote:

Unfortunately, raising the Debt Limit relies on Congress being reasonable, which the Republicans are not! Their only goal is to get rid of Social Security and Medicare, and they will literally destroy our country to achieve that end! They have tried since the inception of each to exterminate both entitlement programs. They wouldn’t think twice about throwing 40 million of us into poverty. They actually believe in the twisted logic of churches and charities taking us in! It’s possible that in opposing gun control, they may have just sealed their own fate!

Jan 04, 2013 10:49am EST  --  Report as abuse
bobber1956 wrote:

BOOWAH
How can people with guns refusing to give them up to people without guns seal their own fate? There are already cops being refused service at restaurants-you really think they are going to help you. Think again. By allowing this debt to continue without check is destroying our children’s future, actually it already has for the next 2 generations. If you had a child today it would be over $50,000 in debt the moment it took its first breath-and then again if you lived in a blue state you have it killed for free so no problem right. You libs are over the line…..you will be stopped…or you can just leave us alone to live our lives the way we want.

Jan 04, 2013 11:04am EST  --  Report as abuse
DocRockk wrote:

Ask 100 people on the street if they think raising the debt ceiling allows the Govt to borrow more money, and upwards of 80 of them will wrongly say they think it does.

It pays our bills folks, it doesnt mean the Govt can borrow more money. It means it will pay back what has already been borrowed.

So when did paying our bills become so controversial?

Jan 04, 2013 11:14am EST  --  Report as abuse
DocRockk wrote:

We were “playing with dynamite” when the White House,specifically Barack Obama, insisted on spending money we didn’t have!
————————————————-

More proof that ignorant Americans have not a clue as to how there Govt works….NEWS FLASH….no President can borrow or spend ANY money. Not one dime. Borrowing and spending money is the complete responsibility of CONGRESS. Presidents have ZERO authority or way to borrow or spend one single dime. GET A CLUE PEOPLE!

Jan 04, 2013 11:16am EST  --  Report as abuse
canajuneh wrote:

When kicking cans down the road eventually the road runs out….Obama looks to be the can kicker in chief…this will be his legacy if he does not deal with this debt crisis.

Jan 04, 2013 11:23am EST  --  Report as abuse
RickC-TX wrote:

Whatever happened to that grand speech that Obama made in the Senate, you know, the one where he derided George Bush for asking the debt ceiling to be raised and called it ‘unpatriotic’ and ‘a sign of leadership failure’. So, I guess that makes Obama an unpatriotic leadership failure as a president? Seems that way to me, anyway… But, of course you won’t see the references to he previous speeches on many news sites; that would make Obama look bad, and the so-called mainstream press can’t do that…

Jan 04, 2013 11:37am EST  --  Report as abuse
ChangeWhat wrote:

Why have a debt ceiling? To instill more fear into brainwashed Americans.

Who cares? There is nothing good left in this country, its all downhill with no brakes until our political system is revamped. Starting with the elimination of the republican and democratic parties from ever being allowed to take an office again.

Jan 04, 2013 11:57am EST  --  Report as abuse
ConradU812 wrote:

DocRockk wrote: “It pays our bills folks, it doesnt mean the Govt can borrow more money. It means it will pay back what has already been borrowed.”

The problem with that is it has been “borrowed” on unearned income. If I “borrowed” more money than I could repay, in any reality other than federal budgets, it would be considered a VERY poor financial practice.

Jan 04, 2013 1:16pm EST  --  Report as abuse
Perv889966 wrote:

Raising the debt ceiling for Obama is like giving cash to an addict.

What is the addict going to do with the cash? Buy more drugs, sucker!

Jan 04, 2013 1:16pm EST  --  Report as abuse
ConradU812 wrote:

Docrockk wrote: “Presidents have ZERO authority or way to borrow or spend one single dime. GET A CLUE PEOPLE!”

Then why are all of Obama’s economic woes blamed on Bush? The president doesn’t have sole authority to borrow or spend, but he has a LOT of political weight to make it happen through congress. That, and executive orders….

Jan 04, 2013 1:21pm EST  --  Report as abuse
OneOfTheSheep wrote:

Every time the debt ceiling is raised, Congress acknowledges that this country could not and did not keep it’s expenditures within an agreed limit. It concurrently authorizes an increased “limit” without discussing or debating what that increase will be spent for in the coming “round” of economic dysfunction.

This astounding process needs a name that appropriately describes it. How about the “If we spend it you will pay” Congressional system of fiscal MISREPRESENTATION. In it, “we, the people have no voice”, but it is our wool is sheared to pay bills THEY incur, supposedly on our behalf!

Please! Don’t do us any more such “favors”. The debt ceiling is no different with the credit limit on a credit card. Many, many Americans have such poor fiscal discipline and ongoing deficiency in “will power” that they carry credit balances they can not pay off entirely each and every month. They then complain that the interest they pay as penalty for such personal lack of restraint. Where would Americans be if they could just increase their own credit line when times were “tough”?

And so our newly re-elected “leader in chief” would have this nation formally adopt and ratify an unsustainable national fiscal policy of providing our clearly irresponsible Congress an endless supply of blank checks written on a “national account” the taxpayers of this country must ultimately pay for without meaningful representation? No, thanks for asking!

Jan 04, 2013 1:31pm EST  --  Report as abuse
AndrewBinga wrote:

Enough is enough. Obama does not need to spend more money.

Jan 04, 2013 1:43pm EST  --  Report as abuse
AndrewBinga wrote:

Next thing you know people like DocRockk will be insisting that runaway government spending is a great thing.

Jan 04, 2013 1:47pm EST  --  Report as abuse
ChangeWhat wrote:

I guess the great bank bailout and the reasons why it happened still hasn’t registered in the simple jack minds of our politicians.

Jan 04, 2013 1:48pm EST  --  Report as abuse
justinolcb wrote:

ahaha you voted for him so enjoy it – things will probable get worse – very much worse!!

Jan 04, 2013 2:11pm EST  --  Report as abuse
tsprague wrote:

All that raising the debt ceiling means is that Congress authorizes the executive branch to issue bonds to raise the funds to pay for the bills that Congress has already authorized. This has nothing to do with future spending. Just with what Congress has already authorized.

Jan 04, 2013 2:15pm EST  --  Report as abuse
yubamary wrote:

Look who’s asking. The great economist in the White House. (sarcaism). Raising the debt limit does not pay the money we owe. We can pay what is necessary and still not raise the debt limit.
At what point do you think it would be be necessary to stop borrowing money if we never reduce the balance. What usually happens is you have to declare Bankruptcy. Then where do you get more money? It’s a vicious trap. Do people truly believe the GOP wants to get rid of medicare and Social Security. It’s already on it’s way out if the liberals keep taking money away from it. What happened to the TRUST that the funds where supposed to be in. Dem’s already got that (Johnson) didn’t they.

Jan 04, 2013 2:23pm EST  --  Report as abuse
Overcast451 wrote:

That always works – when you are out of money, bump up credit cards limits and BORROW, BORROW, BORROW.

Borrow yourself right out of debt, lol…

Jan 04, 2013 2:52pm EST  --  Report as abuse
fugedaboudit wrote:

Sorry, all you Obama haters, but here’s a little civics 101: DocRockk is correct, Congress writes the legislation, appropriates the $$ and spends the $$. All the president can do is propose legislation, it’s up to Congress to make it happen. It’s also up to Congress to pass a budget. They could balance it TODAY if they wanted to! Boehner, Cantor and friends on the right would have you believe that it’s Obama’s fault that none of this has transpired to date. They are the ones that have to make it happen and they have hoodwinked a good part of the electorate with their constant pronouncements that it’s the president’s fault. Not so, not ever. So you people out there that are believing the BIG LIE, don’t. It ain’t so. As a side-note, if McConnel had not filibustered Obama’s American Job Act back in Aug of last year, unemployment would be in the 6′s right now. If Harry Reid modifies the filibuster rules so that the tail is no longer wagging the dog, then maybe we won’t have a record number of them and maybe we’ll get some real legislation done. Sux that there is still a Republicon majority in the House, nothing that will actually enhance America’s economy will ever happen as long as that’s the case. Can’t wait till 2014…

Jan 04, 2013 3:20pm EST  --  Report as abuse
Rich_F wrote:

this is nothing but a bad circus at this point and accomplishes nothing but using the limit as a political stick between the 2 parties. we’ve gone over the summit already and its all downhill from here so why pretend like we’re trying to change how things are done in government.

Jan 04, 2013 3:54pm EST  --  Report as abuse
Timbuk3 wrote:

@ Droc & Sprague, I guess you are right, half the comments still show a complete failure to understand the debt limit.

Here is a much simpler analogy: “Honey, since you keep max’ing out your credit card, I am not going to pay the mortgage.”

As far as “we have enough to pay everything without raising the debt ceiling”, please explain how a) 40% of the budget expenditures is borrowed b)Let’s not pay the creditors the (6%)federal debt payment we owe them… and then see how that goes… are you ready to cut 40% from all the programs?

http://www.gao.gov/special.pubs/longterm/debt/budgetdebt.html

Jan 04, 2013 3:58pm EST  --  Report as abuse

“What the Republicans are threatening to do is refuse to honor our debts and pay the bills that the United States has already promised to pay. They would default on our bonds – most of which are held by Americans. This would ruin the credit of the country, dramatically increase all future borrowing costs, and forever end America’s status as a “safe haven” place to keep money. It would end our status as the “reserve currency.” It would be a vote to tell the world that the US dollar is not worth the paper it is printed on. This would crash our economy and take the world’s economy down with it.”

Jan 04, 2013 5:50pm EST  --  Report as abuse

“What the Republicans are threatening to do is refuse to honor our debts and pay the bills that the United States has already promised to pay. They would default on our bonds – most of which are held by Americans. This would ruin the credit of the country, dramatically increase all future borrowing costs, and forever end America’s status as a “safe haven” place to keep money. It would end our status as the “reserve currency.” It would be a vote to tell the world that the US dollar is not worth the paper it is printed on. This would crash our economy and take the world’s economy down with it.”

Jan 04, 2013 5:50pm EST  --  Report as abuse

“What the Republicans are threatening to do is refuse to honor our debts and pay the bills that the United States has already promised to pay. They would default on our bonds – most of which are held by Americans. This would ruin the credit of the country, dramatically increase all future borrowing costs, and forever end America’s status as a “safe haven” place to keep money. It would end our status as the “reserve currency.” It would be a vote to tell the world that the US dollar is not worth the paper it is printed on. This would crash our economy and take the world’s economy down with it.”

Jan 04, 2013 5:50pm EST  --  Report as abuse
JustSayin33 wrote:

haha they ARE kidding right.. Yeah just keeping raising the credit limit on the americas credit card without asking any questions.. Has it ever been raised to where it is now?

Stop the handouts Obama stop playing games with our Childrens future..

You are going to go down in the history books as the most ignorant president of all time!

Just wait until all of the Obamacare taxes kick in! lets see what that does to our economy!

People elected Obama because romney was going to kill big bird and was a white man.. period.. Mandate my A$$

Jan 04, 2013 7:23pm EST  --  Report as abuse
TomMariner wrote:

Wait, our President, the model of fiscal restraint, after he just got revenue increase, certainly wants to reduce spending so we won’t need a debt ceiling raise! There must be a mistake with the President’s advisors actually saying that the financial markets will react negatively if we DON’T spend even more — that would be like thinking if your bank turned you down on a loan for a Ford Fiesta, they would smile at you if you decided instead to buy a Ferrari StationWagon.

And the fight is going to be that the Democrats want to spend even more and they will win the House back because voters want their childrens future destroyed even more? And the Republicans will lose because they want to stop the fiscal hemorrhage and create jobs? The American voters are not that stupid!

Jan 04, 2013 7:32pm EST  --  Report as abuse
actnow wrote:

There is no way on earth Congress should raise the debt limit until President Obama and his followers are willing to get us on the path to a balanced budget by reforming the spending machine that is consuming all of our futures. This is the only tool available to stop this madman from destroying our nation and it must be utilized to the fullest.

Jan 04, 2013 10:53pm EST  --  Report as abuse
Abulafiah wrote:

Why are Republicans opposed to raising the debt limit?

Is it because:

1) They don’t understand that the debt limit needs to be raised to pay bills already run up by the Republican congress? The numerous analogies to credit cards suggest that lack of understanding is the problem.

2) They genuinely believe that refusing to pay your bills is a responsible way to save money.

3) They are willing to do anything – even hold the US economy to ransom – to get spending cuts because they don’t understand, despite it being well known in theory and proven by observable results in the EU, that spending cuts destroy growth and prefer to have faith in the GOP ideology that spending will somehow, magically, have the opposite effect in the USA to the the effect they have had in the EU. Doing the same thing and expecting different results…

4) They are not actually that stupid; they know exactly what spending cuts will do and see wrecking the US economy as a political manoeuvre to increase their chances in 2016.

Myself, I think for the GOP leadership it is (4), and for their sheep is a combination of (1) and (3).

I can believe the FoxBot sheep simply not understanding the issue, that is plain to see, but the leadership? No… they are just so determined to get into power that they are willing to sacrifice the USA. They probably think they can do that, stoke up resentment, ride that into power in 2016 and consolidate it by fixing the mess.

Jan 05, 2013 1:25am EST  --  Report as abuse
DSTIEBS wrote:

I hope the Republicans drag this out until next year. No Budget, no money! Did all the lawmakers give back their big raises?

Jan 05, 2013 1:36am EST  --  Report as abuse
TheNewWorld wrote:

@DocRok

Raising the debt limit allows us to in debt more. We have to go get loans to pay our bills because we spend more than we make. If wehad a balanced budget we could pay our bills without raising the debt. So yes the 80% would be right and the other 20% has no clue what they are talking about.

Jan 05, 2013 2:03am EST  --  Report as abuse
TheNewWorld wrote:

@actnow

It is congresses responsibility to write a budget, not the President’s. They need to grow a pair and use their power on the budget and make the debt limit a moot point.

Jan 05, 2013 2:10am EST  --  Report as abuse
TheNewWorld wrote:

@left coast rocky

We are on the way to destroying our currency. Other countries are concerned with the Feds manipulation of the bond market. This has never been said before. Fiat economies are faith based economies, and everyone is losing faith.

Jan 05, 2013 2:14am EST  --  Report as abuse

Since Mr. Obama has said he simply can’t keep from spending money he doesn’t have, the congress should just close the government & leave it closed until the national debt has been paid off.

Mind you “emergency functions” of government will still be taken care of, which is all government should be doing with the debts we have. When the government is out of debt, sometime next century or the one after that, it can open again.

Jan 05, 2013 4:45am EST  --  Report as abuse
Joe_Casepack wrote:

Asking the President to produce even one yearly budget(a real one, not a speech) in return for yet another increase in the debt limit is a tiny price for him to pay.

Oh well, the American people voted for more of the same blame game. He used to blame Bush but now all he does is blame congress. I guess if the congress goes back to democrat control he will have to go back to blaming Bush.

Worst. President. Ever.

Jan 05, 2013 5:37am EST  --  Report as abuse
ccharles wrote:

The Sequester Act show that no matter what they say, there a strong chance that they wont follow it. So no, dont raise the debt cieling. First do what you said you would do to get it raised in the past… The sequester act or the budget control act of 2012 or what ever you want to call it was put in place so as to spend more with the money coming from the cuts in the sequester act.. and most of those that voted for it are still in office .. it was just last year. By not following the rules at least a little bit… like doing what you said your going to do, even to the point of making a law of it, then just breaking the law. But thats no big deal. It just makes word or agreements with the federal goverment WORTHLESS.

Jan 05, 2013 1:47pm EST  --  Report as abuse
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