So, uh... About that debt ceiling.

[Broncojohnny]

AARP and the baby boomer generation would gladly see the ship sink if it meant they get to draw one more SS check.

Biggest leviathan lobby in all of Washington.

Exactly, the theme is "gimme gimme gimme". And it will only get worse as the baby boomers start to get their magical gubment checks.

[TexasDevilDog]

Two options, bro... either raise it or default. No spending cuts will save shit at this point. On top of that, we will have QE 3 in June, even though it might be named and introduced into the economy differently.

That is not entirely true. If you reached your credit limit would you default, just quit paying your interest payments?

[Denny]

That is not entirely true. If you reached your credit limit would you default, just quit paying your interest payments?

It wouldn't matter. The dollar would go to shit right after.

BTW, our interest is factored in to the total, so it'll go over anyway.

[TexasDevilDog]

It wouldn't matter. The dollar would go to shit right after.

BTW, our interest is factored in to the total, so it'll go over anyway.

You said the government would default if the debt ceiling wasn't raised, which is not accurate. If the government never borrowed money again because the limit was hit, then interest rates are irrelevant.

[Denny]

You said the government would default if the debt ceiling wasn't raised, which is not accurate. If the government never borrowed money again because the limit was hit, then interest rates are irrelevant.

If they are not authorized to spend anymore, then how are they going to spend any more?

[TexasDevilDog]

If they are not authorized to spend anymore, then how are they going to spend any more?

The debt limit would stop borrowing. It would not stop spending.

I am sure if the debt ceiling is not raised; the sky will fall, dogs and cats will be living together, anarchy!

[The King]

It would appear y'all are correct.
http://www.msnbc.msn.com/id/42773405...-capitol_hill/

From the link:

The GOP plan passed by the House this month envisions cutting government deficits by a total of $6.2 trillion over the next decade. One of its most contentious provisions calls for eventually transforming Medicare into a voucher-like system in which private insurance plans, not the government, pay medical bills. The plan has drawn scorn from Democrats, including President Barack Obama, who want wealthier Americans to pay higher taxes to help reduce the deficit.

I for one don't know why old people seem to be so in favor of Medicare. It's a crappy plan, and they have to pay premiums for it just like they would a superior private plan, albeit at higher rates.

[Broncojohnny]

The debt limit would stop borrowing. It would not stop spending.

I am sure if the debt ceiling is not raised; the sky will fall, dogs and cats will be living together, anarchy!

Are you drunk? We are operating at a deficit. If the debt limit weren't increased then the government would have to cut spending or they would have to default. It isn't like the interest payments on the debt would magically go down.

[TexasDevilDog]

Are you drunk? We are operating at a deficit. If the debt limit weren't increased then the government would have to cut spending or they would have to default. It isn't like the interest payments on the debt would magically go down.

Nice attacking me and not debate the issue.

That is so sad the government would have to live on a budget. Do you think borrowing more money will solve our debt problem?

[Dave586]

From the link:

The GOP plan passed by the House this month envisions cutting government deficits by a total of $6.2 trillion over the next decade. One of its most contentious provisions calls for eventually transforming Medicare into a voucher-like system in which private insurance plans, not the government, pay medical bills. The plan has drawn scorn from Democrats, including President Barack Obama, who want wealthier Americans to pay higher taxes to help reduce the deficit.

I for one don't know why old people seem to be so in favor of Medicare. It's a crappy plan, and they have to pay premiums for it just like they would a superior private plan, albeit at higher rates.

two things -

Old people don't like change.

Old people have been listening to the liberal outlets that say the sky is falling on the changes to Medicare.

[Denny]

Nice attacking me and not debate the issue.

That is so sad the government would have to live on a budget. Do you think borrowing more money will solve our debt problem?

Even if we stopped spending 100% right now, we'd go over the ceiling. They wouldn't work on a budget, they wouldn't do anything. They have to pay people to work. If we don't raise it, 100% of the government would stop immediately. None of the "essential personnel" crap either. No one home to pay the interest payments.

I see what you're saying, but you're looking at it from a personal perspective if you hit your limit. This country is a business and "We the People" are the owners and operators, but all operators are paid. On a personal debt, you can't fire yourself from doing your own personal expenses or you default because it doesn't get done.

[Broncojohnny]

Nice attacking me and not debate the issue.

That is so sad the government would have to live on a budget. Do you think borrowing more money will solve our debt problem?

What is there to debate exactly, third grade math?

Total federal outlay is Z, debt service is Y, spending is X

X+Y=Z

If Z decreases and Y stays the same what happens?

DERP

[Denny]

What is there to debate exactly, third grade math?

Total federal outlay is Z, debt service is Y, spending is X

X+Y=Z

If Z decreases and Y stays the same what happens?

DERP

Fuzzy math...

[Broncojohnny]

Even if we stopped spending 100% right now, we'd go over the ceiling. They wouldn't work on a budget, they wouldn't do anything. They have to pay people to work. If we don't raise it, 100% of the government would stop immediately. None of the "essential personnel" crap either. No one home to pay the interest payments.

I see what you're saying, but you're looking at it from a personal perspective if you hit your limit. This country is a business and "We the People" are the owners and operators, but all operators are paid. On a personal debt, you can't fire yourself from doing your own personal expenses or you default because it doesn't get done.

If the limit weren't increased, they would have to cut discretionary spending. Debt service isn't discretionary.

I'm actually with TDD on this, they would figure out a way, really quickly, to keep the doors open and the lights on. Liberals would be crying tears on every TV channel for their pet causes that suck on the government teet but they would find a way.

[TexasDevilDog]

Even if we stopped spending 100% right now, we'd go over the ceiling. They wouldn't work on a budget, they wouldn't do anything. They have to pay people to work. If we don't raise it, 100% of the government would stop immediately. None of the "essential personnel" crap either. No one home to pay the interest payments.

I see what you're saying, but you're looking at it from a personal perspective if you hit your limit. This country is a business and "We the People" are the owners and operators, but all operators are paid. On a personal debt, you can't fire yourself from doing your own personal expenses or you default because it doesn't get done.

Are you saying the county is insolvent? If you are saying revenue is not enough to cover interest payments, then raising the debt ceiling will do nothing in long term.

Our government cannot borrow its way to prosperity. Many Americans tried that and it did not work.