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Will Debt Ceiling Rise without Spending Cuts?


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#1    and then

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Posted 06 January 2013 - 12:40 AM

The next chance for Republicans to humiliate themselves and their party is at hand.  We have until the end of February for Boehner and company to wring their hands and threaten.  The real question is for the credit agencies.  Will they downgrade US debt again?  If Oby stands tough and the repubs refuse to raise the debt limit then he will invoke some obscure rule to unilaterally raise the debt limit.  But the credit agencies will have the last word, won't they?

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#2    Yamato

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Posted 06 January 2013 - 05:54 AM

View Postand then, on 06 January 2013 - 12:40 AM, said:

The next chance for Republicans to humiliate themselves and their party is at hand.  We have until the end of February for Boehner and company to wring their hands and threaten.  The real question is for the credit agencies.  Will they downgrade US debt again?  If Oby stands tough and the repubs refuse to raise the debt limit then he will invoke some obscure rule to unilaterally raise the debt limit.  But the credit agencies will have the last word, won't they?
I think a few foreign central banks are going to get the hint before most of the credit agencies do.  It's alarming if our capacity to borrow is propped up by some artificially fluffed up credit ratings.   If you follow the money, the US taxpayer is the reason our credit stays so high.   Our debt is still the most reasonably assured that it'll get paid.  Which seems crazy to me in this new era of $1 trillion+ deficits.  When our economy shows another recession, that might be the moment when we lose our current global currency reserve status.   In the financial markets the US has performed very well against her contemporaries.  If we follow the money and where the buyers are, we're still the best major game in town.   It surprises me though.

I don't know how many more dollars China and Co. will take.  As long as Asia keeps getting interest payments (and outgrowing us substantially), they might continue to actually believe, even pretend to believe that we're going to pay this debt off.  I think people are so entitled to so many things these days, there's not a prayer of that happening.   Who are the politicians in either party making paying the debt the issue?

I don't mean to get political about this but I think the Occupy movement was more about continuing the spending than anything else.  Obama kept his foot on the floor and the movement lost its relevancy.  That was so last year, though.

"To deny people their human rights is to challenge their very humanity.   To impose on them a wretched life of hunger and deprivation is to dehumanize them." ~ Nelson Mandela

#3    Pyridium

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Posted 07 January 2013 - 07:55 PM

The "obscure rule" is called "The Executive Order".  It has the same effect as LAW!  Obama can raise the ceiling with the stroke of a pen...the congress can pass a law revoking the executive order, but the pres would have to sign it to revoke his own executive order.

If you hate capitalism, you must destroy it from within, hence when we get another credit downgrade, watch the interest rates rise, and money will get scarce to borrow.  Jobs will be lost, 75% of U.S. population will be on govt assistance.  Obama will declare this a real disaster that was brought on by the Republicans and capitalism.  Obama is hell bent on destroying life as we know it.  He has already proven that the President has almost unlimited powers by just weilding his pen.  What a jerk!


#4    awest

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Posted 07 January 2013 - 09:46 PM

View PostPyridium, on 07 January 2013 - 07:55 PM, said:

The "obscure rule" is called "The Executive Order".  It has the same effect as LAW!  Obama can raise the ceiling with the stroke of a pen...the congress can pass a law revoking the executive order, but the pres would have to sign it to revoke his own executive order.

If you hate capitalism, you must destroy it from within, hence when we get another credit downgrade, watch the interest rates rise, and money will get scarce to borrow.  Jobs will be lost, 75% of U.S. population will be on govt assistance.  Obama will declare this a real disaster that was brought on by the Republicans and capitalism.  Obama is hell bent on destroying life as we know it.  He has already proven that the President has almost unlimited powers by just weilding his pen.  What a jerk!

You would think if he was so hell bent on destroying Capitalism then Corporations wouldn't have donated as much as they did for either of his campaigns.


#5    AsteroidX

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Posted 07 January 2013 - 10:12 PM

I think the agenda is pushing in that direction. They are not addressing spending cuts before the debt ceiling I believe. I know many votes will be lost in both the house and congress if this tactic is attempted from what Ive read.

Dont forget automatic cuts in  defense and social programs are set to kick in during March.

Edited by AsteroidX, 07 January 2013 - 10:13 PM.


#6    and then

and then

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Posted 07 January 2013 - 10:46 PM

View PostPyridium, on 07 January 2013 - 07:55 PM, said:

The "obscure rule" is called "The Executive Order".  It has the same effect as LAW!  Obama can raise the ceiling with the stroke of a pen...the congress can pass a law revoking the executive order, but the pres would have to sign it to revoke his own executive order.

If you hate capitalism, you must destroy it from within, hence when we get another credit downgrade, watch the interest rates rise, and money will get scarce to borrow.  Jobs will be lost, 75% of U.S. population will be on govt assistance.  Obama will declare this a real disaster that was brought on by the Republicans and capitalism.  Obama is hell bent on destroying life as we know it.  He has already proven that the President has almost unlimited powers by just weilding his pen.  What a jerk!
I agree with your statement but I just don't understand what the endgame is to be.  Does he ride in on a white horse giving foodstamps to everyone?  Does he try to do away with the 22 nd amendment?

  Imagination is the power in the turn of a phrase.

#7    Sir Wearer of Hats

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Posted 07 January 2013 - 10:57 PM

View Postand then, on 07 January 2013 - 10:46 PM, said:

I agree with your statement but I just don't understand what the endgame is to be.  Does he ride in on a white horse giving foodstamps to everyone?  Does he try to do away with the 22 nd amendment?
He doesn't need to do away with it.
"We're at war" voila, 22nd Amendment suspended.


#8    Jeremiah65

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Posted 10 January 2013 - 03:31 PM

There is always this ridiculous idea...which seems to be gaining traction and attention.  There is a petition to go forward with it...

http://www.businessi...te-house-2013-1

Methinks some folks in our Gov and associated (supposed) think tanks... are insane.

Why address the issue of spending more money than you take in when you can find a scam to work around it.

The blatantly irresponsible taxing and spending makes my head hurt.  I so wish reason and critical thinking would somehow return to our leaders.

"Liberty means responsibility.  That is why most men dread it."  George Bernard Shaw
"I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it."  Thomas Jefferson

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