Comments on: Why do we have a debt ceiling?

By: austin4

austin4 — Fri, 21 Jan 2011 18:39:20 +0000

Apparently the journalist wasn’t around doing the Bush Years. When they were spending and borrowing like there was no tomorrow. Just think what the national debt would be now if there wasn’t a debt ceiling.

The US National Debt would be over $100 TRILLION DOLLARS, if Cheney and Bush had their way.

By: fiscalcon

fiscalcon — Mon, 17 Jan 2011 20:08:54 +0000

This is such an ignorant article – ignorant of the Constitution, ignorant of the spending facts.

Only Congress has the power to borrow money. So it cannot be left to the executive (Treasury Department). As pointed out, the debt ceiling is a blanket authorization to borrow money, instead of one subject at a time. And it started in the ill-fated Wilson era, along with the Fed, the income tax, and elimination of State sovereignty through the popular election of the Senate.

Failure to raise the debt ceiling does not imply default. There are many things for which the government spends money. The interest on the debt and redemption of maturing securities is only a modest portion of the budget. So the debt obligations can still be met without borrowing more. Do not most of us manage to make our mortgage payments without the necessity of borrowing more money? The government can do the same thing. Just reduce the spending in other areas.

Perhaps Social Security payments won’t be as large, or military spending will be cut and the Unconstitutional Department of Indoctrination (err, Education) can be eliminated, etc. Before you get all wanked out about how unfair it is to cut spending to retirees, just remember that these retirees are the very same morons that had over 40 years of voting history to get us into this mess. Greatest generation my a$$. Elections have consequences, as does repeatedly sending spendthrifts to Congress.

By: mushr00m

mushr00m — Thu, 13 Jan 2011 15:51:32 +0000

It appears the debt ceiling was first instituted in 1917, but in context of actually giving the Treasury greater power to issue debt. Previously, Congress had to vote in each issuance of debt. So its not like the Treasury had some power and this nonsensical law came on just to put a stop to rational governance. It made sense at the time, like the Senate.

http://fpc.state.gov/documents/organizat ion/105193.pdf

By: FelixSalmon

FelixSalmon — Wed, 12 Jan 2011 20:42:03 +0000

Actually, Nemo, the thing favored by 71% of the population is NOT going to become law. What they want is for the debt ceiling to stay where it is. And in fact it’s going up.

By: NemoP

NemoP — Wed, 12 Jan 2011 18:38:28 +0000

Yes, great question. How did something favored by 71% of the population ever become law? That is so unlike America.

So, how can we get rid of it?

By: Chris_Gaun

Chris_Gaun — Wed, 12 Jan 2011 17:10:56 +0000

You mean politics is showboating about things non-policy wonks consider evil and not about actions most people would consider reasonable when broken down (as you did above)?!1!

Dammit Felix Salmon, you just killed political Santa Clause.

@Chris_Gaun
chrisgaun@gmail.com