Senate raises debt cap to 10 trillion? Is the answer to credit card debt getting a card with a higher limit?

Question

"U.S. debt limit near $10 trillion
A Senate panel voted to raise the federal government’s debt limit to almost $10 trillion, the fifth time lawmakers have had to raise the cap since President Bush took office.

The Senate Finance Committee approved by a voice vote legislation increasing the cap by $850 billion to $9.815 trillion amid warnings that the government would hit the current limit next month. The vote sends the measure to the entire Senate for approval. "

http://www.telegram.com/article/20070913/DIGESTS/709130380/1002/RSS01&source=rss

What do you think?

laissez faire guy, wasn't that what they said about adjustable mortgages? Just refinance? Except the credit was no longer there.

What about if and when the principal DOES come due?

Answer 1

Well, it makes sense to routinely increase the debt limit, because of inflation. 10 years from now 10 trillion won't buy as much as it use too, especially if our government keeps running the government as it does. There is a rumour that we would end up with run awy inflation, and then it would easier to pay that off.

Sarcasm aside, No, we would end up like the Mortgage company. Bush Finally figure out, that China does not have to wage war to get to us. He is actually confronting China, not to use the treasury bonds they hold as leverage when US does something hostile to them. Like that would work. We seriously need to cut cost. I remember that Reagan tried to defeat the Soviet Union, by forcing them to spend more money updating their military than they can afford. Now it loooks like we are destroying ourselves in the similar fashion. I worked for the Government and I see first hand of the corruption. I look at the great Empires in the world, and they did not die from invasions, but from corruption with in. If we can't contain our spending, we would end up Like the Roman, and the Chinese Song dynasty.

Answer 2

What if I told you the US never had to pay it's debt back? It's true. We don't. We just keep rolling it over. It's a strategy that's served us well ever since our nation was founded.

Did you know in 1996, the US spent 14% of it's tax revenues paying interest on the debt? In 2006, that was 10%. How can this be? Because tax revenues have grown faster then our debt has. Yes. Tax cuts have resulted in increased tax revenues. As long as that keeps happening, the debt is essentially irrelevent.

So when politicians spout off about how we have to increase taxes or slash spending to pay off the debt, they are ignoring the best option of all. Keep growing the economy and just roll it over.

Answer 3

Bush is the only President in office who surpassed ALL the proceeding Presidents with US debts. Bush in his first 4 years alone spent 1.4 trillion dollars. That's more than All the previous Presidents did throughout the years. Bush has no concept of money, and common sense. Remember he bailed out ALL his failed businesses, and business adventures by having the American Tax payers foot the bill for his debts. He filed bankruptcy, paid a small portion, and Tax payers got the rest.

They have already raised my credit card interest payments to offset Bushes debt, as well as collect from me, and other credit card holders (WHO DO PAY IT BACK) for those who filed bankruptcy on their credit card debts before it was locked in that they have to pay them off now if they file bankruptcy. I wish the credit card companies wouldn't allow those who filed bankruptcy to come in again and file for another card to which they can't afford this one. And sure as heck couldn't afford the last ones they had. Jeez one would think someone would have a financial brain to figure this one out, and the common sense to go with it.

Answer 4

Tancredo and Ron Paul have the best voting records for reducing government spending according to the National Taxpayers Union.
They were the only candidates to score 100 percent "A" Grades from 1992 to 2005.
http://www.ntu.org/main/page.php?PageID=97#

Answer 5

I pity US, as a Canadian I do pay a lot of taxes but at least see those taxes being returned through healthcare.

I really would love to know the interest rates of 10 Trillion and how will that ever be paid off. You will need to give some special favors to the saudis and China to keep them off your backs.

Answer 6

It's an additional way of putting the President in check. Now, not only is war funding on the line, but funding for the entire U.S. government.

Answer 7

No, it is not the answer. I heard that they were talking about it, but thanks for letting us know that it has gone through. Neither of the current party is fiscally responsible. Disgusting to say the least!