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Should We Just Get Rid of the Debt Ceiling All Together?

News 2011/07/19 11:00:00
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Here's a simple solution to the current debt crisis that neither side is really talking about: dump the debt ceiling.

Amid the hand-wringing over what might happen to the U.S. (and world) economy should the U.S. fail to reach an agreement on raising the debt ceiling by August 2, is a suggestion from ratings agency Moody's that maybe the U.S. should just eliminate its statutory limit on government debt.

We are virtually alone among countries that set a ceiling on government debt, a process that leads to "periodic uncertainty" over Washington's ability to meet its obligations.

"We would reduce our assessment of event risk if the government changed its framework for managing government debt to lessen or eliminate that uncertainty," Moody's analyst Steven Hess wrote in a report, in which he suggested that doing away with the debt ceiling would help reduce nervousness among bond holders.

Keep in mind, it was Moody's that warned last week it might cut the U.S.'s AAA credit rating if the government misses the upcoming debut payments, even though it has always considered the risk of a U.S. debt default to be very low because Congress has raised the debt ceiling so many times in the past.

The more intense battle unfolding this time, though, between Republicans in the House and President Obama has increased that uncertainty.

Should U.S. eliminate its debt ceiling?
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Top Opinion

  • MCA~AFCL~PWCM 2011/07/19 14:16:35
    No
    MCA~AFCL~PWCM
    +19
    That's the DUMBEST thing I've heard this month! Get rid of the debt ceiling would mean the out of control spenders in DC would just keep spending more. It's their spending that has put us in the trouble we are currently in.

    It is time to LOWER the debt ceiling and to start having quarterly and annual audits that are made available to all American citizens! It's high time we start holding these reckless politicians accountable for their stupidity in not following a budget and spending everything they can so they can show they need more next year.

    Moody is a joke who is making a nice monthly income off the American people! Instead of letting Moody tell the Americans and Congress to do away with the debt ceiling, why isn't he telling them to stop spending money outside of Constitutional law? There is nothing in the Constitution that says FEDERAL taxpayer money is to be GIVEN away to so called non profit organizations, like ACORN, Planned Parenthood, NPR, The Arts, the BILLIONS we give away to foreign countries just because they expect it every year, etc, etc, etc. Our govt spends money recklessly. That wouldn't be such a problem if it was their money. But it isn't. It's OUR money!

    When you look at all the programs that the govt runs, you will find that private busi...

    That's the DUMBEST thing I've heard this month! Get rid of the debt ceiling would mean the out of control spenders in DC would just keep spending more. It's their spending that has put us in the trouble we are currently in.

    It is time to LOWER the debt ceiling and to start having quarterly and annual audits that are made available to all American citizens! It's high time we start holding these reckless politicians accountable for their stupidity in not following a budget and spending everything they can so they can show they need more next year.

    Moody is a joke who is making a nice monthly income off the American people! Instead of letting Moody tell the Americans and Congress to do away with the debt ceiling, why isn't he telling them to stop spending money outside of Constitutional law? There is nothing in the Constitution that says FEDERAL taxpayer money is to be GIVEN away to so called non profit organizations, like ACORN, Planned Parenthood, NPR, The Arts, the BILLIONS we give away to foreign countries just because they expect it every year, etc, etc, etc. Our govt spends money recklessly. That wouldn't be such a problem if it was their money. But it isn't. It's OUR money!

    When you look at all the programs that the govt runs, you will find that private businesses run similar programs BETTER. Why? Because the people in charge of those businesses are trained, educated for that specific business! Politicians are trained in one thing only, making people believe what they say and making people turn money over to them for any reason. CEO's don't get involved with filing taxes, paying payroll, or contracting benefits packages. They hire accountants to do that. In our govt, we don't. We put people in charge of trillions of dollars just because we like their platform and vote for them. This is the problem and this is what needs to be fixed.

    Lower the debt limit. Pass a budget bill. Demand audits. Fire career politicians!
    (more)

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  • Chris 2011/07/20 02:18:57 (edited)
  • KB 2011/07/20 02:07:06
    Undecided
    KB
    The debt ceiling just keeps getting raised and raised
  • Jimbo 2011/07/20 02:05:24
    Yes
    Jimbo
    Our nation would be better off like most of the rest of the industrialized world without it.
  • JULIE 2011/07/20 01:39:20
    Undecided
    JULIE
    +3
    Just to add a little common sense, what is the first thing you cut from the household budget when money gets tight? Donations, cable, cheaper food, entertainment, travel, clothing, Internet.

    We don't stop feeding our family's or taking them to the doctor, we don't have the electric, water or gas shut off if we can help it & we don't stop paying rent or mortgage.

    Seems the politicians could learn a thing or 2 from the so called middle class.
  • magmaman 2011/07/20 01:30:25
    No
    magmaman
    +4
    that would be obama's free ticket to destroy us for ever
  • Common Sense Conservative 2011/07/20 01:18:27
    No
    Common Sense Conservative
    +2
    But do get rid of HUSSEIN OBAMA!!!
  • Laffing... Common ... 2011/07/20 02:35:44
    Laffing at Liberals
    +1
    mmmmm mmmmm MMMMMM!!! Right ON! (Go CHIEFS!) Sorry had to do that!
  • Common ... Laffing... 2011/07/20 05:11:41
    Common Sense Conservative
    It's ok, I understand. BUT, Raiders 2-0 against your Chiefs.
  • Adam 2011/07/20 01:07:41
    Undecided
    Adam
    Think of it like a credit limit on your card: Might as well have it higher, because you can't go wrong with more options. If it helps bond holders help the economy in turn, then sure, why not? The more important matter at hand is to actually increase revenues and decrease spending in rational, measured efforts. Better to have a fallback and then not need it.
  • mysti 2011/07/20 00:48:09
    Yes
    mysti
    +2
    YES, GET RID OF THE FEDERAL GOVERNMENT AND ALL THE CRIMINLS WHO ARE STEALING THE TAXPAYERS MONEY FOR THEIR WHIMS AND WISHES, DAILY. THAT WOULD TAKE CARE OF $TRILLIONS. THEY CAN ALSO LOWER THEIR HUGE SALARIES THAT THEY DON'T EARN. ABOLISH THE FEDERAL GOVERNMENT AND THE IRS AND "VIOLA" THE DEBT IS PAID. LET THE STATES TAKE CARE OF THEMSELVES. TAXPAYERS CAN HAVE MORE OF THEIR PAY CHECKS BY NOT HAVING TO PAY FEDERAL TAXES. STATES CAN CHECK OUT AND KEEP A CLOSER CHECK ON WHO IS LEGAL AND WHO IS ILLEGAL AND GET RID OF THE ILLEGALS AND THEY CAN'T EVER BECOME THE GOVERNOR (OR PRESIDENT OF THE STATE) AS THE ILLEGAL, RACIST, RADICAL MUSLIM TERRORIST HAS DONE IN THE CRIMINAL FEDERAL GOVERNMENT. HE NEEDS TO BE OUSTED, ARRESTED, PROSECUTED AND PUT BEFORE THE FIRING SQUAD ALONG WITH PELOSI AND REID WHO ALLOWED THE FARCE IN THE FIRST PLACE.

    VOTE FOR HERMAN CAIN IN 2012!!!!!!! GOD BLESS AMERICA!!!!!!!!!!!!
  • WhereIsAmerica? ~PWCM~JLA 2011/07/20 00:41:16
    No
    WhereIsAmerica? ~PWCM~JLA
    +2
    Just pretend there is an endless supply of money and ignore it when your country goes bankrupt, and look the other way when you see more and more tent cities popping up...yep..what are they crazy?
  • turnright 2011/07/20 00:37:54
    No
    turnright
    +3
    That is a stupid idea. Just spend ourselves into oblivion? The kenian communist would love that.
  • Joe Falzone 2011/07/20 00:19:46
    No
    Joe Falzone
    +5
    It is a disgrace that government spending has any right to be as it is..............
    Stop spending.....Stop spending.............Stop spending.........
  • Laffing... Joe Fal... 2011/07/20 02:36:28
    Laffing at Liberals
    CUT! CUT! CUT!
  • citizen-cain 2011/07/19 23:20:48
    Yes
    citizen-cain
    It's a symbolic "speed bump" that creates a lot of drama. Saying that we won't raise it means we will not make our debt payments. It doesn't mean that we will spend less. If we refuse to pay our bills, then we will end up paying far higher interest on the national debt--only making things worse. If interest rates rise, then so does the amount we owe.

    The correct solution is entitlement reform, tax reform, and cutting out wasteful spending. In other words, dealing with the underlying problem, not the outward symptom.
  • OldCat citizen... 2011/07/20 03:08:42
    OldCat
    The problem is that we have a President and Senate that will not really come to the table.They have offered nothing but a promise to keep on spending our nation into oblivion. The republicans in the house are holding the Presiden't's feet to the fire. I hope they will force the issue that the the states will solve the issue for them: a balanced budget amendment!
  • Jimbo OldCat 2011/07/20 03:40:02
    Jimbo
    Conservative Wonderland is the balanced budget amendment. You don't name specific cuts, put out a figure, it becomes wishful thinking not a policy. The first vote on Cut, Cap, and Balance a statement about proposing the Amendment was a Dem amendment to table the bill. Over 190 Dems voted in unison making 2/3 for an actual amendment having a good chance of passing a pipedream. The gang of 6 gave the executive their plan to cut 4 trillion. The WH will give an informed opinion in 2 days on it. That is policy not smoke and mirrors to satisfy the Tea Party wing of the GOP.
  • Keen Tojones 2011/07/19 23:12:12
    Undecided
    Keen Tojones
    +1
    Perhaps we should get rid of the hostile myth that only poor have issues managing money. And get those nasty hypocritical bastards off my porch.
  • Rockies Man 2011/07/19 22:54:32
    No
    Rockies Man
    +2
    So the Obama fascists can totally destroy the value of the dollar and cause an inflation like was seen in Germany in the early 1920's
  • me 2011/07/19 22:33:27
    No
    me
    +3
    We need to increase it now to ease the current situation economically. But, we need to start some serious spending cuts and not Social Security or Medicare that belong to the taxpayers. We can start our savings by downsizing our extremely inflated government.
  • Tom 2011/07/19 22:28:58
    No
    Tom
    +1
    it would make the debt increase so no
  • TrishHart 2011/07/19 22:28:38
    Undecided
    TrishHart
    This is what really going on with money today. Please everyone watch this and share it with everyone.
  • barbcherek 2011/07/19 22:25:52
    No
    barbcherek
    +1
    Let throw Obama out the door and we will eliminate all the worthless spending and stashing of money.
  • CuresCancer 2011/07/19 22:14:12
    Undecided
    CuresCancer
    +1
    Better than getting rid of the debt CEILING, we should get rid of the debt itself. The Constitution says Congress should create the money. If they did that, our debt would be zero.

    Instead the Constitution is ignored, so we BORROW our money AT INTEREST from private international bankers misnamed the Federal Reserve. It is neither federal or a reserve.

    Here is why that approach is doomed to failure with the problem guaranteed ot get worse over time...

    100% of the government's money is actually debt.

    If the Federal Reserve makes $100, but we taxpayers owe them $101.00 in return, where do we get the extra dollar to repay them? From the Fed?? But then we would owe them interest on that dollar, too! Each additional $100 created by the fed and borrowed by the US increases the problem.

    It is a Ponzi scheme that started 98 years ago. We are just now seeing the folly of the arrangement.

    The effect you see in the real world is that the government has to keep raising its debt ceiling, and a greater percentage of the debt is interest owed to the privately owned Fed.

    The only solution is to get rid of the Fed and its interest and to let the government print its own money without needing to pay to pay its own bills.

    This would freeze the debt where it is now with the possibility tha...





    Better than getting rid of the debt CEILING, we should get rid of the debt itself. The Constitution says Congress should create the money. If they did that, our debt would be zero.

    Instead the Constitution is ignored, so we BORROW our money AT INTEREST from private international bankers misnamed the Federal Reserve. It is neither federal or a reserve.

    Here is why that approach is doomed to failure with the problem guaranteed ot get worse over time...

    100% of the government's money is actually debt.

    If the Federal Reserve makes $100, but we taxpayers owe them $101.00 in return, where do we get the extra dollar to repay them? From the Fed?? But then we would owe them interest on that dollar, too! Each additional $100 created by the fed and borrowed by the US increases the problem.

    It is a Ponzi scheme that started 98 years ago. We are just now seeing the folly of the arrangement.

    The effect you see in the real world is that the government has to keep raising its debt ceiling, and a greater percentage of the debt is interest owed to the privately owned Fed.

    The only solution is to get rid of the Fed and its interest and to let the government print its own money without needing to pay to pay its own bills.

    This would freeze the debt where it is now with the possibility that it might be paid back. Any money created by Congress would be debt free.

    "Give me control of a nation's money and I care not who makes it's laws."
    - Mayer Amschel Bauer Rothschild

    "Even though they had a registered agent in the United States... it was extremely advantageous to them to have an American representative who was not known as a Rothschild agent. (The Rothschilds) preferred to operate anonymously in the United States behind the facade of J. P. Morgan and Company."
    - Eustace Mullins
    (more)
  • Student 2011/07/19 22:06:05
    No
    Student
    Its a desperate attempt 2 do something w/out the help of the other side.
  • Ledford 2011/07/19 22:03:48
    No
    Ledford
    +2
    Got a better idea, how about we mandate a balanced budget, stop starting unfinanced wars, stop dipping into SS, promote a flat tax, bring a majority of the troops home from our imperialistic "bases", adopt a sound monetary policy, end lobbying, mandate 8 year term limits, end the irs, reinstate Glass Segal act, and on and on and on. This government is doing so many things wrong, I would need to write a book.
  • T1 2011/07/19 21:49:12
    Yes
    T1
    maybe then the problem will "go" away. sprinkle a little magic fairy dust and poof, problem solved....so obama.
  • Rage 2011/07/19 21:47:19
  • Rage 2011/07/19 21:46:06
    Rage
    Yes and no. What needs to happen is there needs to be strict laws put in place due to and for the over spenders in our nations government. And when I say strict I mean if you go over a certain amount of money you either have to pay it back or you go to prison. It's so messed up that our government basically has turned into a monarchy if you think about it. The government DEMANDS that we adhere to it's rules and yet they turn into hypocrites and liars when someone asks them why they don't have to follow the same rules as we do.
  • T Bevan 2011/07/19 21:43:15
    No
    T Bevan
    The only way to eliminate the dept ceiling is to never go into debt...

    Nuff said?
  • RogerCoppock 2011/07/19 21:29:06
    Yes
    RogerCoppock
    American lived for more than a century and a half without a debt ceiling.
  • Tony 2011/07/19 21:13:45
    No
    Tony
    +2
    Oh sure, let's just let the morons spend our money away since it's nothing to them.
  • maggied45 2011/07/19 21:06:49
    No
    maggied45
    +3
    When are these politicians going to grow up. What's next - get rid of the budget and we can all be slaves so they can spend our money.



    politicians grow rid budget slaves spend money banging head against a wall
  • TrishHart maggied45 2011/07/19 22:31:53
  • Dan 2011/07/19 20:56:25
    No
    Dan
    +1
    we can't lower the debt ceiling until we start closing corporate loopholes and get rid of the bush era tax breaks.
    ...when did we reclassify the wealthy to "job creators"

    ACORN was a good idea, but corruption set in, and... well... we get what we got.
    Planned parenthood IS a good idea. the last thing we need is more poor/neglected children.
    NPR / the arts... not a necessity... if we had to scrap NASA, i suppose NPR could go as well.
    Foreign aid / military HAS to come to an end

    but as long as we're cutting spending:
    Exxon doesn't need billions of dollars in subsidies anymore. they make an average of 11-13billion a quarter.
    we dont need to continue the war on drugs, which has cost us trillions.

    ultimately you can't only make spending cuts. we need more revenue.

    import taxes. impose a modest 5-10% import tax on EVERYTHING. it would help american companies compete, and would generate a ton of revenue

    close corporate loopholes (boeing alone had over 700billion in revenue that was completely untaxed)

    quit giving tax breaks to companies that ship jobs overseas (my company received a nice tax break for sending my job to india). I was making $23, the guy in india is making 6.25, and they received approx a $3/hrtax break. SO, instead of paying my salary, they get to have ...

    we can't lower the debt ceiling until we start closing corporate loopholes and get rid of the bush era tax breaks.
    ...when did we reclassify the wealthy to "job creators"

    ACORN was a good idea, but corruption set in, and... well... we get what we got.
    Planned parenthood IS a good idea. the last thing we need is more poor/neglected children.
    NPR / the arts... not a necessity... if we had to scrap NASA, i suppose NPR could go as well.
    Foreign aid / military HAS to come to an end

    but as long as we're cutting spending:
    Exxon doesn't need billions of dollars in subsidies anymore. they make an average of 11-13billion a quarter.
    we dont need to continue the war on drugs, which has cost us trillions.

    ultimately you can't only make spending cuts. we need more revenue.

    import taxes. impose a modest 5-10% import tax on EVERYTHING. it would help american companies compete, and would generate a ton of revenue

    close corporate loopholes (boeing alone had over 700billion in revenue that was completely untaxed)

    quit giving tax breaks to companies that ship jobs overseas (my company received a nice tax break for sending my job to india). I was making $23, the guy in india is making 6.25, and they received approx a $3/hrtax break. SO, instead of paying my salary, they get to have 7 guys in india doing my job for the same price. I'm fast, but I can't do the work of 7 people. so ultimately, my company fired about 800 people in my position, and shipped all the jobs overseas.

    decriminalize / sell marijuana. we are paying farmers NOT go grow crops. lets get them to grow crops of marijuana instead, let the government sell it, and keep all of the profits. this would help get non violent / drug related people out of jail, and into productive tax paying jobs... they wouldn't be able to sell drugs anymore... because they wouldn't be able to compete. this would also help stop mexican drug cartels.
    (more)
  • T Bevan Dan 2011/08/14 03:14:47
    T Bevan
    Hummmmmm? How do they do it????

    Look who is spending YOUR tax dollars and those whom would influance how they are spent!


    Since President Obama and all his cronies seem to despise ‘millionaires and billionaires’, I thought I’d give him a hand and rat out some of those uber-wealthy folks he seems to dislike so much.

    (Unfortunately for Mr. Obama, he is on the list….)

    Michael Bloomberg: Net worth, $18 billion

    (NOTE: Bloomberg started his career as a Democrat, switched to Republican to run for Mayor of New York again and now claims he’s more of an ‘Independent’. Mostly, Bloomberg actively campaigned for the Ground Zero Mosque so that’s also why he’s on this list–the other side can HAVE him.)

    George Soros: Net worth, $14.2 billion

    Oprah Winfrey: Net worth, $2.7 billion

    Ted Turner: Net worth, $2.2 billion

    Les Moonves, CEO CBS: Net worth, $300 million

    John Kerry: Net worth, $210 million

    Lady Gaga: Net worth, $110 million (Quote from Ms. Gaga’s televised concert: “The only thing I hate more than money is the truth.”)

    Al Gore: Net worth, $100 million

    Bill Clinton: Net worth, $80 million

    John Edwards: Net worth, $55.5 million

    Katie Couric: Net worth, $55 million

    Michael Moore: Net worth, $50 million

    Whoopi Goldberg: Net worth, $45 million

    Nancy Pelosi...



































    Hummmmmm? How do they do it????

    Look who is spending YOUR tax dollars and those whom would influance how they are spent!


    Since President Obama and all his cronies seem to despise ‘millionaires and billionaires’, I thought I’d give him a hand and rat out some of those uber-wealthy folks he seems to dislike so much.

    (Unfortunately for Mr. Obama, he is on the list….)

    Michael Bloomberg: Net worth, $18 billion

    (NOTE: Bloomberg started his career as a Democrat, switched to Republican to run for Mayor of New York again and now claims he’s more of an ‘Independent’. Mostly, Bloomberg actively campaigned for the Ground Zero Mosque so that’s also why he’s on this list–the other side can HAVE him.)

    George Soros: Net worth, $14.2 billion

    Oprah Winfrey: Net worth, $2.7 billion

    Ted Turner: Net worth, $2.2 billion

    Les Moonves, CEO CBS: Net worth, $300 million

    John Kerry: Net worth, $210 million

    Lady Gaga: Net worth, $110 million (Quote from Ms. Gaga’s televised concert: “The only thing I hate more than money is the truth.”)

    Al Gore: Net worth, $100 million

    Bill Clinton: Net worth, $80 million

    John Edwards: Net worth, $55.5 million

    Katie Couric: Net worth, $55 million

    Michael Moore: Net worth, $50 million

    Whoopi Goldberg: Net worth, $45 million

    Nancy Pelosi: Net worth, $35 million

    Arianna Huffington: Net worth, $35 million

    Arlen Specter: Net worth, $30 million

    Keith Olbermann: Net worth, $25 million

    Bill Maher: Net worth, $23 million

    Hillary Clinton: Net worth, $21.5 million

    Rahm Emanuel: Net worth, $14 million

    Eric Holder: Net worth, $11.5 million

    Jesse Jackson: Net worth, $10 million

    Janeane Garofalo: Net worth, $10 million

    Al Franken: Net worth, $8 million

    Joy Behar: Net worth, $8 million

    Barack Hussein Obama: Net worth, $5 million

    Al Sharpton: Net worth, $5 million

    Gavin Newsom: Net worth, $5 million

    Barney Franks: Net worth $4.74 million

    Jerry Brown: Net worth, $4 million

    Poor Joe Biden didn’t make the list, having a paltry $500,000 net worth; maybe next year will be better for him…And even though he’s not quite on the millionaire list yet, newly-unemployed Anthony Weiner has a net worth of $750,000—but I’m sure he’ll write a book soon which will definitely push him into that millionaire bracket.

    So there ya have it, Mr. President—all those horrible ‘millionaires and billionaires’ you so desperately want to tax into oblivion. (And by the way, there are lots more to be found on CelebrityNetWorth.com.)
    (more)
  • ETWolverine 2011/07/19 20:55:58
    No
    ETWolverine
    Do you really believe that without a ceiling on the debt the government will EVER stop borrowing and spending?

    The Debt Ceiling is the only thing that forces Congress back to the table when they over-spend and over-borrow. If there was no debt ceiling, there would be no stopping them from their uncontrolled borrowing and spending... and they would tax US to fund the interest.

    If we allow that to happen, the value of the dollar would immediately drop to nearly nothing. If the government could simply borrow money without a limit, thus increasing the number of dollars in the marketplace, the result would be a decrease in the value of the dollar, massive inflation, and a true recession. If there is no limit on how many dollars the US government can "borrow" into existence from nowhere, then the contractual value of the dollar has no meaning and the ddollar itself becomes worthless.

    And do you think that running up the national debt without any limits on the such debt will actually make investors MORE comfortable?

    This is one of the stupidest ideas I have ever heard.
  • Tink123 2011/07/19 20:46:18
    No
    Tink123
    +1
    They have run up $14+ Trillion at the expense of our children and even one person believes the solution to that is to hand them a limitless credit card?

    I don't think so.
  • earl Tink123 2011/07/19 20:55:06
    earl
    +2
    We'd be handing the inmates the keys!
  • Tink123 earl 2011/07/19 21:07:27
    Tink123
    Well, technically we already did that - it's the 14th Amendment. But this would result in eternal slavery for the entire world. Not at all surprising to me that it was suggested by a bond rating agency. They can't wait to get the next bubble up and moving.

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