Quantcast

Will Congress raise the debt limit before the economy is harmed?

L.A. Times 2013/01/15 16:00:00
You!
Add Photos & Videos
Federal Reserve Chairman Ben S. Bernanke on Monday warned Congress that it needed to raise the debt limit so the U.S. could pay its bills and not face default, which he said would be “very, very costly to our economy.”

Speaking just a few hours after President Obama chided Republican lawmakers for threatening to refuse to lift the debt ceiling without spending cuts, Bernanke sounded very much like the president in suggesting that the issue of the impending debt limit should not be conflated with policies of government spending and revenues. Raising the debt ceiling, Bernanke said at a forum at the University of Michigan in Ann Arbor, “gives the government the ability to pay its existing bills -- it doesn’t create new spending.”

bernanke debt ceiling

Read More: http://www.latimes.com/business/money/la-fi-mo-ber...

Add a comment above

Top Opinion

Sort By
  • Most Raves
  • Least Raves
  • Oldest
  • Newest
Opinions

  • ACE 2013/01/19 23:02:44
    No
    ACE
    i sure hope not. its not congress but the libocraps that are the problem. if you have no money how can you spend it.
  • Wolf 2013/01/19 19:47:48
    Yes
    Wolf
    But it is not necessary and it will harm the nation and economy while not raising the debt limit would finally address the restructuring and reform to save the nation---
  • Jeff Smith 2013/01/19 17:49:34
    Yes
    Jeff Smith
    Right after Obama introduces his budget
  • RevJim 2013/01/19 17:38:57
    Yes
    RevJim
    Yes, they've already agreed to kick the can down the road for another three months. But it must be said that not raising the debt limit would do nothing to the economy, because the government is always able to counterfeit more money if it needs it. The government is collecting 1.2 trillion dollars in tax revenue this year, so they should have enough money to cover the expenses they have incurred up to this point. But that's not the way it works in DC, anyway.
    Washington politics is all about blackmail, and the debt limit is just another fake crisis invented for political leverage.
  • Eyedunno 2013/01/18 21:37:41
  • Michael S. 2013/01/18 21:28:44 (edited)
    No
    Michael S.
    They'll raise the debt limit, but tying that to the prepositional phrase "before the economy is harmed" makes far too many assumptions about continued spending being "good" for the economy.
  • Donnie 2013/01/18 18:01:13 (edited)
    No
    Donnie
    the economy is already harmed by the excessive debt, taxes, and inflation; raising the debt ceiling so they can do this more without actually paying off the debt will only hamper the economy even more.
  • Bob 2013/01/18 17:13:16
    Yes
    Bob
    +2
    What do you mean "Before the Economy is Harmed"?
  • G'Ma 2013/01/18 16:21:12
    Yes
    G'Ma
    They had better! Raising the debt limit will allow the country to pay bills IT HAS ALREADY INCURRED. It has NOTHING to do with new spending. In that mix is a considerable number of tax refunds due citizens who have them coming AND I BETTER DAMN WELL GET MINE ON TIME!
  • Donnie G'Ma 2013/01/18 17:57:28
    Donnie
    or stop spending on most of what we spend it on and start actually pay off those debts and the debt ceiling wouldn't have to be raised in this scenario.
  • kmay G'Ma 2013/01/18 21:27:35
  • phil.olding.3 2013/01/18 10:43:26
    No
    phil.olding.3
    The economy is not being harmed because the "debt ceiling" is not being raised!

    The economy is being harmed because people like Obama have decided that it's a good idea to spend more than 3 times the amount of money that is currently in circulation in the United States on a bunch of unjust, unconstitutional wars!
  • Donnie phil.ol... 2013/01/18 17:59:25
    Donnie
    +1
    just like every recent president.
  • WannaBeRSC the Contrarian SOB 2013/01/18 08:41:16
    Yes
    WannaBeRSC the Contrarian SOB
    +1
    The economy was "harmed" the moment the "feds" started meddling in it.
  • TheR 2013/01/18 08:24:42
    Yes
    TheR
    +1
    They have no other plans. That is all they know how to do is kick the can down the road.
    The economy was ruined years ago. Bernake is an imbecile, no better than Greenspan.
  • doofiegirl BTO-t- BCRA-F ~... 2013/01/18 08:21:53 (edited)
    No
    doofiegirl  BTO-t- BCRA-F ~PWCM~
    +1
    What do you mean 'before' ? The economy is already in shreds! Odimwit (and the gutless congress) has seen to that! And this is a rare picture from Bernanke's childhood. economy shreds odimwit gutless congress rare picture bernankes childhood
  • WannaBe... doofieg... 2013/01/18 08:42:15
    WannaBeRSC the Contrarian SOB
    +1
    Well, that explains EVERY thing.
  • nightcrawler2005 2013/01/18 06:22:01
    No
    nightcrawler2005
    Sorry not likely. You've got the democrats thinking their on a roll and the republicans thinking they caved in last time. I think your in for a hell of a mess at the end of February. Lets hope you only have a recession because there's scenarios out there that are far worse. Good luck your going to need it.
  • B.O.Plenty 2013/01/17 23:17:06
    No
    B.O.Plenty
    THE BEST THING THIS COUNTRY COULD IS CHANGE THE CONSTUTION, THEN PUT CONGRRESS AND THE SENATE ON MEDICare AND SOCIALSECURITY. TAKE ALL TH EMONEY IN THE CONGRESSONAL RETIRMENT FUND AND PUT IT IN SOCIALSECURITY AND ANYONE THAT TAKES ONE PENNY OUT OF SOCIALSECURITY GOES TO PRISION FOR LIFE. THAT WOULD CHANGE A LOT OF THIS BULLIE GARBAGE THATS GOING ON NOW.
  • WannaBe... B.O.Plenty 2013/01/18 08:46:15
    WannaBeRSC the Contrarian SOB
    From your above;
    "THE BEST THING THIS COUNTRY COULD IS CHANGE THE CONSTUTION,"
    First, your "caps" is on.
    Second, your spell check is off.
    Third, no one in DC observes the Constitution now as is... why change it?
  • antiCMatthews 2013/01/17 22:53:36
    Yes
    antiCMatthews
    +1
    Probably congress will.They should not.
  • Catita 2013/01/17 22:35:27 (edited)
    No
    Catita
    +1
    the economy is already harmed, what they have to do is cut the spending, all the pork, the perks and do what are we doing, be smart about our money. We are carrying all these fools inepts in congress and in the administration and for what,? my pay check is smaller, the gasoline is going up and down, grocery bills up every freaking week, milk jumped from 3.39 to 4.59, and the fool wants more money to spend,? are we working for the gov? apparently......because that is the way it looks like
  • jb 2013/01/17 21:45:30
    No
    jb
    The T-vangelicals want the govt. to fail so of course they will continue to do what they can to sabotage effective government. Even at the cost of the national economy. They've done it before, they'll do it again.
  • Rebecca Chadwick 2013/01/17 21:38:52
    Yes
    Rebecca Chadwick
    +1
    But they shoudnt
  • Laissez Faire Husker 2013/01/17 21:00:19
    No
    Laissez Faire Husker
    +1
    This the same debate we had a few years ago. Simply raising the deft limit with no plan to reduce spending will get us nowhere.
  • OneLastWord 2013/01/17 20:20:31 (edited)
  • Tasine 2013/01/17 18:32:52
    No
    Tasine
    +1
    NO, the economy is ALREADY harmed. And raising the debt limit is the wrong thing to do. The thing to do is make Congress accountable for the severe excess spending it does, all in the name of acquiring votes. The economy was harmed once Congress finally got its snout into the mix and started taxing personal income. Greed got the better part of them and greed is hardy and alive - time to make that greed VERY expensive for politicians.
  • RubenRibnik 2013/01/17 18:10:09
    Yes
    RubenRibnik
    and just what do you think is harming the economy??? not having a budget, out of control spending, giving millions to other countries before taking are of the problems at home.. bills FILLED with special intrest crap ( PORK ).
  • Leantom, the Economic Ratio... 2013/01/17 18:02:47
    No
    Leantom, the Economic Rationalist
    Not without serious spending cuts.

    Note to people: The interest on our debt is 30 billion. We won't default on that, since we collect 200 billion per month (Obama would be a deranged idiot to not pay that off first). We also have enough money to finance our defense obligations.

    All this will do is force the federal government to cut money to unnecessary social programs. No biggie.
  • mzemma 2013/01/17 17:43:04
    Yes
    mzemma
    It doesn't matter what they do.. we get a song and dance.. to keep us scared, controlled, and poor.. so all the taxes we pay go into the big shot heads of corporations and banks.. who skim off the top with salary and bonuses over 400 times more than the average workers make... You like that? That's okay with YOU? Besides? the Federal Reserve which is privately owned by, hello, bankers! established in 1913.. control the printing of the money... so in other words.. they control the economy, the brain washing, the fright stories and everything else.. all in THEIR favor.. they OWN Washington.. both parties....THEY probably want the NRA feathers' all ruffled because it keep us fighting amongst ourselves.. and divided and distracted.... it's all a joke.... and we are the idiots controlled by it. It's a song and dance.. and killing innocent people is call collateral damage.. and they don't care.. as long as they can make billions and run the world and control every last drop of oil and gas in the damn earth... which they are ruining.. in the process... just how long do you think this planet will provide LIFE for you grandchildren and theirs'.. please.. get a grip.. these handful of monsters running the show... think only about their billions they are making now... and the hell with...
    It doesn't matter what they do.. we get a song and dance.. to keep us scared, controlled, and poor.. so all the taxes we pay go into the big shot heads of corporations and banks.. who skim off the top with salary and bonuses over 400 times more than the average workers make... You like that? That's okay with YOU? Besides? the Federal Reserve which is privately owned by, hello, bankers! established in 1913.. control the printing of the money... so in other words.. they control the economy, the brain washing, the fright stories and everything else.. all in THEIR favor.. they OWN Washington.. both parties....THEY probably want the NRA feathers' all ruffled because it keep us fighting amongst ourselves.. and divided and distracted.... it's all a joke.... and we are the idiots controlled by it. It's a song and dance.. and killing innocent people is call collateral damage.. and they don't care.. as long as they can make billions and run the world and control every last drop of oil and gas in the damn earth... which they are ruining.. in the process... just how long do you think this planet will provide LIFE for you grandchildren and theirs'.. please.. get a grip.. these handful of monsters running the show... think only about their billions they are making now... and the hell with the future of the people and the planet... who are so sick as to ruin and destroy their own home - EARTH in the process.. unless they are indeed from Mars.. like I have always thought! Well, they ruined that planet (Mars).. so come here to get resources.. to rebuild that planet.. then one day will return to it.. oh come on.. it is in the works now... men want to get to Mars.... ET go home.! It cannot be too soon for me.. YOU handful of greedy ass holes - go to Mars where you belong.........
    (more)
  • Samantha Lewis 2013/01/17 17:30:23
    Yes
    Samantha Lewis
    But will doing that harm the economy without curbing the sending? Have to reform all the big programs that is a fact I don't know why our party (democrats) won't do that unless they want to beat up the republicans and play chicken with the economy and hope we don't crash and burn and they get control of the House in 2 years...by then out Deficit could be nearing 20 Trillion it's insane politics beat up the minoritory party to gain total control rather then beat them up to get to to fix things???? NUTS!
    political fight
  • rcardon 2013/01/17 16:04:50
    No
    rcardon
    Increasing the debt limit will harm the economy. Really, Congress is damned it they do, and damned if they don't. What they need to do is to find a way to decrease spending, while increasing revenue, so that we don't have to borrow $0.40 of every $1.00 the government spends. There is no way that could ever make good fiscal sense for a family budget, let alone for a national. How to do that, I don't know, I don't know every little thing the government spends money on, and, honestly, I'll bet no one single government official knows everything the government spends money on either.
  • Commander Pyle 2013/01/17 16:03:48
    Yes
    Commander Pyle
    I don't see them not raising it. But opposition is being stacked. Obama surely has a long road ahead. He picked the wrong fight (gun control) if he wishes to sign bills he agrees with.

    But itll still more than likely get raised.
  • lady_c5_loadmaster 2013/01/17 15:47:26
    No
    lady_c5_loadmaster
    +2
    When Obama was a Senator he was against raising the debt ceiling for Bush. Now he wants congress to do something he was opposed to 5 or 6 years ago? This man flip flops more than a pancake.
  • dfldad 2013/01/17 15:44:21
    Yes
    dfldad
    Despite our opinion, either way the government is going to do as they please. Also, with further a do the government will raise the debt limit and will also raise taxes even though they say no but they always seem to find ways or loopholes. It is very debatable.
  • Christopher Kirchen 2013/01/17 15:43:56 (edited)
    No
    Christopher Kirchen
    That's part of HOW the economy gets harmed. They should pay it down,rather than raising the limit.
  • mzemma Christo... 2013/01/17 17:45:09
    mzemma
    read my comments.......... it's a song and dance... to keep all of us arguing and in an up roar.. and they are laughing all the way to the banks and Federal Reserve that THEY, not the government - created.... and both parties in DC are in cahoots.....just follow the damn money... ..... it's all for THEIR profits... the hell with the tax payers......
  • sjalan 2013/01/17 15:40:25
    No
    sjalan
    Congress won't but I think the President will declare a Financial emergency and under the US Constitution raise the debt limit himself.
  • Tinnuhana 2013/01/17 15:25:23
    Yes
    Tinnuhana
    +1
    Congress will cave and raise the debt limit. But rather than save the economy it will further harm it.
  • J Brian 2013/01/17 14:45:38
    No
    J Brian
    Why dont they cut spending? I am blaming both sides on this mess. But moreso Obama and the Liberals. As of the first paycheck of 2013 I am taking home $70.00 less in my Check every week thanks to King Obama. I want this President removed. There is no reason for this mess.
1 2 3 4 5 6 7 ... 14 Next » Last »

See Votes by State

The map above displays the winning answer by region.

News & Politics

2014/07/23 03:25:06

Hot Questions on SodaHead
More Hot Questions

More Community More Originals