Interesting article, linked below. CHAPEL HILL, N.C. - The federal debt limit is a triumph of false advertising. It doesn't really limit the national debt. Whenever the false ceiling has been reached, it has been raised - forcing unpopular votes in Congress, but not the really hard ones it would take to cut spending, raise revenues and balance budgets. Nobody in Congress likes voting for raising the debt ceiling. That is in part because the act is so widely misunderstood as a vote to increase the debt. It is not. The need for increased ceilings to accommodate past borrowing is not the cause of deficits, it is the effect of deficit spending, voted by Congress and signed by presidents. Rep. Eric Cantor of Virginia, the No. 2 House Republican leader, put the political distaste of debt limit votes more bluntly. "The debt limit vote sucks.":lol: Story here. Interesting nostalgia - A debt ceiling impasse in 1979, when Democrat Jimmy Carter was president, led the government to essentially default, briefly, on interest payments on about $120 million in Treasury bills. It was only a technicality, the Treasury said, because the payments soon were made.
The debt limit is what it is. But the "August 2nd Deadline" is such false advertising it really isn't funny. While I blame our screw up Republicans and Democrats equally, I can't help but toss a little blame towards 'the media,' for not doing anything more than passing along the talking points of both sides.
Deal or no deal, we will NOT 'default' on August 2nd. Too bad there hasn't been any honest "investigative journalism" about that.
"Nobody in Congress likes voting for raising the debt ceiling" i lol'd, look at how politically rallied people got over this, to saypoliticians on both sides dont enjoy this is madness.
This is one of the best quotes from this article, if you ask me.
The hypocrisy of the whole process was summed up by an expert witness, Barack Obama, now the president championing a debt limit increase, when he tried to explain his own vote as junior senator from Illinois to oppose the raise then-President George W. Bush sought.
He'd said in the Senate in 2006 that raising the debt limit was "a sign of leadership failure."
This is one of the best quotes from this article, if you ask me.
The hypocrisy of the whole process was summed up by an expert witness, Barack Obama, now the president championing a debt limit increase, when he tried to explain his own vote as junior senator from Illinois to oppose the raise then-President George W. Bush sought.
He'd said in the Senate in 2006 that raising the debt limit was "a sign of leadership failure."
coasterguy65
Actually he said that he made a stupid rookie mistake and was more or less saying he was a idiot for doing it.
Log in to comment