Concord Coalition: Raise Debt Limit

[Row6]

The non-partisan and federal-budget focused Concord Coalition issued a press release advocating the raising of the debt limit.

From a mass e-mail:

"WASHINGTON -- The Concord Coalition today urged elected officials to promptly raise the federal debt limit and then reform the debt limit process as part of a comprehensive plan to put the budget on a more responsible course.

“There should be no delay in voting to increase the debt limit. Despite its name, the debt limit has never proven to be an effective means of controlling debt. And yet, failure to raise the debt limit risks serious long-term harm to the nation’s creditworthiness,” Concord says in a new issue brief on the federal debt limit.
Concord notes that if the debt limit is not raised, “All of the same obligations would still accrue. The only change would be to compel a default on commitments that result from past policy decisions. . . . It has always been assumed, for good reason, that the United States of America would pay its bills. Refusing to pay some or all of its bills would not be an act of fiscal responsibility; it would be turning the federal government into a deadbeat.”

In the issue brief, “It’s Time To Raise and Reform the Statutory Debt Limit,” Concord points out that neither party has presented a plausible set of policy options that could prevent the federal debt from exceeding the current $16.394 trillion limit. The budgets proposed last year by President Obama and House Republicans, for example, would each require a substantial increase in the debt limit. So would the bipartisan plans recommended by the Simpson-Bowles commission and the Domenici-Rivlin task force..."

http://www.concordcoalition.org/pres...orm-debt-limit

About The Concord Coalition:

"The Concord Coalition is a nationwide, non-partisan, grassroots organization advocating generationally responsible fiscal policy. The Concord Coalition was founded in 1992 by the late former Senator Paul Tsongas (D-Mass.), former Senator Warren Rudman (R-N.H.), and former U.S. Secretary of Commerce Peter Peterson. Former Senator Sam Nunn (D-GA) serves as co-chair of the Concord Coalition.

The Concord Coalition is dedicated to educating the public about the causes and consequences of federal budget deficits, the long-term challenges facing America's unsustainable entitlement programs, and how to build a sound economy for future generations. The Concord Coalition's national field staff and loyal group of volunteers cover the country holding lectures, leading interactive exercises, conducting classes, giving media interviews, and briefing elected officials and their staffs."

[LeesGator]

In 2006 then Senator Obama voted against raising the debt ceiling. Then in 2008 candidate Obama called raising the debt ceiling "unpatriotic" and that the 9 trillion in debt Bush was running up on China's credit card was a burden that was being left to our children and grandchildren. But now that he's President I guess it's a different story.

If Romney were President would you be in agreement with raising it?

[g8trjax]

Yeah way back in 2006, obama wanted us to be a 'deadbeat nation', wonder what happened?

[MichiGator2002]

In every other context in human endeavour -- individual, family, business, international megacorporation -- runaway, profligate borrowing without any means of being able to repay is the "how not to" of being a responsible actor. Taking responsibility and not being a deadbeat means "stop borrowing and live on what you have and earn".

Somehow, though, by some mass delusion, only governments can turn that around 180 degrees.

[gatorev12]

Originally Posted by MichiGator2002

In every other context in human endeavour -- individual, family, business, international megacorporation -- runaway, profligate borrowing without any means of being able to repay is the "how not to" of being a responsible actor. Taking responsibility and not being a deadbeat means "stop borrowing and live on what you have and earn".

Somehow, though, by some mass delusion, only governments can turn that around 180 degrees.

+1.

I wouldn't even be opposed to raising the debt limit IF there were a simultaneous deal done to seriously reduce spending--and especially long-term spending. The last deal Obama tried to foist upon the American people involved spending cuts in fiscal years 9 & 10. As if that's a likely--or serious--proposal.

[dangolegators]

Originally Posted by MichiGator2002

In every other context in human endeavour -- individual, family, business, international megacorporation -- runaway, profligate borrowing without any means of being able to repay is the "how not to" of being a responsible actor. Taking responsibility and not being a deadbeat means "stop borrowing and live on what you have and earn".

Somehow, though, by some mass delusion, only governments can turn that around 180 degrees.

We have the means to repay our debts and obviously investors all over the world know this or they wouldn't be loaning the US money at very low interest rates. We have the means to pay our obligations, it's just that a lot of folks don't want to.

The issue at hand is whether or not congress wants to 'take responsibility and not be a deadbeat' by authorizing the payment of obligations congress itself has agreed to.

[ATLitigator]

Originally Posted by dangolegators

We have the means to repay our debts and obviously investors all over the world know this or they wouldn't be loaning the US money at very low interest rates. We have the means to pay our obligations, it's just that a lot of folks don't want to.

The issue at hand is whether or not congress wants to 'take responsibility and not be a deadbeat' by authorizing the payment of obligations congress itself has agreed to.

if by this statement, you mean taxpayers have earned and accumulated wealth and that the govt is going to take it from them, then you are right, the govt has the means to pay the debt.

However, the govt is broke and has been running in the red for many decades. Perhaps we should stop spending what we dont have...that is how congress can take responsibility and not be a deadbeat.

[g8orbill]

we cannot just keep borrowing and going further and further into debt
we cannot just keep spending way more than we are taking in

Row a pub from the northeast is still a liberal- what is there about this group that you thinks makes them non-partisan

[Row6]

Originally Posted by LeesGator

In 2006 then Senator Obama voted against raising the debt ceiling. Then in 2008 candidate Obama called raising the debt ceiling "unpatriotic" and that the 9 trillion in debt Bush was running up on China's credit card was a burden that was being left to our children and grandchildren. But now that he's President I guess it's a different story.

If Romney were President would you be in agreement with raising it?

Yes.

[Row6]

Originally Posted by g8orbill

we cannot just keep borrowing and going further and further into debt
we cannot just keep spending way more than we are taking in

Row a pub from the northeast is still a liberal- what is there about this group that you thinks makes them non-partisan

I agree that they are probably not rightwing enough for you.

[Matthanuf06]

The left has always used anything and everything as leverage, so why shouldn't the right?

[g8orbill]

Originally Posted by Row6

I agree that they are probably not rightwing enough for you.

they aren't even middle of the road

[SCGator52]

I guess the Barry lovers will be shocked to read this. I guess Barry changed his mind when he realized he couldnt pay for all of his free handouts without raising the debt.

"The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.

Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion.That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.

Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.

And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.

Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities."

Senator Barack Obama
Senate Floor Speech on Public Debt
March 16, 2006

[Row6]

Originally Posted by SCGator52

I guess the Barry lovers will be shocked to read this. I guess Barry changed his mind when he realized he couldnt pay for all of his free handouts without raising the debt.

"The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.

Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion.That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.

Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.

And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.

Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities."

Senator Barack Obama
Senate Floor Speech on Public Debt
March 16, 2006

As if the flip was 1-way:

"But the vote, essential or not, put Republicans in the embarrassing position of calling officially for more debt, and it let Democrats speak out for fiscal restraint. Only three Republican senators, Tom Coburn of Oklahoma, John Ensign of Nevada and Conrad Burns of Montana, voted against raising the debt limit."

BTW, Obama in his speech called for re-instituting "pay-go" which democrats had instituted earlier and which had been rescinded by Republicans. It was re-instituted in 2010 by Democrats and remains in force.

[g8trjax]

Originally Posted by SCGator52

I guess the Barry lovers will be shocked to read this. I guess Barry changed his mind when he realized he couldnt pay for all of his free handouts without raising the debt.

"The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies.

Over the past 5 years, our federal debt has increased by $3.5 trillion to $8.6 trillion.That is “trillion” with a “T.” That is money that we have borrowed from the Social Security trust fund, borrowed from China and Japan, borrowed from American taxpayers. And over the next 5 years, between now and 2011, the President’s budget will increase the debt by almost another $3.5 trillion.

Numbers that large are sometimes hard to understand. Some people may wonder why they matter. Here is why: This year, the Federal Government will spend $220 billion on interest. That is more money to pay interest on our national debt than we’ll spend on Medicaid and the State Children’s Health Insurance Program. That is more money to pay interest on our debt this year than we will spend on education, homeland security, transportation, and veterans benefits combined. It is more money in one year than we are likely to spend to rebuild the devastated gulf coast in a way that honors the best of America.

And the cost of our debt is one of the fastest growing expenses in the Federal budget. This rising debt is a hidden domestic enemy, robbing our cities and States of critical investments in infrastructure like bridges, ports, and levees; robbing our families and our children of critical investments in education and health care reform; robbing our seniors of the retirement and health security they have counted on.

Every dollar we pay in interest is a dollar that is not going to investment in America’s priorities."

Senator Barack Obama
Senate Floor Speech on Public Debt
March 16, 2006

That sounds a bit naive, or incompetent at best. Sad part for the left is it reveals him to be nothing more that a two-bit POS politician.

[T3goalie]

Originally Posted by g8orbill

we cannot just keep borrowing and going further and further into debt we cannot just keep spending way more than we are taking in...

More than a Little tired about "We"" this and "We" that! We are not going in debt, raising debt limits or borrowing sh!t. They are!

The only part "We" are involved in is getting stuck with the #$@%-ing tab.

[enviroGator]

If they pass a budget, or a continuing resolution, that calls for more debt, the debt ceiling should be raised at that time. This constant crisis crap they have going on is bad for the economy.

[MichiGator2002]

Originally Posted by dangolegators

We have the means to repay our debts and obviously investors all over the world know this or they wouldn't be loaning the US money at very low interest rates. We have the means to pay our obligations, it's just that a lot of folks don't want to.

That's patently untrue. We don't have the means to repay debt that has reached what could only be described as debt singularity -- our unfunded liabilities (the way the entire non-governmental world has to figure and plan around debt) have well surpassed global GDP, and that's if you only look at our federal sovereign debt. If you throw in pretty much every component of debt owned by American federal, state, municipal governments, and our consumer debt and student debt and everything else, it's as much as 3-4 times global GDP. There are no means to repay that.

The issue at hand is whether or not congress wants to 'take responsibility and not be a deadbeat' by authorizing the payment of obligations congress itself has agreed to.

The only obligations that matter in terms of us being a "deadbeat" are whether we'll continue servicing what we owe on what we have already borrowed, which is the only thing we know for fact will still be paid if we don't raise the debt celing. You're defining as irresponsible the possibility that we might have to say "sorry, guy -- that money I said I'd borrow myself and give to you, I have run out of borrowing power because I have been grossly irresponsible and made a bunch of promises I couldn't keep, including the one to you".

[dangolegators]

Originally Posted by MichiGator2002

That's patently untrue. We don't have the means to repay debt that has reached what could only be described as debt singularity -- our unfunded liabilities (the way the entire non-governmental world has to figure and plan around debt) have well surpassed global GDP, and that's if you only look at our federal sovereign debt. If you throw in pretty much every component of debt owned by American federal, state, municipal governments, and our consumer debt and student debt and everything else, it's as much as 3-4 times global GDP. There are no means to repay that.

This is nonsense. We do have the means. It remains to be seen if we have the will.

[Dreamliner]

Originally Posted by dangolegators

This is nonsense. We do have the means. It remains to be seen if we have the will.

Why don't you volunteer to pay higher taxes then. I'm sure the government wouldn't turn the money down.