From Wikipedia:Cedar Park Dad wrote:You can hold the line on spending, but if you default on the debt everything gets hammered. Thats reality and history. Other countries have made that mistake and failed as a result. Further, if we implode the rest of the world gets hammered to.Charles L. Cotton wrote:The debt ceiling is far different from Obamacare. The Republicans absolutely should hold the line and force the Democrats to reduce spending. This is an issue that far more people on both sides of the isle are concerned about and it's a loser for Obama and the Democratic Party.Cedar Park Dad wrote:. . . but if this entangles the debt ceiling issue and creates a default scenario then thats an excellent way to implode the economy ala Argentina.
Chas.
"US government indebtedness has been the norm in the financial history of the nation. The carriage of debt in Western Europe and North America by governments has been normal for the past 200 years, so the US situation is not unique.
The US has been in debt every year except for 1835.
Debts incurred during the American Revolutionary War and under the Articles of Confederation led to the first yearly report on the amount of the debt ($75,463,476.52 on January 1, 1791).
Every President since Herbert Hoover has added to the national debt expressed in absolute dollars. The debt ceiling has been raised 74 times since March 1962,including 18 times under Ronald Reagan, eight times under Bill Clinton, seven times under George W. Bush, and three times under Barack Obama."
It is all a sham. The amount of debt is out of control, but the Congress WILL raise the debt ceiling. It is a game we play every few months. We are not going to "default" the congress-critters will preen and posture, the MSM will play it up, and in the end they will raise the debt ceiling a few months worth, they will pass a Continuing Resolution, Obamacare will rock on, and in a few months we will do it all again.
