Raise the debt limit - or cut $738 billion
February 17th, 2011
05:55 PM ET
3 years ago

Raise the debt limit - or cut $738 billion

New York (CNNMoney) – Want to avoid raising the county's debt ceiling? It could be harder than anyone thinks.

The country would need to cut spending or raise taxes by as much as $738 billion over just 6 months, according to a report from the Congressional Research Service. That's how much it would otherwise need to borrow to pay all its bills for the rest of the year.

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Filed under: Congress
soundoff (12 Responses)
  1. Wire Palladin, S. F.

    Republicans will destroy America, and blame it on everyone else.

    February 17, 2011 06:00 pm at 6:00 pm |
  2. Bigge

    How about we start win the 360 Billion that the House Speaker and his guys have set up for Exxon....They had a outstanding earning season and we are giving them money.. I guess the oil company Lobbiest have deep pockets.. U notice the oil sub. are not in the GOP's budget at all.. huh makes you think.....Great vote in November guys....

    February 17, 2011 06:01 pm at 6:01 pm |
  3. diridi

    work on inflation, and gas prices...then talk...idiots....America is going to dogs...work on this problem...first...idiots....nasty thugs....

    February 17, 2011 06:07 pm at 6:07 pm |
  4. Sniffit

    Hmmmm...and the Joint Committe on Tax an CBO both said that extending the Bush tax cuts to the 2% fo ultra-wealthy would cost approximately $690B over ten years. But geez, you know, I just can't think of a good suggestion for getting rid of $700B or so in debt....

    February 17, 2011 06:21 pm at 6:21 pm |
  5. Socialist idiot = Democrats

    Third choice, sit back and default. Do NOT under any circumstance raise the debt ceiling. It's irresponsible.

    February 17, 2011 06:23 pm at 6:23 pm |
  6. Inmyopinion

    Cutting government spending is exactly what the Governor of Wisconsin is trying to do by asking the employees to contribute to some of the goodies they've been getting almost for free and look how the government employees are reacting by protesting, closing schools, calling in sick, not working, etc....they obviously would rather we keep borrowing from China thus putting our country in more debt and even bankruptcy and as for raising taxes, well forget that, because all those Hollywood stars making millions will find an excuse to get out of paying higher taxes leaving the rest of us to pick up the tap.

    February 17, 2011 06:26 pm at 6:26 pm |
  7. Four and The Door

    This is only a start. If Obama is sucessful with the budget he just put out there our debt ceiling will need to be raised to over $24 trillion. For some odd reason liberals are upset with him for not spending enough money.

    America needs fundamental changes in Washington DC. Even after November's election the Administration does still not get it. No trains. No coast-to-coast broadband wireless service on the taxpayer's dime. We are going in the wrong direction. It doesn't matter how we got here. It's where we are and where we are going that is most important.

    February 17, 2011 06:59 pm at 6:59 pm |
  8. Scott

    Cut, Cut, Cut because thatz what they are doing to me and my families existence. I don't want to be owned by China or anyone for that matter. We are gonna have to pay for this sometime, no time like the present. They are worried about the recovery... I say they are worried about their lobbist.

    February 17, 2011 07:24 pm at 7:24 pm |
  9. charpps

    Who do I contact if I want the Federal Reserve to print me up a stack of money? I could use some more, too.

    February 17, 2011 07:55 pm at 7:55 pm |
  10. DAVE

    republicans would not show the cost of the 2 middle east wars in their budgets during the bush years because they would have had the first trillion dollar budgets in our history. now we have to pay for their wars , tax cuts for the rich , bank balouts, wall street balouts and the cost of unemployment they started with bush and greenspan who raised interest rates 2001 because he thought the short supply of workers and the high demade of workers was driving labor cost up that could start prices to inflate. the republicans made this mess and they don't need presidential leadership to fix their mess . they need to cut but are putting it off because they do not want americans to see clearly what they think is important and its not middle class america for those who voted for them thinking you might be a republican! greenspan lowered interest rates when he knew he had made a mistake but it was to late than he already had started the snowball down hill and could not stoip it.

    February 17, 2011 08:17 pm at 8:17 pm |
  11. MickeyD

    I always enjoy how all those Tea-bagger Bimbo's complain about their $$$ depreciating! I have a very simple solution, just stuff them in a envelope and address to MickeyD. C/O CNN NO postage required, I will gladly pay the postman any postage due, simply rip open each letter and hand the mail-man any postage due up on delivery!!!!

    February 17, 2011 08:30 pm at 8:30 pm |
  12. Bill from GA

    Our Government has been under funded (and over spending) for years. When Bush and Gore were debating before the 2000 election, they were both going to continue paying down the debt, and fix Social Security and Medicare. Bush was going to cut taxes also. That, along with his idiotic war on Iraq, were major causes of our current mess.

    We need to cut government waste, but we have to adequately fund the government also. Pres. Obama caving on the tax cuts during the lame-duck session was his greatest mistake; we would have been better off letting all rate cuts expire. That would certainly change the scenario in Congress today.

    February 17, 2011 08:40 pm at 8:40 pm |