New York (CNNMoney) - Remember the bitter debt ceiling debate in Washington last summer? The one that resulted in the first-ever downgrade of the U.S. credit rating?
Well, another showdown could be in the offing sooner than planned.
Thanks for the informative article....
What a shock. Democrats still spending money even faster than before and refusing to cut any spending. Its clear they intend to bankrupt the country and then blame others as they usually do. If they get re-elected in November, the country is doomed.
What debt ceiling., Bush raised 7 times, Reagan raised 14 times. Listen, This debt is nothing for USA if all the rich people paid their fair share of taxes. Let this GE, GM, Wall-Mart, Boeing, All the Electronic Companies know this, and let them pay. Yes, we need to reduce corporate taxes to bring the companies back. Stop deduction loopholes.
I'm all for shared sacrifice. Which is why I'm in favor of the Bush tax cuts expiring for EVERYONE!!!! I was disgusted when those tax cuts were put in place. Bush had the audacity to say that "we want a refund," after we balanced the budget and had a surplus. That was simply wreckless and goes to show you that republicans are not fiscally conservative.
The GOP can't help itself. It has no policies, no jobs programs, no foreign policy, yet all they want to do is attack Obama- even over helping Americans and the American economy. It is their self-destructive tendency, and it is fundamentally bad for America.
Stalling the budget, crippling the middle class, and returning to their defict spending, tax cutting days would be a disaster.
Another opportunity for the Republicans to show American voters where their priorities are. Most people do not realize that *all* spending is constitutionally mandated to originate in the House, which is controlled by Republicans. This years spending budgets have been passed by the House and signed into law.
Not allocatiing more debt ceiling amounts to reneging on the legislation that was passed. Blaming Presidient Obama for the fiasco is pure politics by Republicans, trying to make it appear that Pres. Obama lacks leadership and financial discipline. The facts are that most of the $15T debt comes from the wars Bush started, the drug program Bush started, and the *temporary* tax cuts that Bush enacted.
Obama is spending so much, so fast, that the only solution, is to vote him out of office. Period.
That's what happens when compound interest works against you.