Time running out on debt ceiling
November 27th, 2012
01:13 PM ET
2 years ago

Time running out on debt ceiling

Washington (CNNMoney) - Congress must raise the debt ceiling before the end of February, and possibly sooner. If it doesn't, the United States risks defaulting on its payments to creditors.

That's the key takeaway from a new report released Tuesday by the Bipartisan Policy Center.

FULL STORY

Filed under: Congress • Debt • Treasury Department
soundoff (14 Responses)
  1. Rudy NYC

    Ronald Reagan and Tip O'Neil raised the debt ceiling a record 18 times during Reagan's 8 years as POTUS.

    November 27, 2012 01:26 pm at 1:26 pm |
  2. Fair is Fair

    Rudy NYC

    Ronald Reagan and Tip O'Neil raised the debt ceiling a record 18 times during Reagan's 8 years as POTUS.
    ------
    All speending originates in the congress, right Rudy? Which party was in control of both chambers during Reagan's 8 years? Hmmmmmm? Or does that arguement ony work when it fits YOUR narrative?

    November 27, 2012 01:31 pm at 1:31 pm |
  3. Ray E. (Georgia)

    Yeah, Reagan and O'Neil raised the debt celing and still it didn't help. After 75 years of Liberal Politics what will we do next? I know. Raise the Debt Celing !!

    November 27, 2012 01:34 pm at 1:34 pm |
  4. mcskadittle

    seem the debt ceiling should get raised when they do the fiscal cliff but i doubt that will happen

    November 27, 2012 01:34 pm at 1:34 pm |
  5. Rudy NYC

    Ray E. (Georgia) actually wrote:

    Yeah, Reagan and O'Neil raised the debt celing and still it didn't help. After 75 years of Liberal Politics what will we do next? I know. Raise the Debt Celing !!
    --------------
    Read your history before you speak. Reagan wanted MASSIVE defense spending increases, not the Democrats in Congress. Reagan wanted MASSIVE tax cuts, not the Democrats in Congress. Reagan vetoed everything that came from the Congress, which did not suit his desires.

    Democrats caved to Reagan's reckless cuts and spending increases because they didn't want to shut the government down, which would have suited Reagan just fine. So, the rest is history. Read up, before you speak up.

    November 27, 2012 01:43 pm at 1:43 pm |
  6. Wire Palladin, S. F

    If failing to raise the debt ceiling meant that Nanny state Ray would have to forgo his social security and medicare, it would almost be worth it to hear him cry like a new born baby. But that would put a tremendous burden on those who worked their entire lives. The only president to be fiscally responsible and run surpluses, was Clinton. Obama will as well if we get rid of the republican obstructionists.

    November 27, 2012 01:48 pm at 1:48 pm |
  7. Wire Palladin, S. F

    30 years of conservative trickle down economics gave us deep recessions and a near depression.

    November 27, 2012 01:49 pm at 1:49 pm |
  8. Wake up People!

    It sure is funny, I had never even heard of the debt ceiling until a few years ago. Funny during all other previous administrations no one uttered a peep when it needed to be raised but now all of a sudden it's headline news.

    Well wasn't it Cheney that said deficits don't matter?

    November 27, 2012 01:49 pm at 1:49 pm |
  9. Wire Palladin, S. F

    I always liked Reagan in "Death Valley Days."

    November 27, 2012 01:55 pm at 1:55 pm |
  10. Sniffit

    "After 75 years of Liberal Politics what will we do next?"

    That's a load of crap. We've spent the last 50+ years deregulating industries and lowering taxes at the behest of the GOP based on their cockamamie supply-side trickle-down unicorn fart economic theories. We've also watched the last 3 GOP presidents run up the debt and deficits more than the Dems (and one GOP VP tell us that they "don't matter"), not to mention enacting policies whose continued existence massively increase the deficts and debt even during the terms of Dem presidents that take office after them (case in point: the Bush tax cuts, wars and Medicare expansion). Taxes are now the lowest they've been since the 50's and we've got people like you running around with their hair on fire complaining about taxes and regulations and claiming we still haven't tried supply-side economic hard enough...and that if we just do it harder this time, it'll magically have a different result than the trouble it has put us in right this second. BS.

    November 27, 2012 02:17 pm at 2:17 pm |
  11. Sniffit

    "All speending originates in the congress, right Rudy? Which party was in control of both chambers during Reagan's 8 years? Hmmmmmm? Or does that arguement ony work when it fits YOUR narrative?"

    Oh stuff that nonsense. You guys have canonized Reagan for what he supposedly did to save the economy and grow it. You give him all credit for all of it and now you want to reneg on it when someone points out how he ran up the debt and deficits? After you just spent 4 years trying to blame Obama for ALL of our deficits and debt as if Dubya and the GOP had nothing to do with any of it? Or hey, would you like to switch it up now and start blaming the GOP-controlled "shellacking" House for all of the debt and deficits run up for the past 2 years? Reality is, it all falls on the POTUS...good or bad...all of it...all the time...always...and your attempt to play "gotcha" is 100% disingenuous after listening to you and the rest of the Tetroll asylum throw your conniption fits about Obama.

    Reagan pushed Congress to do what was done back then, as any POTUS does, and O'Neil had to come to the table to make agreements with him to keep it under control and convince Reagan that he had to raise taxes sometimes to deal with foreseeable revenue shortfalls and the country's needs...and Regan did raise taxes numerous times in recognition of the reality of the situations we were in.

    November 27, 2012 02:26 pm at 2:26 pm |
  12. Sniffit

    Hmmm...and just to clarify my second post...Reagan did raise taxes despite the anti-tax supply-side orthodoxy of the GOP...but that's not contradictory to my first post. He did it because his initial tax cuts were so massive even he had to admit he'd dug a hole that needed to be filled in. It never fully was.

    November 27, 2012 02:34 pm at 2:34 pm |
  13. kevin

    According to offical govt web sights the President last year spend $1.4 billion in expenses for vacations, travel, travel for his family, parties, dinners, etc. England spent $58 million supporting the Royal Family. In fact, as I understand it, Obama spent more than all the royal families of Europe combined! So let's start w/Obama showing some fiscal restraint. Second pass the fairtax Act. Thrid get rid of baseline budgeting.

    November 27, 2012 02:34 pm at 2:34 pm |
  14. Rudy NYC

    kevin

    According to offical govt web sights the President last year spend $1.4 billion in expenses for vacations, travel, travel for his family, parties, dinners, etc. England spent $58 million supporting the Royal Family.
    ------------------
    Let's assume your numbers are accurate. The POTUS is required to pay for all immediate personal expenses; i.e., meals, laundry, clothing, etc. The Royal family is not a governing authority, so stop comparing apples and oranges.

    But, if you really want to be like England, then let's adopt their national health care policy. NEXT!

    November 27, 2012 02:40 pm at 2:40 pm |