Debt ceiling: Just do it
June 27th, 2011
12:33 PM ET
9 years ago

Debt ceiling: Just do it

New York (CNNMoney) - Warnings from all three credit ratings agencies didn't do it. Seven weeks of talks among lawmakers didn't do it. Maybe President Obama's talks with Capitol Hill brass will do it.

But as of now, there's still no debt-reduction deal. And many lawmakers are still demanding one in exchange for their vote to increase the debt ceiling.

FULL STORY

Filed under: Congress • Debt • President Obama
soundoff (14 Responses)
  1. Dan

    The federal govt takes in around 200b a month.. Our debt payments are roughly 20b a month.... Sounds like we have a spending problem, I don't see any reason why we couldn't pay our debts if the ceiling doesn't get raised (and hopefully it doesn't) . We need some serious spending cuts and reduction in the size of govt.

    Ron paul 2012

    June 27, 2011 12:49 pm at 12:49 pm |
  2. spiderwoman

    Mr. Mitch McConnell,

    Why are you so opposed to taxing the obviously rich?

    Maybe, just maybe, U are trying to protect the obviously rich from IRS investigations. Now think. The tax laws get changed, new sources of income have to be reported. People could get audited for previous years of "strange income.

    Didn't George Bush change the tax laws to avoid being audited?

    Could be.

    Regards,
    Spiderwoman

    June 27, 2011 12:51 pm at 12:51 pm |
  3. Obama/Biden - 2012 - Four More years of Unemployment, Debt, Deficits, Leading-from-Behind, Golf Outings, Vacations and Celebrity Events

    Yes, just keep increasing the debt ceiling to cover Obama and the Democrats insane spending. Just keep borrowing into perpetuity to pay for all the government entitlements we simply can't afford until the entire country collapses from the debt, and all of the entitlement programs collapse as well. THAT is the Democrat plan. Either raise taxes and collapse our consumer driven economy, or borrow forever and collapse under thedebt load. Living within our means is just too hard to do I guess. THIS is why the Democrats need to be removed from office in 2012. The country's survival counts on it.

    June 27, 2011 12:52 pm at 12:52 pm |
  4. John

    The Republican will not agree on anything ,because they have no idea of Compromise on anything. What they need Is for they to be Gone In 2012. I don't know about the rest of you but I'M trier of paying These Idiot 174,000 or more a years for just saying NO and Giving the RICH more tax cuts.If you take the 174,000 for each Republican In the House and Senate , and the American tax payer have pay over a Million Dollars a years for just saying NO. And Over THREE TRILLIONS DOLLARS over the last three years, For just saying NO and Giving the RICH more tax cuts. Three TRILLION DOLLARS would go a long way on the budget cuts. Because the Republican haven't done a thing to earn there money over the last three years. And In the last 11 years they have got us In two wars with no money to pay for them. And the thing Is they till want Us to stay there longer than President Obama want to. If You ask me we should take all are Troops out of Afghanistan and Iraq tomorrow. The President of Afghanistan say he like the American troops to Leave and they are group In Iraq that say they would fight American Troops If they don't leave as Promise. In both count It mean America would save money and American Life.

    June 27, 2011 12:56 pm at 12:56 pm |
  5. gt

    cut the bull... work together ...for the people not each ones party...

    June 27, 2011 12:58 pm at 12:58 pm |
  6. diridi

    75 times congress raised when not needed, why not now needed times....two things, one, bring back Afgan and Iran troops, Tax on 250 k or more....cut social security who live in foreign lands....work for the nation.....stringent citizenship too, apart from immigration....o.k, Be American than being Republican or Democrat.....o.k, Cutting Medicare and Social security like GOP idiots is bad idiot.....o.k, it if for the detriment of GOP idiots....o.k,...true..

    June 27, 2011 01:02 pm at 1:02 pm |
  7. Four and The Door

    If the debt ceiling is raised without accompanying spending cuts it means nothing. The Republicans are exactly correct in their stance on this issue. The problem is not that we need to increase taxes on the same people who are paying the highest percentage of their income and most of our taxes already. We need to make the government do what it said it would do. And that is to not exceed the debt limit that they put into place themselves. Cut...spending...now. That is what the American voters said in November. The Republicans were listening.

    June 27, 2011 01:02 pm at 1:02 pm |
  8. Rudy NYC

    The federal govt takes in around 200b a month.. Our debt payments are roughly 20b a month....
    ------
    You forgot to pay the bills, Dan. How much per month do you think that adds up to be? I don't know where you got your numbers from. They are very fuzzy.

    Did I mention that the final year of Bush-43 ran at a $1.4T deficit, which where we still are despite having lost millions of jobs since the recession began 12/2007.

    June 27, 2011 01:03 pm at 1:03 pm |
  9. A Kickin' Donkey

    I'd like to see the President issue an Executive Order that fobids the Treasury from paying members of Congress if the debt ceiling is not raised. There should be no addition to the liabilities of the US Government if we can't pay our debts.

    Congress couldn't possibly fight this in the court of public opinion and I suspect as Chief Executive, he'd be within his power to do so. Furthermore, according to the 14th Ammendment to the Constitution [as reported by Time mag] "The valitdy of the public debt shall not be questioned". President Obama would be constitutionally correct, win politically and force the kiddies in the GOP controlled House to act like adults.

    Based on the 14th, it would seem that anyone that allows, promotes or advances the default of the National Debt can and should be taken into custody by the Secret Service as an arm of the Treasury Department and held by U.S. Marshalls.

    June 27, 2011 01:06 pm at 1:06 pm |
  10. GI Joe

    We need to cut out the loopholes and deductions the corporations and wealthy get so that we have enough mmoney to pay for education, military, law enforcement, and all the emergencies that come up with floods, hurricanes, tornadoes, fires, mud slides, earthquakes, and all the other things that just pop up unannounced.

    AND we need a tax to pay for the two unfunded wars started almost a decade ago. We still owe even if/after we pull our troops home. That was the most stupid thing any president has ever done - TWO UNFUNDED WARS AT THE SAME TIME AS A TAX CUT FOR THE WEALTHY. Wake up people.

    June 27, 2011 01:42 pm at 1:42 pm |
  11. Anthony

    Dan,

    Here is the problem. The mandatory spending of the federal government (the spending over which Obama has no control, because it is mandated by law, and includes Social Security, Medicare, and Medicaid) is over 2 trillion dollars. If the debt limit does not get raised, the federal government cannot borrow anymore and must reduce discretionary spending. Guess what is the biggest part of discretionary spending? Defense. Do you think we should play games with our military and hang our troops in Afghanistan and Iraq out to dry?

    June 27, 2011 01:42 pm at 1:42 pm |
  12. There Go Those Pesky Liberal Facts - - Again!

    In '98, '99 & 00' the US ran SURPLUSES of $88B, $122B & $230B – each one a record high.

    We owe $14.3 TRILLION = 14,300 Billions (This is MOSTLY DUE to Republican Administrations).

    At the average rate of the Budget Surpluses under a Democratic President, it will take 100 YEARS to pay off the National Debt.

    My question to Republicans is how are you going to cut spending and pay off this debt? You can't you idiots. Go back to the tax rates during the Clinton years AT A MINIMUM. Close the loopholes that allow individuals and companies to avoid paying their fair share of taxes so that we can keep our financial standing strong.

    June 27, 2011 01:54 pm at 1:54 pm |
  13. Rudy NYC

    What the Republicans are doing is called reneging on the FY2011 budget deal, which they already voted on and approved. Reneging on the budget deal, which they worked out in the House. How can we conduct a government when one side cannot be trusted to not only keep promises but to abide by past legislation.

    June 27, 2011 02:01 pm at 2:01 pm |
  14. Tea Person NOT

    Yes ...I agree. Some SERIOUS spending cuts need to be made starting with the military. Lets shut down bases we no longer need like the ones in England,Germany and Japan just to name a few. And why do we spend more on our military in one year then the rest of the world combined ? And the tax cuts for the uber rich have to go. Why can't we roll the tax rates back to ....ohh...lets see....maybe back to late 90's when the budget was somewhat balanced ?

    June 27, 2011 02:17 pm at 2:17 pm |