White House Wants to Raise Federal Debt Limit

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If IRS is required to release the composite amount of Social security taxed(Form 1040 line 20b) once it is available , It may raise many eyebrows!,and dampen any push to reduce benefits. The estimated actual tax could be directed to Social Security fundings

T. E. White of GA 4:07PM January 04, 2011

I read a good comment on this that is worth repeating here "Why is it always prospectively a “crisis” or “catastrophe” to limit government spending in any way, but business as usual to take double-digit percentages of incomes from their actual earners?"
If any of us spent ourselves into debt like these yahoos in the government have done, we would have been put into jail for failure to pay back on our debts. They should realize that they have to stop this obscene military spending(and Iraq wants us out, why spend money on them anymore), stop treating themselves as though they were royalty(1.5 billion to just cover the president, disgusting), take pay and benefit cuts, stop taking our Social Security money(it belongs in a place where it can earn interest), and hundreds of other common sense actions that would cut the spending and start paying back the debt. I read somewhere that the interest on the debt was in the 100s of billions of dollars. Are these people idiots not to realize that this money could be saved by getting rid of the debt? Personally, I think they are.

Kurt of MN 7:39AM January 04, 2011

The budget won't get balanced because we have more politicians than statesmen (and women), i.e., real leaders, in Washington. Politicians point fingers and speak in sound bites, but watch how none will want their constituents to suffer from cuts needed to balance the budget. Thus the debt ceiling will have to be raised, else we will be in default on our debt. That would mean a collapse of the bond market and the implosion of global stock markets. This is not an impossibility, given that the first legislative action after the midterms--with their so-called mandate to reduce spending--was that the government borrowed another trillion dollars, approximately 700 billion of it to extend tax cuts to the wealthiest Americans.

M.H.G. of CO 8:34PM January 03, 2011

http://beforeitsnews.com/story/336/483/George_Soros:_The_United_States_Must_Stop_Resisting_The_Orderly_Decline_Of_The_Dollar,_The_Coming_Global_Currency_And_The_New_World_Order.html

CarrWatt of KS 4:24PM January 03, 2011

The main reason for incurring debts is when we have to spend money we don't have. We were attacked in 9/11 and we have to go to war. And war is a very expensive endeavor. Problem is we didn't finance it with taxes. Instead we at the time of war gave out tax cuts to everyone including the rich people who don't need it. We financed our war by borrowing money. We gave countries like China an investment bonanza where they can park their extra money to earn interests while the US is waging a war. Now we're worried that our debts are getting too high for comfort. Taxpayers are paying supposedly smart minds in congress to solve this problem. Are we in for a disappointment?

jeremiah of CA 3:21PM January 03, 2011

...provided our politicians stop spending money we don't have.
Leave the debt ceiling alone; a floating ceiling serves no function. Instead, do something unprecidented and actually balance the budget. A balanced budget isn't going ot increase our debt.
A balanced budget will of course cause a lot of people a lot of grief (due to our increasing levels of socialism and welfare), but it's far better to manage the pain now than ignore it and let the problem get worse.

M.G. of NM 3:03PM January 03, 2011

If you think the wipeout of the GOP in 2006 and 2008 was bad. If you think the margin in which President Clinton won and how Newt Gingrich and his GOP croonies paid a huge political price by shutting down the govenrment was in the 90's, it will be hugely worse in 2012 if the GOP shuts down the government based on ideology and insanity. Presidetn Obama will cruise to another term and the republicans in congress will get their heads handed on a platter in 2012. Let me tell yall what will happen if the debt isn't raised If we don't raise the debt ceiling stocks will plummet, bond ratings will collaspe, the dollar will be crushed, inflation will go thru the roof, interest rates will skyrocket, Veterens wont get services, SS checks won't be mailed out, Medicare doctors won't get their payments and the credit of US will be in the garbage.
Gallup just came out today.
President Obama approval ratings have hit 50% while congress has dropped even more. The last I checked it was in the teens. I would think Speaker Boerner would come in and behave like a mature adult and control his tea party congress from destroying what progress this president has made with the economy. If they come in and destroy everything he has done, they will have short vacation in congress. The american people are tired of this political warfare that is happening with the left and the right. The bottom line is that the debt ceiling must be raised. It time to stop with the political games and get to work to bring this economy back on good footing and to control the spending in washington.

Nonie of GA 1:46PM January 03, 2011

Any one of us would recognize this as a foolish way to handle our own family's finances. Why would we think it would be any different if we do it collectively?

Steve of AL 1:33PM January 03, 2011

have you seen the dollar lately? and where do you think it goes when the shell game ends? can't raise the ceiling forever, not when foreigners are the main buyers of debt (foreigners and Benny Boy).
Clearly, those who advocate your drastic action do not understand the consequences. you want to reign it in now or try later when the debt is 2x, 3x...? Can you name one government welfare program that isn't bankrupt? Perhaps less gov't might be a good thing...

fedup31 of NJ 12:56PM January 03, 2011

Are we that stupid that we believe raising the debt limit is not the same as a default on the current debt limit? Wake up people and think about what these clowns are saying. Goolsbee is playing a giant shell game - with our money! I'm ashamed to say this clown is a professor at UofC. Maybe Harvard will hire him after Barry is done with him.

fedup31 of NJ 12:50PM January 03, 2011