Why a federal debt limit ?

Why a federal debt limit ? (Full Version)

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MrRodgers -> Why a federal debt limit ? (2/23/2011 5:06:58 AM)
James L. Buckley was interviewed on C-Span plugging his new book "Freedom at Risk' and was asked about this congress voting to raise the debt limit. His reply was that the debt limit should be eliminated...govt. has never stuck to it. So kinkroyds...YOU tell me, when was the last time the federal govt. did NOT raise the debt limit ? Do we even need a federal debt limit ? If we need it...why ?

KenDckey -> RE: Why a federal debt limit ? (2/23/2011 5:18:26 AM)
On the books there is a limit, but why, Every time the congress wants to spend more money on some project they just raise the limit. I say get rid of it

MrRodgers -> RE: Why a federal debt limit ? (2/23/2011 5:40:43 AM)
quote: ORIGINAL: KenDckey On the books there is a limit, but why, Every time the congress wants to spend more money on some project they just raise the limit. I say get rid of it I agree and I do think that under Clinton and Reagan there was one or two years the debt limit was not raised...they didn't need to strangely enough. Under W, it was raised every year and by repub majorities in both houses prior to 2008.

tazzygirl -> RE: Why a federal debt limit ? (2/23/2011 8:08:36 AM)
Get rid of the only thing preventing politicians from spending us into slavery?

DomKen -> RE: Why a federal debt limit ? (2/23/2011 9:44:45 AM)
quote: ORIGINAL: MrRodgers quote: ORIGINAL: KenDckey On the books there is a limit, but why, Every time the congress wants to spend more money on some project they just raise the limit. I say get rid of it I agree and I do think that under Clinton and Reagan there was one or two years the debt limit was not raised...they didn't need to strangely enough. Under W, it was raised every year and by repub majorities in both houses prior to 2008. There has never been an instance when the debt limit was being reached that the government didn't increase it. If they had the government would have defaulted on all the bonds coming due at that time which would have destroyed the economy.

Musicmystery -> RE: Why a federal debt limit ? (2/23/2011 10:07:06 AM)
Additionally, all nations with healthy economies face some inflation (vs. contractionary policies), and even with no spending increases, the numbers don't mean what they once did. Even if increased, though, Congress has to actually make the decision, which is a good thing--and their job (vs. letting it run unattended).

MrRodgers -> RE: Why a federal debt limit ? (2/23/2011 10:16:37 AM)
quote: ORIGINAL: DomKen quote: ORIGINAL: MrRodgers quote: ORIGINAL: KenDckey On the books there is a limit, but why, Every time the congress wants to spend more money on some project they just raise the limit. I say get rid of it I agree but I do think that under Clinton and Reagan there was one or two years the debt limit was not raised...they didn't need to strangely enough. Under W, it was raised every year and by repub majorities in both houses prior to 2008. There has never been an instance when the debt limit was being reached that the government didn't increase it. If they had the government would have defaulted on all the bonds coming due at that time which would have destroyed the economy. There was a couple years in the 80's when they didn't and I think and 1 or 2 during Clinton but I looked and it has not been raised every single year since WWII.

Musicmystery -> RE: Why a federal debt limit ? (2/23/2011 10:38:00 AM)
Before this gets any sillier, here's a table of debt limits with increases/decreases: http://en.wikipedia.org/wiki/United_States_public_debt#Debt_ceiling (click "Show" by Table of historical debt ceiling levels)

DomKen -> RE: Why a federal debt limit ? (2/23/2011 11:25:50 AM)
quote: ORIGINAL: MrRodgers quote: ORIGINAL: DomKen quote: ORIGINAL: MrRodgers quote: ORIGINAL: KenDckey On the books there is a limit, but why, Every time the congress wants to spend more money on some project they just raise the limit. I say get rid of it I agree but I do think that under Clinton and Reagan there was one or two years the debt limit was not raised...they didn't need to strangely enough. Under W, it was raised every year and by repub majorities in both houses prior to 2008. There has never been an instance when the debt limit was being reached that the government didn't increase it. If they had the government would have defaulted on all the bonds coming due at that time which would have destroyed the economy. There was a couple years in the 80's when they didn't and I think and 1 or 2 during Clinton but I looked and it has not been raised every single year since WWII. Try that again, every time the ceiling is about to be reached the ceiling has been raised.

MrRodgers -> RE: Why a federal debt limit ? (2/23/2011 12:58:14 PM)
quote: ORIGINAL: DomKen quote: ORIGINAL: MrRodgers quote: ORIGINAL: DomKen quote: ORIGINAL: MrRodgers quote: ORIGINAL: KenDckey On the books there is a limit, but why, Every time the congress wants to spend more money on some project they just raise the limit. I say get rid of it I agree but I do think that under Clinton and Reagan there was one or two years the debt limit was not raised...they didn't need to strangely enough. Under W, it was raised every year and by repub majorities in both houses prior to 2008. There has never been an instance when the debt limit was being reached that the government didn't increase it. If they had the government would have defaulted on all the bonds coming due at that time which would have destroyed the economy. There was a couple years in the 80's when they didn't and I think and 1 or 2 during Clinton but I looked and it has not been raised every single year since WWII. Try that again, every time the ceiling is about to be reached the ceiling has been raised. Well if you really want to think way, way outside the box [sic] you would notice that we are both correct. You see there are some real practical presidents in history and maybe we got only three in the last century but if you will notice the federal debt limit was NOT raised at all between 1997 to 2001 or for 5 straight years. They didn't need to. Gee...I wonder why. Here Page 5

willbeurdaddy -> RE: Why a federal debt limit ? (2/23/2011 1:58:31 PM)
quote: ORIGINAL: MrRodgers Gee...I wonder why. Here Page 5 No need to wonder. The prosperity from Reagan's economic policies, the internet bubble and mortgaging the DoD are the obvious reasons.

Musicmystery -> RE: Why a federal debt limit ? (2/23/2011 3:28:11 PM)
Yeah. Kicks in belatedly whenever convenient. Come on. You're smarter than that.

joether -> RE: Why a federal debt limit ? (2/23/2011 3:32:29 PM)
quote: ORIGINAL: willbeurdaddy quote: ORIGINAL: MrRodgers Gee...I wonder why. Here Page 5 No need to wonder. The prosperity from Reagan's economic policies, the internet bubble and mortgaging the DoD are the obvious reasons. Would that propserity be due to the debt? As the history books show, Mr. Reagan's administration ended with much higher US debt then it started. In fact, at that time, his administration grew the debt the fastest and highest of all previous presidents....COMBINED. Then we had his VP for President. And he out did Mr. Reagan's debt at the end of his four years. Then we got that VP's son, who after eight years, ended the US Debt at its highest levels....EVER. Course, between that VP and his son's 'reign', we had a 'Tax & Spend' liberal, who actually created a plan to pay down the debt. And that plan would have worked if the VP's son kept with the program for two years into his administration. Rather then do that, the VP's son, issues a huge number of tax cuts, that blew away any chance for the debt to be eliminated. So yes, we can blame the current US debt mess on the last three Republican Presidents. Why in God's name, would we be lunatic enough to vote ANOTHER one in?

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