Should Congress lift the (national) debt ceiling for Bush & Co.?
WASHINGTON (AP) -- Treasury Secretary Henry Paulson told Congress on Wednesday that the federal government will hit the current debt ceiling on Oct. 1.
He urged quick action to increase the limit, saying it was essential to protect the "full faith and credit" of the country, especially at a time of financial market turmoil.
The current debt limit is $8.965 trillion. Unless Congress votes to raise that ceiling, the country would be unable to borrow more money to keep the government operating and to pay debt obligations coming due.
The Senate Finance Committee earlier this month approved increasing the limit on the national debt to $9.82 trillion. That boost of $850 billion would be the fifth increase in the government's borrowing limit since President Bush took office in 2001.
I say no. Make the govt. live within its means for once, regardless of the impact to our economy.
What do you think?
open thoughts: If Bush would have raised taxes like what every other world leader has done throughout human history when starting a war, we wouldn't have to worry about increasing the debt. The increased taxes would pay for the war debt.
notadummyrat: Too funny. Does Congress send an annual budget to the President or does the President send an annual budget to Congress? Then who signs the budget that Congress passed (or can veto it)?
I'll wait for a response.....
AM: First of all the tax cuts are NOT reducing the debt since the Federal Reserve is asking the US to increase the debt ceiling.
Second, the tax cuts are reducing the annual deficit, but a $250 billion dollar 2007 deficit is still too much and not much of an improvement from the $350 billion in 2005 (?).
open thoughts: The tax revenues generated from Bush's tax cuts have not exceeded the amount of deficit spending under this president. Even with the increased revenues this year, we will stil be $250 billion dollars in the red.
Also, can you name ANY country in human history that has cut taxes on the populace before going to war?
- HokiefireLv 61 decade agoFavorite Answer
This is a very good question and I agree with caldude1010101 100%-NO.
This debt will be pasted on to all generations to follow and bring great profits to the privately owned Federal Reserve Corpartation (System), a central bank. Banks that hold the controlling stock in the Federal Reserve Corporation: Rothschild Banks of London and Berlin, Lazard Brothers Bank of Paris, Israel Moses Sieff Banks of Italy, Warburg Bank of Hamburg and Amsterdam, Lehman Brothers Bank of New York, Kuhn Loeb Bank of New York, Chase Manhattan Bank of New York, Goldman Sachs Bank of New York.
For those that have no understanding of our money system read The Creature from Jekyll Island - A Second Look at the Federal Reserve by G. Edward Griffin. Learn why the dollar is only worth about four cents and is based on debt, the national debt, not gold. It has been said that 50% of our Federal tax dollars are used to pay the interest on the national debt owed to the privately owned central bank.
The entire function of this machine is to convert debt into money. It's just that simple. First, the Fed takes all the government bonds which the public does not buy and writes a check to the Congress in exchange for them. (It acquires other debt obligations as well, but government bonds comprise most of its inventory.) There is no money to back up this check. These fiat dollars are created on the spot for that purpose. By calling those bonds "reserves," the Fed then uses them as the base for creating 9 additional dollars for every dollar created for the bonds themselves. The money created for the bonds is spent by the government, whereas the money created on the top of those bonds is the source of all the bank loans made to the nation's businesses and individuals. The result of this process is the same as creating money on a printing press, but the illusion is based on an accounting trick rather than a printing trick. The bottom line is that Congress and the baking cartel have entered into a partnership in which the cartel has the privilege of collecting interest on the money which it creates out of nothing, a perpetual override on every American dollar that exists in the world. Congress, on the other hand, has access to unlimited funding without having to tell the voters their taxes are being raised through the process of inflation. If you understand this paragraph, you understand the Federal Reserve System.--The Creature from Jekyll Island - A Second Look at the Federal Reserve
Ever wonder why Fort Knox has never been audited?
"An unlimited power to tax involves, necessarily, a power to destroy; because there is a limit beyond which no institution and no property can bear taxation." --John Marshall
"Taxes should be proportioned to what may be annually spared by the individual." -- Thomas Jefferson (letter to James Madison, 1784)
Make it a great day!Source(s): http://www.google.com/search?q=The%20Creature%20fr... http://www.google.com/search?q=national%20debt&sou... http://www.google.com/search?q=federal%20reserve%2...
- Anonymous1 decade ago
Time for big spending cuts. Start with the bloated Pentagon. Get rid of all unwanted programs that are pork barrel spending for Congressmen. Eliminate all weapons systems designed to fight the Cold War. End the Iraq War.
Eliminate the Faith Based Initiative.
Eliminate all right-wing Social Engineering, like money for Abstinence Education and Marriage Initiatives.
Cut Congressional Pay and office expenses. They're all rich anyway.
- 4 years ago
Bush did not have anything to do with the 787 billion dollar Porkulus Bill or the second half of the TARP which the Democrats now want to waste after banks have paid a large part off. Obama is spending at 3X the rate of Bush.
- Anonymous1 decade ago
During a war, it would be likely impossible to hold the debt down.
I would love to see the govt run without increasing debt, however.
One of the fastest ways to get that to happen would be to have a huge number of voters DEMAND that pork barrell spending be stopped immediately, and programs such as our tax dollars paying for a transvestite beauty pageant by calling it an AIDS awareness event MUST BE STOPPED!
scourge...you are all for stopping faith based and abstinence programs. Are you for revamping the entitlement programs? Are you for discontinuing any and all entitlements to illegal aliens? Are you for catching and punishing those who are abusing/defrauding the entitlement programs? These are HUGE drains on the economy, far more than faith based and abstinance programs.Source(s): caldude...you are joking, right? Bush CUT taxes and revenues INCREASED! If Congress (admittedly with Bush's help) was not spending money like it was free, it would have worked, but increasing taxes does not increase revenue. Large tax cuts under Reagan and Bush have increased revenues. We just need to tell Congress to stop spending it.
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- Anonymous1 decade ago
For Bush & Co???? Congress is the ONLY entity that can OK spending not the president! The VAST amount of money congress spends is on Liberials entitelments (Welfare, social security, etc...) not the war which accounts for lass than 2% of the budget.
- 1 decade ago
Haven't you heard? The tax cuts are REDUCING our debt...
More business can survive with the lower tax rates, so there is much more revenue coming in, despite the lower rates...!
*sigh* but i guess you will just ignore this anyways...
- andyg77Lv 71 decade ago
Reagen said not to worry about the national debt. In his words, "It's just a number on a spreadsheet somewhere."
I was watching him on tv when he said that.Source(s): eyewitness to history
- ?Lv 61 decade ago
Massive debt from the GOP, never seen that coming.