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Getbig Main Boards => Politics and Political Issues Board => Topic started by: SAMSON123 on January 02, 2011, 09:12:25 AM
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I guess america will be raising its debt ceiling to 20 TRILLION soon... as a matter of fact why have a ceiling at all...they will only bust through it in time anyway.
Obama aide: Don't 'play chicken' with debt ceiling
– 1 hr 19 mins ago
WASHINGTON – The top White House economic adviser is warning against what he calls "playing chicken" with the need to raise the nation's debt ceiling.
For some conservatives, refusing to raise the limit on the federal debt would be a tactic to force the government into cutting spending.
Last February, Congress raised the debt ceiling to $14.3 trillion. The debt is now at nearly $13.9 trillion and growing each day. A move to raise the ceiling again is expected this spring.
The chairman of the White House Council of Economic Advisers, Austan Goolsbee, says that refusing to raise the debt ceiling would push the country into default — and a far greater economic crisis than Americans saw in 2008.
Goolsbee spoke Sunday on ABC's "This Week."
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Obama: Not Always a Fan of Upping Debt Ceiling
January 3, 2011 12:50 P.M. By Katrina Trinko
While President Obama’s economic advisor Austin Goolsbee argued Sunday that a refusal by the Senate to increase the government’s debt ceiling (currently $14.3 trillion) would be “catastrophic” and a sign of “insanity,” that’s not the position the president has held in the past.
Here are Obama’s thoughts on the debt limit in 2006, when he voted against increasing the ceiling:
The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that ‘the buck stops here. Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better.
In 2007 and in 2008, when the Senate voted to increase the limit by $850 billion and $800 billion respectively, Obama did not bother to vote. (He did vote for TARP, which increased the debt limit by $700 billion.)
Sen. Jim DeMint (R., S.C.) told Human Events in an interview released today that the decision about the debt ceiling “needs to be a big showdown” in the Senate.
“We are going to cut [spending] necessary to stay within the current levels, which is over $14 trillion,” said DeMint.
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You all will be hitting TWENTY TRILLION soon enough...