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Dems Want To Axe The Debt Ceiling

January 17, 2013 by  

Dems Want To Axe The Debt Ceiling
PHOTOS.COM

Claiming that Republican lawmakers have “weaponized” the debt ceiling, a group of House Democrats have introduced legislation that would do away with the cap on the Nation’s borrowing limit.

The Democrats argue that a repeal of the debt ceiling would allow Congress to move forward with legislation that promotes jobs, economic recovery and growth instead of arguing over the Nation’s borrowing limit year after year.

“We cannot allow our economy to be threatened every year by political extremists intent on exploiting the debt ceiling to force through massive cuts and so-called entitlement reform,” said Representative Jerrold Nadler (D- NY). “The debt ceiling is arbitrary, doesn’t affect the deficit, and serves no real function in keeping spending down — and it’s time to abolish it. Only then will we be certain to pay our bills on time and take away from extremists this tool for political blackmail.”

The House, which is led by Republicans who use the debt ceiling as a bargaining chip in getting Democrats to agree to spending cuts, is expected to quash the proposal.

The Nation reached its $16.4 trillion borrowing limit at the end of last month. The Treasury Department has since been relying on “extraordinary measures” to pay the Nation’s bills in the time it takes for Congress to agree on what GOP demands will have to be met before it can be raised. It is likely that Republicans will champion a deal similar to that reached during the last debt limit debates, which mandates spending cuts equal to the amount the limit is raised.

The idea of doing away with the debt ceiling has also been championed by Federal Reserve Chairman Ben Bernanke.

Filed Under: Conservative Politics, Liberty News, Staff Reports
Sam Rolley

Staff writer Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After learning about many of the biases present in most modern newsrooms, Rolley became determined to find a position in journalism that would allow him to combat the unsavory image that the news industry has gained. He is dedicated to seeking the truth and exposing the lies disseminated by the mainstream media at the behest of their corporate masters, special interest groups and information gatekeepers.

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  • b

    washington doesn’t get it , you can’t borrow to pay your bills,every household in america knows this.because when you borrow you have to pay back. its simple live within your means.don’t spend money you don’t have,and cut back on things you don’t need to save money. what part of that don’t those idiots in washington understand.

  • bob

    name these people !

  • S.C.Murf

    This reminds me of the person that didn’t have any money in the bank but told the people that they weren’t broke because they had plenty of checks left. We are in trouble and even worse if you don’t have anything personally stockpiled.

    up the hill
    airborne

  • Ol504Troop

    Once again this president has shown his disdain for our political system of checks and balances and the US Constitution. This is the REAL reason he is hell-bent on dismantling the Second Amendment.

  • Chester

    ibcamm, seems that wasn’t Obama’s idea in the first place, but the brainchild of one of the more conservative people up there. A one TRILLION dollar coin, if you make about twenty of them, would have taken care of any lack of solid backing for the currency. Of course, the existence of those coins would have made them the subject of as many rumors and conspiracy theories as there was behind the gold standard, after people had the right to own gold coinage taken from them, but the dollar was still on a metal standard. At that time, gold was fixed at 35 dollars an ounce, regardless of what it was doing on the free market in Europe, Asia, and Africa.

  • ibcamn

    P.S…..I have to make a correction to something,King Obama and his court jester(treasury dept.)actually did listen to “WE THE PEOPLE”for once,he didn’t go ahead with his dumb coin thing idea(he just couldn’t ignore all the laughter from the millions and millions of free thinking and intelligent American people!!)….ha ha ha ha ha ha ha ha ha..oooo,i sounded like a mad scientist on that one..

  • Logic must prevail

    Ok this is a no brainer people. Who voted for these corrupt, incompetent,retards? The same free loader,mentally unstable,indoctrinated,fools that voted in Obama. Start drives to get them removed from office.Find out who they are in each state and get rid of them.Use the power of the constitution against them.That is your right! All I see here is lips a flappen and nothing happening.Put your opinions into action. Start with your congress men and women.If they are not doing there job fire them! Demand Impeachment of all incompetent law makers.Including Obama! Obama was right about one thing. We do need change. Logical people making and changing our laws. Not his version of common sense.Logic is the key.These incompetent bafoons in office now have no logic. They have an agenda and it`s not going to benifit anyone but themselves…

  • ibcamn

    its been how long since king Obama has wrote a budget?since he got in the white house?i thought he did one!oh well this is typical of this type of person,doesn’t want to do it,do what they are suppose to,thin skinned,big eared type!!their all just lazy,no wonder he just steals the tax payers money!!and he’s not asking anybody what he can do or do with the money(buy pretty stuff,kinda like bling on a large scale)…he just ran up someone elses credit card and tossed it and is looking to steal another one from somewhere else!typical type!they also whisper sweet nothings into the ear of the people they want to f*#k,and when the time for responsability comes around they blame it on someone else,and so forth and so forth,see what i mean!?!ooohhhhhhhhh……

  • northbrook

    The only way that Congress could agree to not having a debt ceiling would be to pass an amendment to the Constitution that requires a balanced budget. then the liberal spend aholics might be bound to stop their uncontrolled spending.

    • Ol504Troop

      There is already a law on the books that the government is REQUIRED, by law, to pass a budget every year, and then do all that they can to stay within that budget. The Democrats have not passed a budget in four years now.

    • manuel rosa

      to believe that with Obama in power? that would be just plain naive.
      but not to worry before obama ends this term he will put the country out of debt and you can count on it.
      I know just how he is going to do it to. Lets see if anyone has any idea. I’ll give you 15 minutes to come up with it.

      • manuel rosa

        well since none of you replied to me be it because your didn’t see it or didn’t know the answer I’ll reply to myself and tell you just what is goint to happen and you mark my words and just keep an eye on the ball.

        Obama is going to balance the buget just like Linden Johnson did but with a twist.
        Linden Johnson cleaned up the at that time excessive funds out of the social security account wrote an IOU to social security and used the funds to balance the buget.
        Another words he robbed the entire USA of their retirement funds making him probably the biggest thief in the whole wide world.
        OBama will be a much bigger thief cause he’s going to rob the entire USA of their 401Ks and probably the IRA’s also and he will have plenty of money to balance the budget with.
        I wish to be wrong about it but unfortunately I/m right,. Just mark my words and in a few years if I’m still living I’ll be back to tell you I told you so.

      • JCF

        Manuel, you must be reading the same financial newsletters. This seems to be common knowledge for those who keep their ear to the ground. I for one will ride with you. That’s precisely why I have always opted out of that scam. I’ll go for a ’55 Chevy instead lol

  • carlee44

    Seems to me that a very simple plan would be to GET A BUDGET on time every year and then live and work within it. Obama likes to blame congress for all the spending? Well then congress should only spend the obligations they have been paying for years not any new bills except humanity aid.

  • TIME

    Dear People,

    Please wake up to what this is really all about, The Fall of the “Reserve Currency” Thats the US Dollar. Its no longer what it was, anyone who stops and thinks about it can see that.
    The NEW CURRENCY is being made ready, as in the “New One World Currency.”
    Under the “ONE WORLD ORDER.” AKA, ~ the Untied Nations, how bloody clear need it be to see it?

    Look whats an OZ of Silver cost today: $30.00 ~ so your Paper NOTE ~ is worth how much again, if it takes 30 paper notes to equal one true dollar of value?
    One OZ of GOLD is $20.00 dollars face value but to acquire it will set you back how much in paper NOTES, $1650.00?
    So again how much is your paper Note really worth?

    Before a REALLY BIG CRASH, they print paper like TP, and what are they doing now?

    Read between the lines, we are being held together by a “Fariy Tail: and have been for some time now, but the rubber band is about to BREAK.

    Open your minds and look at all the SIGNS. They are all there, you just need to really look at them for their real value.

    They are even telling you we are in a “CURRENCY WAR”

    People the next step is World War III, to seal the deal.

    To Conquer, first Divide.

    Peace and Love, Shalom

  • http://exodus-consulting.com Thomas

    We need to mount a massive counter-assault: a Balanced Budget Amendment. Put it on the table. Watch the Nadler’s of the world squirm and howl in outrage.

  • Tony

    How about making a budget and keeping it like normal working people have too!!

    • Steve E

      My wife does our finances, and when she told me that we will have to cut back on some expenses, I called here a Radical. Now, I’m cut off for a month.

  • http://www.chandostransportsolutions.com GraemeB

    The debt ceiling limit is to pay for the bills passed by the House by the majority GOP. To turn around and then say we are not going to pay our bills because we want to screw Obama, is politics of the most crass nature. When GWB was spending like a drunken sailor, the debt ceiling was put in front of him to sign, finished. The number was changed each time to what was necessary. To default, will drop another A on the credit rating and may lead to an economic collapse.
    It is digusting what the GOP are doing.

    • Warrior

      It takes two to tango. And this collection has their own “dancing with the stars” show going on. I’m not really in favor of “extortion”, how bout you?

    • BOB

      You can certainly tell who is Democrat and who is Republican. There was a point when the all mighty was elected he could have fixed things turned back the clock, repaired all the damage that was done by GW and probably would have been considered the greatest person in history for doing so, (AND HIS TIME COVERS) would have actually meant something (instead he spent ALMOST MORE THEN ALL PRESIDENTS IN THE HISTORY OF THE UNITED STATES this fact. GWB took office with a deficit of 5T approximately and did run it up to 10T in 8 years but the dems ran it from 10T to the current 17T plus when they had COMPLETE CONTROL this is fact. You are not being told the truth, you have not been for a very long time most people today don’t want to hear or see the truth because its TO SCARY TO EVEN THINK ABOUT. The republicans are the only ones that even broach the subject of ENTITLEMENT REFORM and they got hammered for it. Just look at the BUDGET GRAPH AND SEE WHERE IT STARTED and where its currently at (most probably have never seen it, don’t know what it is and are afraid to look at the truth).

      Ask yourself WHERE IS ALL THE MONEY going, not in my pocket, yours. I read the other day about the Department of Interior having a 200,000 bathroom that’s 100,000 more then my home. A bathroom for gods sake.

      The truth is everything has been run up in the last 4 years milk, gas, lottery tickets, everything, most of us who EARN A PAYCHECK have seen there paycheck drop by 2. percentage points. And its ONLY THE BEGINNING.

      Man I thought I would be protected the working poor. Prove me wrong. I thought all that graft was going to be stopped excessive pay for CEOs. I saw Jamie Diamond had his salary cut yesterday to 11.5 million THAT’S CRAZY 11.5 MILLION and that’s being cut.

      Deficits do matter and there will come a time were we all say WHAT WERE WE THINKING when your pension, your check doesn’t buy you the basic necessities. Entitlement Reform will happen by people doing whats right all these FREELOADERS will be cut off or it will happen by FORCE the markets will force us to. In my time families were large 7 brothers and sisters NOW THAT IS NOT THE CASE. I believe the young folks are having two maximum 3 children there are not enough young folks to support the system, to support the old folks. The young folks would probably tell us to CURL UP AND DIE as we had our life (the mouth on these youngsters today never ceases to amaze me) This is fact. Many countries around the world are NOW PAYING THE YOUNG WOMAN TO have kids. I recently read Japan, and China are in this situation that we will be facing too as thousands old folks are retiring everyday expecting that money they paid in for all these years some by choice some by force. When you turn 65 years like me and my wife they want YOUNGER CHEAPER MODELS. I am retired worked my whole life, optimistic like no other but I am a realist. The numbers on the Feds and the Treasury Website that they NOW WANT TO HIDE, REMOVE all together say a completely different story. Expect another downgrade in credit rating, expect interest rates to rise, expect more layoffs young and old as small business cut hours in order to save money or shut the doors all together. Most people are one paycheck as they say away from homelessness. Ask yourself when your FREEBIES are cut what are you going to do. How long will you last in this current environment. My father and Mother told me the hoar stories of the Great Depression, most say it could never happen but ask yourself what if it did. As I said most people don’t want to hear it, see it, or even think about it. Its coming, I don’t know when I am sure the rich and powerful do unfortunately I am not one of them.

      • http://keith@paintballpartyz.com keith

        bob and everyone who reads this,,calm down. fear mongering is ineresting–sometimes even important. if your using facts to stear your retirement investments–great ! but the pro’s know (don’t bet against america, at least for the rest of most folks lives.)
        So the birth rate is lowering–great ! When i was educated in the sixties the fear was of a population boom–oops–all that fear looks like it was a waist of time. if our world could accully achieve a steady decline we could all own a ranch someday, no globil warming no water shortages no real effect from polution. If God is real and the true mother of this earth then ALL of the reasons why humans are having fewer children—are a blesing !

      • manuel rosa

        well, one honest intellegent man on the entire page, how about that.

      • manuel rosa

        Ah keith, you got a lot to learn my friend, I’ll pray for you.

    • Steve E

      The big secret is that the U.S. will not default on it’s debt payments if they do not raise the dept ceiling. The debts still can be paid. They will just have to cut other areas. They don’t need to default.

      • Chester

        Steve, are you going to lose YOUR paycheck if the debt ceiling isn’t raised? Are you looking at the distinct possibility of having your gas and electric shut off because you won’t have the money to pay the bills on them? I hate to inform you of this, but the two programs that can be shut down to pay the debt ARE the ones that directly affect our armed forces, our veterans, and anyone on social security. It seems that these payments do NOT carry a major interest load or threat of default if they are not made on time or at all, just a lot of pain for a lot of small people who don’t have a couple of million dollars in a bank account some place.

      • Steve E

        Chester, it won;t affect me, and I don’t care if the government shuts down. Maybe then, reality will hit everyone in the face.

    • Ol504Troop

      Graeme, what bills did the GOP majority House pass that we need to fund? Maybe you are talking about the budget bill, require by law every year, which the Democrat controlled Senate has refused to pass for the last four years? You should really do some homework on how Congress works before spouting such nonsense. The House merely PROPOSES bills – but the Senate has to approve them, and Harry Reid has refused to even PRESENT bills for discussion on the Senate floor for over two years now.

  • Sun Rising

    Remember, the last deal got over $2 trillion in new debt, but all promised cuts never happened. It is unclear that even the sequestering will go as legislated.

    The other thing to consider is that the crooks in the federal government are working on one year debt accumulation programs and 10 year cut programs.

    When they say we raise the debt ceiling by $1 trillion for $1 trillion in cuts. What they are saying is, this year the debt will climb by $1 trillion, but in ten years we will “promise” to cut a total of $1 trillion.

    In reality we are only getting -at best- $100 billion in “promised” cuts for a difinitive increase of $1 trillion in new debt.

    This equation is a scam, it is obfuscation, it is lies. There are no cuts, but a hell of a lot more debt. And with the fact these congress members are heavily invested in federal contractors, they personally profit on this deception.

    • manuel rosa

      for all those who think we don’t need a debt ceiling remember this.
      All those people who lost their homes to foreclosure, you know, they didn’t have a debt ceiling either.

  • vicki

    Of course they are trying to do away with the ceiling. Who doesn’t want an unlimited credit card. Of course the fed get to print money to pay the interest. That would be a plus, for them.

    • ibcamn

      just keep in mind vicki,this type of gov’t doesn’t work,at all,never did never will,this will all come back to bite the liberals and progressives and even the democrates that have little brown noses!so when all this blows up in their faces,this thin skinned big eared man called Obama,will go down in history as the WORST president ever in the history of the United States of America!that will be the greatest day in history,when that gets written into history for future generations to read and learn from!don’t worry Vicki,what goes around comes around,Obama is just to stupid to figure that out(well i should spread the blame around to Biden and all the brown nosing henchmen in this white house adm.)i’m already teaching my children and grand,god and step children the truth,so should the rest of the free world!after all,they are playing with their money!

      • WILDFIRE

        You don’t need to look any further than places such as Detroit, Michigan or Chicagoland (Obama’s land of dreams) or California to name a few, to see that no predominantly Democratic controlled city or State can function and thrive without federal handouts / bailouts and even when received still can’t survive. They have no concept on finance or budget. They have a 6 yr olds mentality on money management.

        Democrats / communists like to try to blame everyone under the sun but them self for being broke and bankrupt. But in the end, the facts show that in cases such as Detroit, Chicago and California. All aspects of offices were/are democratic/communist controlled so there is no one but them self to blame for the societies they have created.

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