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Joined: Jul 2000
Posts: 443
CEG\'er
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CEG\'er
Joined: Jul 2000
Posts: 443 |
Originally posted by daenku32:
http://story.news.yahoo.com/news?tmpl=story&cid=544&ncid=693&e=1&u=/ap/20041103/ap_on_go_pr_wh/debt_ceiling
Quote:
White House: Debt Ceiling Must Be Raised
By MARTIN CRUTSINGER, AP Economics Writer
WASHINGTON - The Bush administration announced Wednesday that it will run out of maneuvering room to manage the government's massive borrowing needs in two weeks, putting more pressure on Congress to raise the debt ceiling when it convenes for a special post-election session.
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The government hit the current debt ceiling of $7.384 trillion on Oct. 14, forcing Treasury to begin a series of bookkeeping maneuvers to keep financing the government's normal operations without breaching the debt ceiling.
The COWARD waited until AFTER the elections to do this. And forced Treasury department to cook their books in the mean time to avoid bankrupty or braking the law.
Actually, this was no big secret. Kerry has stumped on this fact for the last two months periodically if you were listening. So long as we're deficit spending, of course we're going to periodically need to up the debt limits.
Personally I'm a BIG believer in very limited gov't and fiscal conservatism so I have a BIG problem with deficit spending on anything outside of national defense during wartime and believe very much in a balanced budget amendment, but it wasn't passed on Clinton's watch, much as he tried (blocked by the Republican congress). I don't want my children to have to bear the burden of high taxes to pay off government debt.
Those that believe that spending money we don't have will not negatively affect our long term positive outlook, are quite frankly not thinking clearly. Go out and spend 100k on credit cards and see how much of a burden it puts on your family on a mini-economic scale. Scale that to the macro-economic scale of the gov't, and the burdens, limitations, debilitating consequences, and lessons learned are the same. There is strength in financial liquidity, just look at any corporation, like IBM, Oracle, Microsoft, GE, etc., that have large cash reserves. Even small companies that have great financials are much better positioned to survive than debt ridden organizations, especially during economic downturns. The gov't is no exception to these general financial principles.
Yes, I voted for GW, because he lines up with my faith principles and I feel that moral issues were the most important in this election, especially with the supreme court up in the air. I, quite frankly, do not see much of a difference between republicans and democrats from a spending perspective (not talking ideology here). In this respect, I'm more liberterian than anything else.
Anyways, to each his own...
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