Obama delays request for $1.2T debt limit increase

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  • m.g. scott LAYTON, UT
    Jan. 2, 2012 9:36 a.m.

    Apparantly some people like Obama don't think these debts will ever come due or need to be paid back. Maybe Obama should just be honest and say so. In his state of the union speech he should just state: "America can borrow hundreds of trillions of dollars from all over the world and the world will never ask for the money back. So all is well." If he would say something like that at least he would be showing us his economic belief system. Unfortunately there are some Democrats and Republicans in Congress who have about the same belief system too.

  • David Centerville, UT
    Dec. 31, 2011 12:30 a.m.

    I agree that it would be ideal to both cut spending & increase revenue (taxes). My concern at this point regarding increased taxes is that the fed government has a terrible track record of raising taxes to decrease debt. What has happened is that taxes are raised & more or bigger programs are created. Actual debt & deficit reduction doesn't occur. I am loathe to raise taxes until government shows me it can first reduce programs & spending. After that I will vote to increase taxes...for debt reduction.

    Dems love to state how deficit spending disappeared during the Clinton years. What Dems don't readily acknowledge is that the stock market rose dramatically, yielding greater tax revenue to the treasury, entitlement programs were modified to reduce spending, & Republicans had the House & Senate.

    Repubs fail to recognize that Clinton has been the last president who compromised to get things done. Since Clinton the demagoguery & extremes of both parties have made a mess of governing.

  • lost in DC West Jordan, UT
    Dec. 30, 2011 11:19 p.m.

    $1.2 trillion. And they don't even bat an eyelash.

    I miss the good old days under bush when it took 3 years to rack up an additional $1.2 trillion in debt (2 years when he had a dem congress). Under BO it's an annual thing, if not more frequent.

  • George Bronx, NY
    Dec. 30, 2011 9:17 p.m.

    I can agree with that position, I would point out that these same countries have turned to massive cuts in government programs while not doing enough to generate more income and it has done nothing but lead to further problems The issue must be addressed from both ends if there is to be any long term stability.

  • David Centerville, UT
    Dec. 30, 2011 8:53 p.m.

    George, I can understand your position, as well as the position of Phranc. Borrowing is a tool that can be used, though judiciously. Look again at the family example. Would you continue to borrow if your total debt was 6 figures? If you annual debt was $16K but you earned $22K? It would be foolish to not reduce spending.

    The debt is not the only stuff filling the house. Included are all those who add to the mess, ie, our Representatives and Senators that continue allowing the mess to grow irresponsibly. Shovel them out and clean house. Leave those who understand the problem and can fix it.

    Like I said, debt can be a tool. But if it is not balanced, and used wisely, you find yourself in a big mess. That is where Greece, and other European countries are at. That is where the Soviet Union was at. Lets not go there.

  • George Bronx, NY
    Dec. 30, 2011 8:27 p.m.

    nice side step david if given your analogy your house flooded what would you do since you have no money in your budget? leave it? I think not? At times your only options are to barrow money since I am pretty sure you would not leave your house flooded until you where able to cut your budget so you would be forced to act now and figure out how to generate additional funds (do without, get additional income) to repay the loan. Obama has said for years now that he is willing to consider cuts to programs (do without) and for years now the GOP has refused to let "temporary" tax cuts for the rich expire (additional income). It is going to take both if you ever expect to start paying down the debt. We need real answers by people willing to stand up and admit its going to effect everyone not silly analogies.

  • Mountanman Hayden, ID
    Dec. 30, 2011 4:46 p.m.

    Greece here we come lead by Obama's out of control spending!

  • David Centerville, UT
    Dec. 30, 2011 3:54 p.m.

    Good question. How does our government do it? They borrow. I am sure that you can see the folly of that. We cannot continue down that road, which is what the primary aim of my analogy presents.

    I would propose that the only course of action is to reduce spending. The family that is taking in $21K and spending $38K must reduce spending. Our government recently cut its budget, to appease voters. But the reductions are hardly going to make a difference.

    Most leaders in congress are talking about reducing spending by $1-4 Trillion over 10 years. Is that even enough? NO! Not when $1 Trillion is being added each year. If $4 Trillion was reduced over 10 years, but $6 Trillion was still added, we are still having the same problem.

    Budgets are supposed to balance.

    That is the purpose of my analogy. To show that it is ridiculous to raise the ceiling. You must cut spending, stop the outflow of money.

    The law of the harvest cannot be avoided, even by governments that write their own rules and laws. Our uncontrolled spending will require a day of payment. Just look at Europe.

    Dec. 30, 2011 2:29 p.m.

    Since according to your numbers you have no money in your budget to pay to pump the sewage out how exactly would you pay for it? Wait? Your analogy is a rather poor one dont you think?

  • David Centerville, UT
    Dec. 30, 2011 1:50 p.m.

    U.S. Tax revenue: $2,170,000,000,000
    Fed budget: $3,820,000,000,000
    New debt: $ 1,650,000,000,000
    National debt: $14,271,000,000,000
    Recent budget cuts: $ 38,500,000,000
    Remove 8 zeros and pretend it's a household budget:
    Annual family income: $21,700
    Money the family spent: $38,200
    New debt on the credit card: $16,500
    Outstanding balance on the credit card: $142,710
    Total budget cuts: $385
    Here's another way to look at the Debt Ceiling:

    Let's say, You come home from work and find there has been a sewer backup in your neighborhood....and your home has sewage all the way up to your ceilings.

    What do you think you should do?
    Raise the Ceilings, or
    Pump out the sewage

    Your Choice is coming November 2012 for all incumbents.