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  :: imlen2 is a member since 04/29/2005 --- this profile has been viewed 203,921 times
imlen2's SoundClick blog - Debt ceiling?
Debt ceiling?
ok so i am just a hillbilly living way out in the middle of nowhere. but i can get online seems the big thing is a scare thing about the Debt. ceiling. what a concept i may be a hillbilly but i am not stupid ignorant sometimes but not stupid like our elected officials seem to think all common americans are. i wanted to find out about this ceiling so i looked it up here is how it went....

What is the debt ceiling exactly?
It's a cap set by Congress on the amount of debt the federal government can legally borrow. The cap applies to debt owed to the public (i.e., anyone who buys U.S. bonds) plus debt owed to federal government trust funds such as those for Social Security and Medicare.

The first limit was set in 1917 and set at $11.5 billion, according to the Center for a Responsible Federal Budget. Previously, Congress had to sign off every time the federal government issued debt

How many times has the ceiling been raised?
Since March 1962, the debt ceiling has been raised 74 times, according to the Congressional Research Service. Ten of those times have occurred since 2001.
the united states income versus Expenses is coming up short by $118 billion every month, and if lawmakers just decide to cut spending by that amount, that could effectively mean a partial government shutdown.

ok so why a Debt ceiling?
well i just do not get it i think if you can just vote it away that renders the whole concept moot. meaningless words a ceiling is a thing that will hurt your head if you bump it it is a solid imovable object just seems weird to me to make up a rule that is totally adjustable at their whim or whimsey.
in todays society it is normal to borrow money to help when you need it.
but most people have to pay it back sometime. it looks to me that we raise the debt ceiling then borrow more money to pay back the money we rasied the debt ceiling last year to pay the bill from the years previous whats even weirder is that the people we elected to run our country think this is going to work. the whole idea is insane and cannot work for very long. have you heard the word "PONZI" today. plus what the guy's in washington are arguing about is the republicans want to pass a increase that will expire before the 2012 elections. that way we will think Obama is a bum and kick him out
the democrats want to have the debt ceiling raised enough to last past the 2012 elections so the economy will seem to be improving so you guesed it Obama will look good enough to be elected again.
the net result of this is that both of these groups will crash the country into a depresion if they do not have it their way.
in this uneducated common hillbillies Opinion this is Not F***ing Burger king and they dont get it their way if they do not get it right and this crap continues i do know the result we will kick out all of the incumbants of both parties and start out with new ones that might send a message to the old guard that they better start doing what we want or get the hell out of town.
posted by imlen2 on Thu Jul 28, 2011 @ 10:19 AM     post a comment
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