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Raise the debt ceiling!
Friday, December 11, 2009
Despite some opposition that will, once gain, surely prove ineffective, the U.S. government's movable debt ceiling looks like it's about to be raised again (does it every get lowered?), this time by as much as $1.8 trillion according to this report at Politico
It makes sense for the party in power to get this dirty little business out of the way far in advance of next year's mid-term elections, lest the voting public ask why their leaders are borrowing and spending so much.
You'd think that our foreign creditors have already figured out that there's no way we'll ever be able to pay this back with money that is worth much. There have been many such indications before, but the weak demand for long-dated U.S. Treasuries seen this week may be another sign that buyers of U.S. debt are growing weary, cautious, or both.
6 comments:
why do we even bother?
If a future crises happens, all of the current printing will make it impossible to get foreign loans to help us out. No one will trust the dollar.
Does Zimbabwe need a debt ceiling?
But it can benefit from a limit on the number of jokes thrown at them.
I am collecting Zimbabwe jokes for recycling in America.
What is the alternative to raising the debt ceiling but get us deeper into the financial mess we are in? I can't really find a way out of this except to spend money to prop up the economy. At least now the steep market recovery, starting March 9, continued on to the third quarter. Had they not raised the debt ceiling, the market will not be where it is today.
Evelyn Guzman
http://www.debtchallenges.com (If you want to visit, just click but if it doesn’t work, copy and paste it onto your browser.)
To infinity and beyond
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