Thursday, December 10, 2009

About Raising the Debt Ceiling

The Congress Democrats are planning to raise the debt ceiling by a staggering $1.8 trillions as soon as possible, so they don't have to do it before the 2010 elections. I previously heard the argument that they'd have to do it no matter what, and there's no way they can't do it.

Really? Can't they? So what if the debt ceiling is not raised? I mean, there are people who were foreclosed, and had their credit card accounts cancelled... What do they do, the first thing? They stop spending. Wouldn't that be an interesting exercise? To see what the Government would do when they reach the legal debt limit (think of it as the credit card limit) and they can't go over it?

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