Let's get rid of the federal debt limit

[bemildred]

Xpost with Editorials.

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Consider one wholly artificial symbol currently making waves in Washington: the federal debt limit.

Under current law, the U.S. government is permitted to have no more than $14.294 trillion in debt outstanding. We're almost there. At the end of February, there was about $99 billion in headroom left; in 2010, when the federal budget was about $3.7 trillion, that was the equivalent of roughly 14 minutes of government spending.

Sometime between the middle of April and the end of May, according to the Treasury Department, that borrowing headroom will run out. If Congress doesn't vote by then to raise the statutory limit, the Treasury will start implementing a series of dire steps to stave off default on existing bonds and other obligations.

As happens almost every time the debt limit draws near — it's almost an annual event, and sometimes semiannual — there is currently an outbreak of posturing by fringe elements in Congress over whether to raise the limit.

http://www.latimes.com/business/la-fi-hiltzik-20110313,0,507980.column

[RC]

1. Slash our intimidation spending... errr, Defense spending.

There is no reason why we need to spend more than the rest of the world combined so we can continue to piss off other countries for our short term benifit and profit.

[OmahaBlueDog]

2. We spend well over three times what China spends

They have over three times the population, and they have neighbors who have not always been friendly.

[OmahaBlueDog]

3. I disagree. Our government needs to live within its means

That is not to say that during economic crisis or war we should not borrow. However, deficit spending by both parties has become BAU. Where I have a major disagreement with Republican deficit hawks is how to fix the problem.

-From my perspective, the rich in this nation benefit dispraportionatly from or system, and should be taxed accordingly. With vey few exceptions, if you are wealthy in this nation, you got that way in the backs of a lot of people making $8-10 an hour.

-We still spend on defense as if we are planning for WW III with the Russians at any moment. Our defense budget is bloated and needs to be reigned in.

- Where I have disagreements with my fellow Dems is Social Security. Yes, the cap should be lifted, but I believe that the collection age has to be raised.