Republicans and the Debt Ceiling

[erpowers]

I imagine that many at DU will disagree with me, but I tend to oppose raising the debt ceiling; however, I do have a problem with Republicans opposing raising the debt limit. I can state my problem with the Republican stance with a question. Where were the Republicans during the presidency of Geoge W. Bush? During the presidency of George W. Bush the debt ceiling with raised seven times. On each of those occasions I did not hear Republicans asking President Bush for a blueprint on how the new debt would be erased in the future.

It is one thing to oppose a policy because one thinks the policy is bad idea. It is a totally different thing to oppose a policy just because the policy is being proposed by a different political party. The Republicans are only threatening to vote against raising the debt limit because the current president is a Democrat. If John McCain were president, Republicans would be jumping to raise the debt limit without having any plan to reduce the debt. Everyone knows this because during the presidency of George W. Bush that is exactly what the Republicans did for at least six years.

[stray cat]

1. If we do not we default immediately and shut down all federal government right?

[rgbecker]

2. Basically it would be the end of the United States of America.

The dollar would become worthless as anyone holding treasury bonds would see that the US couldn't redeem them. (The interest is paid with borrowed funds and if we can't borrow them, we can't pay them.) The vote to raise the debt limit is simply a show that allows those who think we borrow too much to have a chance to show off to their conservative, uneducated constituents. Most other countries laugh at this vote as a circus show.