Quote:
Originally Posted by joeydb
Well it SHOULD, should it not? Why are we spending more than we take in, ever, let alone for many, many years?
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That has nothing to do with our debt ceiling, though. That's budgeting. And budget trouble started back in 2000, Joey. Yes, not from scratch, but we did some very major things to screw ourselves during the 2000's. There is no denying that.
http://en.wikipedia.org/wiki/Debt_ceiling#Debt_ceiling
Look: if you are paying compounding interest rates of X on your car, house and credit cards, saying you no longer can afford to pay X, you want to pay X - 3, doesn't make those interest rates drop or go away.
You can say you refuse to pay that accumulating, compounding interest any more, but saying that doesn't make it go away, and defaulting on it is a financial disaster. There is also the component of the debt ceiling that goes to our cash flow.