minx Posted November 3, 2004 Posted November 3, 2004 they announced today that they need to raise the debt ceiling in order to manage the governments borrowing needs. i feel so warm and fuzzy about the economy and the way this administration is handling it. Quote
slothrop Posted November 4, 2004 Posted November 4, 2004 What does "raise the debt ceiling" mean? Allow more deficit spending? I'm worried, but I guess I'll just have to have faith that Jesus will turn the debt into stock options. Quote
willstrickland Posted November 4, 2004 Posted November 4, 2004 We have a pre-set debt ceiling that is a specific dollar amount. When we are running a deficit, we typically are right up against that number at the end of the fiscal year. The new budget bill package every year includes raising the ceiling, but those bills are not typically passed until after the end of the govt fiscal year (end of Sept). So, in the mean time they need to raise the cap to operate under CRs. Remember when the govt "shut down" under Clinton? That was because they would not raise the ceiling (as a political tactic to get the budget concessions they wanted)and we could not incur any additional debt to finance the govt. (This is my hazy understanding of it anyway). Quote
minx Posted November 4, 2004 Author Posted November 4, 2004 We have a pre-set debt ceiling that is a specific dollar amount. When we are running a deficit, we typically are right up against that number at the end of the fiscal year. The new budget bill package every year includes raising the ceiling, but those bills are not typically passed until after the end of the govt fiscal year (end of Sept). So, in the mean time they need to raise the cap to operate under CRs. Remember when the govt "shut down" under Clinton? That was because they would not raise the ceiling (as a political tactic to get the budget concessions they wanted)and we could not incur any additional debt to finance the govt. (This is my hazy understanding of it anyway). my understanding as well. it'd be nice if we lived within a budget. Quote
bunglehead Posted November 4, 2004 Posted November 4, 2004 How times change. Fuck Iraq and same sex marriage, I'm most concerned about our growing debt. That money's going to come from somewhere. No Child Left Behind: All will incur the burden of our rash spending equally. Fighting a war and giving out tax cuts is irresponsible. Quote
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.