Las Vegas Sun

August 1, 2014

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Letter to the editor:

Do not increase the debt ceiling

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Do not raise the national debt ceiling. If Congress has money to give away, it has too much. It is wrong for Congress to vote on spending bills that lawmakers do not read. If they do not know what they are spending money on, do not increase the debt ceiling.

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  1. I recommend that when the debt ceiling is hit, it automatically sets spending cuts in motion before and until the debt ceiling can be raised. The Republicans, and fiscally astute Democrats who share similar concerns, should make this a negotiating point of the grand bargain.

    CarmineD

  2. "Does anyone believe Obama will honestly address spending limits next year if he get his tax increase now" @ Future

    Good question to ponder. Based on two recent cases in history with Presidents Reagan and George W. D. Bush, the likelihood is not just "NO" but H-E-double hockey sticks NO. In both cases, Dems pledged cuts of $2 to $1 and $3 to $1 spending cuts to tax increases. The taxes went into effect but never the cuts.

    CarmineD

  3. Why do we even have a debt ceiling? Money is spent according to Congressional authorization and law. Taxes are collected as set by Congressional action. If the debt increases it is because Congressional action or inaction. So, why is there a separate authorization needed for the debt ceiling?

  4. "Why do we even have a debt ceiling?" @ Jim Weber

    Constitution's Article 1 Section 9 states "no money shall be drawn from the Treasury, but in consequence of appropriations made by law." The Constitution gave Congress the power to "borrow money on the credit of the United States." At the time, this was self-limiting. Congress had to vote on each debt issue and expenditure, which made it accountable. The government couldn't borrow much because it couldn't tax income or wealth [didn't happen until 1913 with 16th Amendment], and it couldn't print money because it was held to the gold standard for 180 years embedded in the Constitution.

    After Congress was allowed to tax, it had to pass the debt-limit law in 1917 to facilitate the national debt by ending the time consuming practice of voting on each debt issue. Congress made automatic debt limit increases part of the House budget and set up congressional voting rules to do it.

    CarmineD

  5. For more on why it would be insane to not raise the limit:

    http://www.washingtonpost.com/business/e...

  6. "For more on why it would be insane to not raise the limit:

    http://www.washingtonpost.com/business/e... @ Mark Schaffer

    Please take note that this article is dated August 2011 and was the trigger for the original "grand bargain" that failed miserably. And here we are again trying to do the same. I believe and may be wrong that the current estimates say we will hit the debt-ceiling sometime in March 2013.

    CarmineD