Does your head hurt? Makes sense, we're hitting the debt ceiling today

2011-05-16 06:43:49

#1

Hurricane2k9: Pendulous Sweaty Balls; +1,538|5960|College Park, MD

http://money.cnn.com/2011/05/16/news/ec … htm?hpt=T2

Geithner told Congress that he estimates he has enough legal hoop-jumping tricks to cover them for another 11 weeks or so.

But then he said that's it. If lawmakers don't get it together by Aug. 2, the United States will no longer be able to pay its bills in full.

Is this what our republic is coming to? Half-assedly running things? First we did that with the budget, now we're doing that with the debt. If only our "lead"ers would actually FIX things.

https://static.bf2s.com/files/user/36793/marylandsig.jpg

2011-05-16 06:50:29

#2

13/f/taiwan: Member; +940|5957

How is the ceiling determined? They don't admit it, but lawmakers tacitly agree to raise the debt ceiling every time they vote for a spending hike or tax cut.

How many times has the ceiling been raised? Since March 1962, the debt ceiling has been raised 74 times, according to the Congressional Research Service. Ten of those times have occurred since 2001.

What's stopping them from raising it again?

2011-05-16 06:50:50

#3

Trotskygrad: бля; +354|6258|Vortex Ring State

13/f/taiwan wrote:
How is the ceiling determined? They don't admit it, but lawmakers tacitly agree to raise the debt ceiling every time they vote for a spending hike or tax cut.

How many times has the ceiling been raised? Since March 1962, the debt ceiling has been raised 74 times, according to the Congressional Research Service. Ten of those times have occurred since 2001.
What's stopping them from raising it again?

2011-05-16 06:53:00

#4

Kmar: Truth is my Bitch; +5,695|6859|132 and Bush

I watched an interview with Timothy Geithner the other day on PBS. He's a very smart man. I'd pay attention to what he says. .. and he already knows Mandarin

Xbone Stormsurgezz

2011-05-16 06:56:03

#5

Hurricane2k9: Pendulous Sweaty Balls; +1,538|5960|College Park, MD

Kmar wrote:
I watched an interview with Timothy Geithner the other day on PBS. He's a very smart man. I'd pay attention to what he says. .. and he already knows Mandarin

and a tax cheat if I'm not mistaken!

2011-05-16 06:56:54

#6

Kmar: Truth is my Bitch; +5,695|6859|132 and Bush

http://money.cnn.com/2011/01/03/news/ec … /index.htm

The ceiling is currently set at $14.294 trillion. As of May 12, the debt subject to that limit totaled $14.256 trillion.. just $38 billion shy of the cap. But the total fluctuates up or down daily.

How is the ceiling determined? Based on policies in place, such as the $858 billion tax cut compromise passed in December, lawmakers have already committed to incurring the obligations that require them to raise the debt ceiling.

"Congress has already passed and the President has already signed legislation that increases spending or decreases revenues. Those decisions have already been made," said Susan Irving, director for federal budget issues at the Government Accountability Office.

In that sense, much of the political rhetoric is misleading because the money has already been committed and lawmakers are arguing over whether to pay the bill, according to former Congressional Budget Office Director Rudolph Penner.

Xbone Stormsurgezz

2011-05-16 06:58:37

#7

Hurricane2k9: Pendulous Sweaty Balls; +1,538|5960|College Park, MD

i wish I could raise my credit card limit whenever I wanted to

2011-05-16 06:58:44

#8

Benzin: Member; +576|6257

It should also be noted that prior to Sept 11 there was a surplus, but Junior nixed that.

2011-05-16 06:59:13

#9

Benzin: Member; +576|6257

Hurricane2k9 wrote:
i wish I could raise my credit card limit whenever I wanted to

Technically you can. Just call the credit card company and if you have good credit, they'll usually do it without any questions.

2011-05-16 07:00:08

#10

Hurricane2k9: Pendulous Sweaty Balls; +1,538|5960|College Park, MD

CapnNismo wrote:
Hurricane2k9 wrote:
i wish I could raise my credit card limit whenever I wanted to
Technically you can. Just call the credit card company and if you have good credit, they'll usually do it without any questions.

even when I'm constantly hitting my limit? "just a few more dollars please, I swear I'll keep my spending in check this time "

2011-05-16 07:01:16

#11

Kmar: Truth is my Bitch; +5,695|6859|132 and Bush

Hurricane2k9 wrote:
Kmar wrote:
I watched an interview with Timothy Geithner the other day on PBS. He's a very smart man. I'd pay attention to what he says. .. and he already knows Mandarin
and a tax cheat if I'm not mistaken!

Pretty sure he wrote a check for the error (if you believe it an error at least). Apprently it's a common error.. but ya know, being the Tres Sec will make him an easy target .

Xbone Stormsurgezz

2011-05-16 07:03:28

#12

Hurricane2k9: Pendulous Sweaty Balls; +1,538|5960|College Park, MD

Kmar wrote:
Hurricane2k9 wrote:
Kmar wrote:
I watched an interview with Timothy Geithner the other day on PBS. He's a very smart man. I'd pay attention to what he says. .. and he already knows Mandarin
and a tax cheat if I'm not mistaken!
Pretty sure he wrote a check for the error (if you believe it an error at least). Apprently it's a common error.. but ya know, being the Tres Sec will make him an easy target .

ah well in that case, whatever

I only ever heard the soundbites calling him a tax cheat, I figured it was more serious than that

2011-05-16 07:04:16

#13

Kmar: Truth is my Bitch; +5,695|6859|132 and Bush

CapnNismo wrote:
It should also be noted that prior to Sept 11 there was a surplus, but Junior nixed that.

Not the national debt (which is what we are talking about). The US has had a national debt for almost it's entire history. Not necessarily a bad thing. It means people are willing to invest. However, $14.256 trillion is a wee bit out of control.

Xbone Stormsurgezz

2011-05-16 07:11:55

#14

Kmar: Truth is my Bitch; +5,695|6859|132 and Bush

13/f/taiwan, the interview was actually with Charlie Rose (per Karma)
http://www.charlierose.com/view/interview/11663
Very interesting stuff.

Xbone Stormsurgezz

2011-05-16 07:28:22

#15

11 Bravo: Banned; +965|5496|Cleveland, Ohio

CapnNismo wrote:
It should also be noted that prior to Sept 11 there was a surplus, but Junior nixed that.

you are pretty damn uninformed

2011-05-16 07:40:56

#16

FEOS: Bellicose Yankee Air Pirate; +1,182|6670|'Murka

CapnNismo wrote:
It should also be noted that prior to Sept 11 there was a surplus, but Junior nixed that.

Budgetary surplus. Not an overall surplus (ie, no debt).

Recessions and war tend to eat away at budgetary surpluses.

“Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid.”
― Albert Einstein
Doing the popular thing is not always right. Doing the right thing is not always popular

2011-05-16 08:03:26

#17

Jay: Bork! Bork! Bork!; +2,006|5617|London, England

Kmar wrote:
I watched an interview with Timothy Geithner the other day on PBS. He's a very smart man. I'd pay attention to what he says. .. and he already knows Mandarin

He's a blithering idiot and needs to be axed.

"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat

2011-05-16 08:08:25

#18

Jay: Bork! Bork! Bork!; +2,006|5617|London, England

http://online.wsj.com/article/SB1000142 … 90964.html

"Ah, you miserable creatures! You who think that you are so great! You who judge humanity to be so small! You who wish to reform everything! Why don't you reform yourselves? That task would be sufficient enough."
-Frederick Bastiat

2011-05-16 08:38:03

#19

Hurricane2k9: Pendulous Sweaty Balls; +1,538|5960|College Park, MD

Jay wrote:
Kmar wrote:
I watched an interview with Timothy Geithner the other day on PBS. He's a very smart man. I'd pay attention to what he says. .. and he already knows Mandarin
He's a blithering idiot and needs to be axed.

What should we ax him?

2011-05-16 08:40:05

#20

Sturgeon: Member; +488|5200|Flintshire

kwestions

https://bf3s.com/sigs/3dda27c6d0d9b22836605b152b9d214b99507f91.png

2011-05-16 08:43:11

#21

Hurricane2k9: Pendulous Sweaty Balls; +1,538|5960|College Park, MD

Sturgeon wrote:
kwestions

maybe president (llololol) obama can ax him

but yeah back to srs talk, this whole debt thing is a shitshow.

2011-05-16 09:18:20

#22

OrangeHound: Busy doing highfalutin adminy stuff ...; +1,335|6908|Washington DC

Yawn ... we'll just raise the debt ceiling again ... this is the American way. Since the debt limit’s introduction in 1917, Congress has never failed to raise it.

Here's your recent history, in case you need a lesson on the American way, particularly embraced by the Obama admini$tration.

https://static.bf2s.com/files/user/12853/History%20of%20Debt%20and%20Debt%20Ceilings.jpg

2011-05-16 09:21:32

#23

Stimey: +786|6379|Ontario | Canada

14.3 trillion
Enjoy not being the world superpower in 5 years.

2011-05-16 09:29:00

#24

FEOS: Bellicose Yankee Air Pirate; +1,182|6670|'Murka

Stimey wrote:
14.3 trillion
Enjoy not being the world superpower in 5 years.

Being the only superpower has sucked, actually. Too many expecting us to do everything.

You need to do some research on other countries' debt relative to GDP, btw.

“Everybody is a genius. But if you judge a fish by its ability to climb a tree, it will live its whole life believing that it is stupid.”
― Albert Einstein
Doing the popular thing is not always right. Doing the right thing is not always popular

2011-05-16 09:32:17

#25

Stimey: +786|6379|Ontario | Canada

Lets leave Zimbabwe out of this.

BF2S Forums Does your head hurt? Makes sense, we're hitting the debt ceiling today

13/f/taiwan wrote:

Kmar wrote:

Hurricane2k9 wrote:

CapnNismo wrote:

Hurricane2k9 wrote:

Hurricane2k9 wrote:

Kmar wrote:

Kmar wrote:

Hurricane2k9 wrote:

Kmar wrote:

CapnNismo wrote:

CapnNismo wrote:

CapnNismo wrote:

Kmar wrote:

Jay wrote:

Kmar wrote:

Sturgeon wrote:

Stimey wrote:

Board footer