Poll: Should the government raise the debt ceiling?

[Toe Jam]

Our debt will reach critical mass on Monday.

Should the debt ceiling be raised? How should we go about it?

[PokerPacker]

I just thought those voting cake should recall that it is a lie.

[SpringfieldSkins]

The way I understand it, if we don't raise the debt ceiling then the economy goes back in the tank. If we don't raise the debt ceiling then we must either raise taxes or cut our budget.

It seems we have three options:
1. Raise the debt ceiling.
2. Raise taxes.
3. Cut our budget.


I'd love to know what someone with an actual economic knowledge base thinks. I'm just repeating what I've heard. Seems like none of the above options will actually happen.

[SnyderShrugged]

No absolutely not

[PeterMP]

Do we really have a choice?

If we don't, doesn't the federal government pretty much shut down in the next few weeks or months?

Isn't the real question, just how much to raise it?

[Larry]

I'm gonna pull a zoony, here.

Show me a person voting "No", and I'll show you a person who wants the US economy to collapse. (I will further assert that the only possible reason for wanting this, is the belief that it will benefit one political party.)

Everybody knows that it has to be raised. The alternative is a national disaster.

The only question is now much political posturing and theatrics will be involved, and how much additional damage will the theatrics cost?

[twa]

Maybe we need a disaster to straighten things out?

We of course will raise it and continue the farce.

[deejaydana]

I'm gonna pull a zoony, here.

Show me a person voting "No", and I'll show you a person who wants the US economy to collapse. (I will further assert that the only possible reason for wanting this, is the belief that it will benefit one political party.)

Everybody knows that it has to be raised. The alternative is a national disaster.

The only question is now much political posturing and theatrics will be involved, and how much additional damage will the theatrics cost?

Fitting that you inserted "theatrics" into this post

[Maxima2000]

It really is obvious that you need to raise the debt limit, or to put it bluntly, the government will not be able to finance itself BY LAW. I don't see how anyone could possibly be against this.
Also, anyone else notice how there are a lot of "mystery voters" that aren't actually posting why they are against raising the debt ceiling?

[Skins24]

I'm gonna pull a zoony, here.

Show me a person voting "No", and I'll show you a person who wants the US economy to collapse. (I will further assert that the only possible reason for wanting this, is the belief that it will benefit one political party.)

Everybody knows that it has to be raised. The alternative is a national disaster.

The only question is now much political posturing and theatrics will be involved, and how much additional damage will the theatrics cost?

The question is SHOULD we raise it. No we shouldn't.
Unfortunately, in order to avert disaster, we have to.

[Larry]

Fitting that you inserted "theatrics" into this post

I thought it fitting, considering the rocky terrain.

[Metalhead]

No, I suppose. I don't understand the situation though. By raising the ceiling don't we go further into debt? Where and when do we draw the line?

[twa]

There is no line other than the debt ceiling ....which keeps moving

[Madison Redskin]

Yes, but it should be coupled with major reforms regarding entitlement spending.

---------- Post added May-12th-2011 at 07:04 PM ----------

No, I suppose. I don't understand the situation though. By raising the ceiling don't we go further into debt? Where and when do we draw the line?

Yes, we will go further into debt. However, the alternatives are even worse. If we don't raise the debt limit, there's a good chance we'd end up defaulting on our debt service obligations. If we default, the cost to borrow in the future would skyrocket. Why does that matter? Because roughly 40% of our expenditures go towards our debt service obligations and we're going to need to keep borrowing for the foreseeable future.

[Larry]

. . . roughly 40% of our expenditures go towards our debt service obligations. . .

You got anything even remotely close to backing that up?

Numbers I'm looking at, 40% of our expenditures is more than Defense and Welfare combined. It's almost more than Defense and health care combined.