cnsnews (via bloomberg): Treasury Secretary Geithner: Lift Debt Limit to Infinity

[Popeman38]

One hyphenated word: hyper-inflation

[MLSKINS]

[Toe Jam]

I say go for it.

Not really.

[elkabong82]

No freaking way do I trust politicians with any aspect of unlimited power, or people in general.

[Tulane Skins Fan]

http://cnsnews.com/news/article/trea...limit-infinity

CNSNews.com) - Treasury Secretary Timothy Geithner said Friday that Congress should stop placing legal limits on the amount of money the government can borrow and effectively lift the debt limit to infinity.

On Bloomberg TV, “Political Capital” host Al Hunt asked Geithner if he believes “we ought to just eliminate the debt ceiling.”

“Oh, absolutely,” Geithner said.

more at link

I agree with him.

I know how libertarians have mastered the constitution too, so I assume they agree with him on this.

[gbear]

There have been positions proposed before saying the debt limit is merely one bill going against multitudes of spending bills. Both sets of bills have been passed by Congress. Thus, that which is past last undoes the previous as it becomes the current will of the legislative process. As I understand the argument, what one Congress passes the next may undo.

Under that logic, isn't a debt limit only valid until a budget is passed exceeding it?

[Larry]

There have been positions proposed before saying the debt limit is merely one bill going against multitudes of spending bills. Both sets of bills have been passed by Congress. Thus, that which is past last undoes the previous as it becomes the current will of the legislative process. As I understand the argument, what one Congress passes the next may undo.

Under that logic, isn't a debt limit only valid until a budget is passed exceeding it?

During the last Debt Ceiling Hostage Crisis, I expressed that legal opinion. That, when two laws passed by Congress conflict, the most recent law amends the previous one, even if it doesn't explicitly say so.

I have absolutely no clue how valid that reasoning is.

[Tulane Skins Fan]

During the last Debt Ceiling Hostage Crisis, I expressed that legal opinion. That, when two laws passed by Congress conflict, the most recent law amends the previous one, even if it doesn't explicitly say so.

I have absolutely no clue how valid that reasoning is.

Actually, the debt limit law is probably not valid (i.e. constitutional) no matter what:

The validity of the public debt of the United States, authorized by law, including debts incurred for payment of pensions and bounties for services in suppressing insurrection or rebellion, shall not be questioned. But neither the United States nor any State shall assume or pay any debt or obligation incurred in aid of insurrection or rebellion against the United States, or any claim for the loss or emancipation of any slave; but all such debts, obligations and claims shall be held illegal and void.

http://caselaw.lp.findlaw.com/data/c...n/amendment14/

Nice and easy.

[Larry]

Actually, the debt limit law is probably not valid (i.e. constitutional) no matter what:



http://caselaw.lp.findlaw.com/data/c...n/amendment14/

Nice and easy.

The debt ceiling law says that when the debt reaches a certain number, the US has to stop borrowing.

The 14th says that money that they've already borrowed, has to be paid back.

I don't see any conflict at all, there.

[Tulane Skins Fan]

The debt ceiling law says that when the debt reaches a certain number, the US has to stop borrowing.

The 14th says that money that they've already borrowed, has to be paid back.

I don't see any conflict at all, there.

The debt ceiling says that we will default on our debt if it goes over a certain amount. That is, we will not pay back our debt over a certain amount.

Huge conflict with the 14th amendment saying no one should question it.

[twa]

The United States bumped up against its borrowing limit Sunday, forcing the Treasury Department to employ “extraordinary measures” to make sure the government keeps paying its bills.
After a brief hiatus, the nation’s debt limit has returned as a major hurdle for Washington to overcome, and one that will play a central role in fiscal fights heading into the fall.
Congress agreed to suspend the nation’s $16.4 trillion borrowing limit the last time they approached it, at the beginning of the year. But that suspension expired May 19.
The latest numbers from the Treasury Department indicate that the overall debt of the United States swelled by about $300 billion during the period of the suspension, and now totals roughly $16.7 trillion.
With the government once again operating under a borrowing cap, the Treasury is back to employing special measures to free up space under the limit.


Read more: http://thehill.com/blogs/on-the-mone...#ixzz2TnXaLGPO
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[CurseReversed]

It's currently Infinity, we want a debt ceiling imposed.
He's got the argument backwards

[SteveFromYellowstone]

The debt ceiling says that we will default on our debt if it goes over a certain amount. That is, we will not pay back our debt over a certain amount.

Huge conflict with the 14th amendment saying no one should question it.

This is what people don't understand. They hear 'debt ceiling' and think it's something different than it actually is. Our media doesn't really do a good job of explaining this either.

[twa]

This is what people don't understand. They hear 'debt ceiling' and think it's something different than it actually is. Our media doesn't really do a good job of explaining this either.

Our colleges either judging from some of the posts