Should the U.S. raise the debt ceiling?

[🐒Gods of Prosperity🔱🐲💸]

does the world really care if we are above our own arbitrarily set debt ceiling?  it seems like just a meaningless formality.   even if it's not raised, we'll just ignore it and keep on borrowing.

[anvi]

does the world really care if we are above our own arbitrarily set debt ceiling?  it seems like just a meaningless formality.   even if it's not raised, we'll just ignore it and keep on borrowing.

I think they'll all be reassured if we do raise the ceiling.  But whether our biggest creditors, China, Japan, the U.K., and others, care if we don't raise the ceiling may depend on whether or to what degree we prioritize repaying on their bonds as they come due.  Obviously, this country is still a good place to put money or reserves into because of the generally huge output of the economy; government bonds up to now are still considered quite safe despite our massive debts.  But, if we can't pay our creditors, not because we are unable, but because we are unwilling, then that strikes me as a good reason for them to gain some significant leverage on us by even threatening to dump dollars and run.  It may also make them quite reluctant to finance us in the future, when we might still gravely need it, or, in the alternative, quite eager to ask for a lot more than they normally would on future trade deals.  There's just no upside to not raising the ceiling.   

[anvi]

Fear is always speculated on and if, as a bench mark, you're 50% correct - those who are in the target area - GET OUT!. The bottom line is, the USA is going to a positive balance over a short time within the big picture of things.

 Small ball on steroids is the game - communities, local governesses is the place. Reduce your exposure to finance, insurance and taxes... and have fun doing it.

Or, in an economy that depends so heavily on credit, even at the community and local government level, good luck doing it.  It's no skin of my nose personally.  I've got no debt, and, though I have no assets beyond savings and safe, movable investments,  I don't buy things I can't afford.  But, for the country as a whole, not raising the ceiling only makes the pit we're in significantly deeper and that much more difficult to climb out of.  

[Bleeding heart conservative, HTMLdon]

Defaulting on the debt is certainly not in the interest of anyone, including GOP politicians - and they know it. We'll raise the ceiling, but to do so without a serious alteration of our budget would be irresponsible and will fail to solve any of problems we are having.

The truth is that, we need to get in touch with the fact that it is impossible to reduce the deficit by an meaningful amount without touching Medicare/aid, Social Security, and the defense budget. It can't be done and anyone who says otherwise is either ignorant or lying, usually the latter.

^^This.

[Marokai Backbeat]

Er... duh. Yes. Unless we want an economic catastrophe.

This^

[NVGonzalez]

Er... duh. Yes. Unless we want an economic catastrophe.

This^

[CatoMinor]

Only with big cuts and a Balanced Budget Amendment attached.

[Fmr. Pres. Duke]

Yes. We have to. We also need to incorporate some form of spending cuts. If we fail to raise it, we'll see another mini collapse. That's why I'm confident that our government will come to a deal.

[Frodo]

Yes, but only if the requisite spending cuts and tax increases are held off until at least 2013 when the economy is strong enough to absorb them. 

[opebo]

Yes, but only if the requisite spending cuts and tax increases are held off until at least 2013 when the economy is strong enough to absorb them. 

But the Republicans won't agree to that, because they want to destroy the economy in order to defeat Obama.

Of course I advocate legislation authorizing unlimited borrowing.

[Username MechaRFK]

Only with tax increase and a Balanced Budget Amendment attached.

Fixed.