The House of Representatives just voted down a measure to raise the debt limit to more than $14 trillion. The vote was more than three to one against the bill. That doesn’t mean everyone who voted against it didn’t want the debt ceiling raised; many probably voted against it because it required that $2 trillion in spending cuts be instituted to offset the additional $2 trillion in debt the bill would have allowed.
Am I the only one that doesn’t understand how people can say that if we don’t raise the debt ceiling, confidence in the economy will fall? If that’s the case why don’t we double the debt limit to $24 trillion? That would REALLY inspire confidence!
Actually, confidence comes from being in a strong financial position with a lot of cash in savings and investments and very LITTLE DEBT. At least that’s the way things work in the real world. Of course, Washington DC often doesn’t act like it is in the real world.
I wish I had confidence that the members of Congress would do something substantive about the national debt, but even the most severe budget hawks among Republicans seem unable to maintain that stance in the face of liberal politician and press demagoguery.
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