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View Diary: Why The Debt Limit Fight Will Be A Political Face-Off With No Gimmicks Or Constitutional Crisis (208 comments)

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  •  Agree that the law does need to be (7+ / 0-)

    Repealed. We have not always had a debt limit law. I would love to see us go back to the times when we didn't. I think an easier way to get it what you are talking about is to include a few additional words in every bill. Each one already includes language which says,

    "there is authorized to be appropriated such sums as are necessary to carry out this act."
    The new language could say
    "there is authorized to be appropriated, and to issue any debt necessary therefore such sums as are necessary to carry out this act."
    Of course, if that becomes the boilerplate there is no debt limit.

    Further, affiant sayeth not.

    by Gary Norton on Mon Jan 14, 2013 at 12:40:29 PM PST

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    •  Yep (3+ / 0-)
      Recommended by:
      Gary Norton, divineorder, elwior

      For a government to spend money that it may have to borrow to pay for it but that it doesn't necessarily intend to pay back is to declare to the world that it's word and credit are no good and that only a fool would do business with it on credit. Instead of ignorantly comparing us to Greece, Repubs would effectively turn us into Greece, like a deliberately self-fulfilling prophesy.

      This seems almost martial law territory, or something to that effect.

      "Liberty without virtue would be no blessing to us" - Benjamin Rush, 1777

      by kovie on Mon Jan 14, 2013 at 12:53:36 PM PST

      [ Parent ]

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