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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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  •  The debt ceiling law obviously has to be repealed (9+ / 0-)

    To make this more politically possible, though, how about requiring that any bill that has an impact on the budget, from a spending or tax perspective, has to also adjust the debt ceiling upward (or downward) to reflect its impact on the budget. I realize that such impact can only be estimated as nearly all bills have budgetary impact well beyond the present time, and the further out that is the harder it is to estimate its actual budgetary impact. But it seems insane to appropriate funds (or cut taxes) without taking into account the debt ceiling impact. If bill X is projected to raise the debt ceiling by Y, then the debt ceiling has to be raised by Y when bill X is passed, not at some future date.

    I.e. if you spend it, you have to pay it, even if you have to borrow to pay it.

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

    by kovie on Mon Jan 14, 2013 at 12:33:45 PM PST

    •  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      Repealed.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

      [ Parent ]

      •  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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