Pelosi on Face the Nation:
"But the Congress has incurred much of this debt. So what are we saying? We incurred it, but we’re not going to pay it? If you want to say we’re not going to do it so much in the future, well, that’s another thing, but you can’t say I’m not paying my past debts."
This is an echo of Obamer’s remarks from this past weekend:
"One thing I will not compromise over is whether or not Congress should pay the tab for a bill they’ve already racked up,” Obamer said in his weekly address. “If Congress refuses to give the United States the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic."
So increasing the debt is about repaying the debt. So if somebody has say $10,000 in credit card debt, they have to increase it to $20,000 in order to pay it down, according to Pelosi and BO. Seriously.
Ilap, Let's say you have maxed out your credit card. The monthly payment is due and so as not to ruin your credit score and drive up your interest rate, you borrow from elsewhere, say a new credit card, to at least make the minimum payment. So there you have it. You have effectively raised your debt ceiling. Unfortunately, an unexpected hurricane then ruins your house and without new sources of revenue available to pay for it, you must borrow on the new card to fix it. And so on. Does this help?
Circling around the concept of "honor" and 14th Amendment Constitutional mandate, we certainly get to avoid discussion the merits, namely, bankruptcy for the US adn impoverishment of the dollar.
Raising the debt IS the ultimate kicked can down the road.
14th Amendment mandate? It's a colossal fraud. It was a fraud from the beginning and was never legitimately ratified....But neither were the 15th, 16th or 17th. Each of those served as nails in the coffin of constitutionally oriented federalism.
"The fact that we are here today to debate raising America’s debt limit is a sign of leadership failure. It is a sign that the U.S. Government can’t pay its own bills. It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government’s reckless fiscal policies. … Increasing America’s debt weakens us domestically and internationally. Leadership means that “the buck stops here.” Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better."
so......the same guy that said this regarding raising the debt ceiling to $9Trillion six years ago?