Mother Jones' Kevin Drum explains it all in ten sentences. We reached the current debt limit in May, 2013, and are projected to be short $560 billion through this next fiscal year.
We would have to cut $50 billion a month -- the most likely candidate is to defund our military.
The GOP has to recognize the world as it is, not as they imagine it to be. Not raising the credit limit is the same as declaring invalid the amount of debt above that limit.
The Constitution supersedes any statute. Congress is repudiating the debt, in violation of the 14th Amendment. Their only recourse is to hike the debt ceiling.
This happened the last time the Tea Party threatened to repudiate our debts in violation of the 14th Amendment, too. Why didn't they learn?
Sure, we could raise tax rates on the top 1% of income earners, get rid of the carried interest exception, limit the amount of capital gains that gets favorable tax treatment, etc. All indications are that our tax rates are far to the left of the peak of the Laffer curve.
You come into office with the economy you have, not the economy you want or wish you had.
In hard economic times you have to borrow money sometimes, especially after Bush squanders your savings on unnecessary wars.
Why did the US borrow so much money back during the apparent boom times of the housing bubble, anyways?
So your answer is to rev up the time machine, and get Congress to unappropriate those funds?
Doesn't sound realistic.
Congress appropriated more money than revenues came in. We either raise the debt limit or repudiate the excess debt.
Republicans blithely ignore the consequences of their policies on ordinary Americans. Need a lung transplant? Ask sstail for the funds.
CIA ran Benghazi; 2 ex-Navy Seals in Benghazi worked for CIA -- petraeus will be on hot seat, not HRC.
That's why the husband of my wife's diabetic cousin has worked for corporations his whole life. No way could they afford an individual policy, but as part of a large corp, no one cares how sick she is.
Friend of mine just got booted from Big Blue at age 35. Half his division was slashed. Talented guy, he quickly got a new job, but had to move halfway across the country, uprooting his wife and kids.