The debt Pickle..raising the ceiling!Submitted by devonshire on Sun, 05/29/2011 - 15:47
On one hand, most Americans do not want the debt ceiling raised, myself included. Congress seems bent on pursuing it and placing us in a debt "pickle". There is a way to eliminate the deficit and balance the budget. I do not believe the debt ceiling should be raised without serious cuts. If Congress simply raises the ceiling, it will hurt the average American, because the credit rating of the United States would get downgraded immediately and the real possibility exists that the U.S. dollar could be replaced by another world currency with disastrous results. Inflation would increase dramatically and the price of food and gas will put us under. If the ceiling is raised responsibly with cuts and a plan to pay off the debt then it may work. That would not be my approach, but it is the most likely one the Congress may opt for.
Personally, I would rather slam the hammer down, stop the deficit spending and pay as we go. No debt ceiling...no pickle.