Viper1 said:
Guiliani has an atrocious foreign policy. He'd have us invade all of the Middle East if you let him. As for the debt ceiling? The Treasury ran out of money months ago. We were already spending $250 billion over the debt limit. It was already broke. That $250 billion was borrowed despite it being ove the limit. And ALL the debt ceiling increase does in allow the Treasury to print more Treasury Bonds to sel to the Fed and China to pay for proposed budget increases. It doesn't go to pay anything already being paid for. Not so extreme anymore, is it? |
Three things could happen if the ceiling stayed intact:
1) Obama ignores the vote and borrows anyway. That would be pretty awful. Possible impeachment and a pretty much definite downgrade for having a rubbish political process.
2) Immediately cut the budget by 40%, several months after the budget has been agreed. Incidentally, borrowing and spending should really be cleared by the same vote.
3) Default.
All of those three are bad. Yes, having high debt is bad, but the others are worse.
If Ron Paul wants to decrease spending, he should put forward his own budget at the proper time. Which isn't now.