So how are we doing with our new debt ceiling? We just ate up 60% of it in one day. Yep, debt just grew by $239 billion in one single day.

Remember when Bush added $300 billion in one year and we freaked? 1 day.

And we are now 60% of the new debt limit. We have another 364 days to use the other 40%.


Oh, and for the first time ever, we are now 100% of debt to GDP.

Our country is going to crumble to a point of revolution, of which I want to lead!

I think it really depends on what happens with the economy and the European debt crisis ...

Hypothetically speaking, the USA could need to raise their debt ceiling before their commission even begins work on selecting the (so-called) "Cuts" to increase the debt ceiling again.

I think its stupid that America isn't introducing a VAT or cutting many major things from their budgets. I mean the US spends way to much money and the system is going to collapse unless the Government takes drastic measures. I mean seriously the US needs to do something and they need to do something immediatly. Raising the debt ceiling is not going to accomplish anything they need to start paying their debt off not increasing it.

I think American's have been spoiled far to much. Obama doesn't have the balls to do something about it and I doubt the next President will either. Then when a leader finally has the balls to start reversing the debt it will be too late or the people will get extremely angry with him and not vote him in again.

Sometimes tough decisions have to be made and I think that the President from Clinton, Bush to Obama just don't have the balls to get the job done. Honestly if Obama wins re-election he better stop worrying about his image and get something accomplished. I remember hearing a qoute from him something along the lines of "The US won't collapse while I'm President" well Mr.President do something about it, grow a pair make some cuts introduce a VAT and maybe raise some taxes. Its radiculous that the US has been allowed to slip this far!

President != dictator.

There's no way to get anything serious through both the Senate and the House at the moment.

@OP. That $239B is meant to last a while, it's not like they're going to pass that daily. And the plan is to raise the debt ceiling before the end of the year, it's in the bill that they passed.

So you're going to lead the new revolutionized USA, eh? Guess we should make pacts now, I'll rule the revolutionized Germany then.

TOGETHER WE SHALL RULE THE WORLD!!

(If anyone wants to join our cause, now is your chance.)

New World Order!!

there's no telling. if the economy doesn't spur growth then sometime soon but if jobs get created and spending is cut in half or more it won't get raised.

its like a business. you spend money to make money but you can only go so far over the edge before a buyout, foreclosure, or bankruptcy.

soon America won't be able to extend its credit limit which would likely be even worse on the global economy unless other countries sale there bonds to other countries that those bonds would help which would be bad for the U.S and great for the global economy.

I thought the bill allows the President to raise the debt ceiling whether Congress approves or not in future?

That would defeat the point of the ceiling, though i would generally approve of that. Not that i want excess debt, but it seems stupid to set an arbitrary number that both sides can just use as a political talking point, bitch and moan and in the end just raise the ceiling anyway to avoid financial catastrophe

It's a boondoggle, really.