01-08-2013, 07:21 PM
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#10
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All Pro Poster
Join Date: Mar 2006
Posts: 17,619
My Mood:
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Re: A $1 TRILLION Coin?
No, RI, it's having a credit card and not paying the bill when it's due. Your credit gets whacked. Or, in the case of the last stunt-filled House debacle that led to our downgrade, you go on national television and announce "Here's my name, here's my address. All credit card companies listen up: I might default if you lend to me, my credit rating be damned. I just like defaulting." Or, writing a letter to the credit card company saying the same -- "my wife spends a lot so I think I might just not pay my required payment on money she already spent."
Get a clue. The debt ceiling is a convenience so you don't have to appropriate the money bill by bill -- and a good amount of it goes to required sources, like paying interest (never mind principle) on the debt already incurred (not to mention money already owed in benefits, or paying soldiers already in Afghanistan, Iraq, or a stateside base.)
Idiots in three-cornered hats will always hoot and holler about how this is what the founding fathers wanted. Dead wrong. One of the main reasons for drafting the Constitution and forming the U.S. in earnest was the fact that the national government had to be able to borrow and run a tab -- per the federalist papers.
PFnV
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