Posted:
#26
Quote Originally Posted by thirdperson:
In many countries, increasing debt limit is automatic. Normally, balanced budgets are only required for municipal and state governments but not federal government. Increasing debt limit allows federal government to pay bills already approved by congress. Not for new spending. If House republicans want to cut spending, they should introduce new legislation. Instead they prefer to resort to extortion which needlessly threatens US economy. So refusing to raise debt limit is irresponsible.
In many countries, increasing debt limit is automatic. Normally, balanced budgets are only required for municipal and state governments but not federal government. Increasing debt limit allows federal government to pay bills already approved by congress. Not for new spending. If House republicans want to cut spending, they should introduce new legislation. Instead they prefer to resort to extortion which needlessly threatens US economy. So refusing to raise debt limit is irresponsible.
@thirdperson
That's the crucial part many people fail to understand.
New spending would be different.
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