Jan Hanus/Alamy
Suppose that Congress is unable to raise the ceiling of the national debt until the Federal Government has reached the current limit of 14.294 trillion dollars, which is scheduled to May 16. Would this be a disaster? Secretary of the Treasury Timothy f. Geithner, who is paid to worry about these things, said that there are some emergency measures at its disposal. Treasury could keep the Government running for about two months - by borrowing money from the public service pension and invalidity funds, for example, instead of from private investors.
Beginning of August, however, the Department of the Treasury would as a besieged owner to decide what bills to pay and who to back in the drawer. The United States will begin by default for some Treasury notes and the obligations that they have come to reason, therefore creditors that would require interest rates higher on new obligations, as they did for the Greece and other heavily indebted nations. Some pension funds and insurance companies which are large holders of treasuries would empty their because they you forbidden to possess the indebtedness of the institutions that are default. The resulting panic would cause higher rates again--although no one can say precisely how high fly, since such a thing has never happened. "Threatening does not raise the debt ceiling is not only playing with fire", said Robert a. Brusca, Chief Economist at fact and opinion Economics, a New York consulting firm. "It is playing with fire in a dynamite factory."
Destroy the full faith and credit of the United States of America is no small issue - which makes it even more frightening that so many Americans wish to see happen. Forty - six percent of respondents in a survey of Wall Street Journal / NBC News, Mar. 31-April 4, said that they oppose raising the debt ceiling. The pollsters asked the question again after giving both sides of the argument: some say that if the ceiling is not raised, invoices, benefits, Government salaries and the interest paid. Some other say raising the ceiling "make it more difficult to obtain government financial house in order," increasing debt held by other countries and to future generations. After considering these two proposals, the opposition of the public to raise the debt ceiling increases, at 62%.
This in-hell-with-it attitude is to treat the members of Congress who are preparing to force the debt-ceiling until the last possible minute negotiations in the hope of extracting the maximum gain. House Majority Leader Eric Cantor (R - VA.), said on 12 April that it would be "irresponsible" to raise the debt ceiling without limits guaranteed growth expenditures. Cantor may be preparing to brinkmanship. others seem to invite a head-on collision. Marco Rubio (R - FL) Senator said in an op - ed in Wall Street Journal on March 30 that the increase in the debt ceiling would be "nothing more than postponing difficult decisions until after the next election.". We cannot continue to wait. ?
It is nauseating to attend these shouting anti-debt by some legislators very who created the debt in the first place by voting for spending hikes and tax cuts. The hands of the President Barack Obama are not unique: he voted against raising the ceiling while he was a Senator, because it was George w. Bush, which was to this time.
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