Schumer: Holding down debt ceiling plays with fire

[Viva_La_Revolution]

Source: cbs


New York Senator Chuck Schumer (D) warned on Sunday that a congressional stalemate on raising the debt ceiling would be "playing with fire" - and that failing to raise the limit would severely damage the U.S. economy.

In an appearance on CBS' "Face the Nation" on Sunday, Schumer chided House Speaker John Boehner for stretching negotiations on the federal budget to the final hour, and argued that similar negotiating tactics if employed when debating the debt ceiling would hurt the U.S. economy.

"Speaker Boehner had to keep negotiations going to the last minute to show the Tea Party people he was doing everything he could," Schumer told CBS' Bob Schieffer, of last week's up-to-the-wire debate over funding the federal government through the end of the 2011 fiscal year. "You cannot do that with the debt ceiling. That is playing with fire - because if the markets believe we are not going to pay our debt, it could be a formula for recession or worse.

"I would urge both sides to take the threat of not renewing the debt ceiling off the table," he said. "It is highly irresponsible... It shows a lack of knowledge as to how our government works."




Read more: http://www.cbsnews.com/stories/2011/04/10/ftn/main20052553.shtml

[high density]

1. GOP desires a substantially damaged economy

It helps their plan.

[bluestateguy]

2. Under such circumstances I would urge the Administration to ignore Congress if necessary

In other words, just borrow the money anyway, even if Congress does not vote for the authorization.

The stakes are too high to let the nation default.

[melm00se]

6. ummm...

I would urge the Administration to ignore Congress if necessary In other words, just borrow the money anyway, even if Congress does not vote for the authorization

Article I, Section 8

Powers of Congress

To borrow money on the credit of the United States;

If the Executive Branch were to do that, the immediate federal suit would be argued (and won) on that sole tiny little clause. if the Executive Branch were to continue in defiance of the Courts ruling? I refer you to Article II, section 4 for the punishment.

I get the distinct feeling that there are plenty of people (and not just here) who feel that the Constitution is something to be discarded in a blink to further their ideology and agenda.

[bluestateguy]

9. "The Constitution is not a suicide pact"

Justice Robert H. Jackson in the Terminiello v. Chicago case (1949).

I would consider default to be a form of suicide.

[melm00se]

10. ummmm

not sure how inflammatory speech fits in with your argument.

let's direct you to the Presidential Oath of Office:

I do solemnly swear (or affirm) that I will faithfully execute the Office of President of the United States, and will to the best of my ability, preserve, protect and defend the Constitution of the United States.

note it does not say "unless I unilaterally decide otherwise".

the 3 branches have clearly defined roles and cross the lines (or usurping their authority) is a major no-no.

I remember people complaining about Bush usurping Congress' sole authority to declare war (Iraq and Afghanistan)...were you one of those?

[Jack_DeLeon]

3. How will we ever control our debt if we keep borrowing more...

[Heywood J]

4. It's like watching a junkie begging not to have the supply cut off.

I'm sad to see the US fall so far. The debt ceiling is at $14.294T and the actual debt figure is just slightly under that at $14.264T. In 1981, the debt was $1T.

Is your life fourteen times better since 1981? Do we have services fourteen times better than we did then? Do we have fourteen times the income to pay it off?

[thelordofhell]

5. The rich are 14 hundred times richer

Thanks suckers

[gkhouston]

7. Getting an early start on the next shutdown kabuki performance, are we? n/t

[melm00se]

8. C'mon!!!!

let's pull that lever and keep printing more money and borrow borrow borrow to no end.

If you think inflation is bad now? Just wait.

Eventually the economic reality will be so clear that no amount of the government's playing with the numbers will hide the fact that we are at 70's level inflation (or worse). We are approaching the point where we will not be able to inflate our way out of indebtedness.

Inflate too much and our creditors (which includes you and me) will begin to demand more and more return on any money lent and that will have a ripple effect of driving up overall interest rates (federal borrowing rates are the "floor" from which all interest rates are built) and a spike in interest rates can really wreak havoc on the economy

print print print
borrow borrow borrow
print print print
borrow borrow borrow
print print print
borrow borrow borrow
print print print
borrow borrow borrow

right off the f-ing cliff.

A balance MUST be found between federal revenues and outlays and soon.

(I know that I will get flamed for part of this but)

all segments of the federal budget MUST be on the table. Defense, Social Security, Medicare...ALL of it.