Moody’s suggests U.S. eliminate debt ceiling

I agree with this Moody’s suggestion of eliminating the debt ceiling:

http://www.reuters.com/article/2011/07/18/us-usa-debt-moodys-idUSTRE76H0WH201…

The Tea Partyers are just loons about this. The debt ceiling is a completely meaningless artifice. The debt is a collection of already existing obligations resulting from prior budgets, bonds, etc. The debt HAS to be honored.

The fact Congress has to cut budgets and/or raise taxes going forward to get the deficit under control is completely unrelated to the issue of honoring existing obligations.

doug


Comments

Moody’s suggests U.S. eliminate debt ceiling — 2 Comments

  1. I agree. I think that the GOP just wants to hurt Obama. They care not for our country

  2. I agree but I think that the GOP just wants to hurt Obama. They care not for what is good for our country

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